NO.PZ2023010409000020
问题如下:
Azarov’s second meeting is with
John Spintop, chief investment officer of the Wolf University Endowment Fund
(the Fund). Spintop hired Westcome to assist in developing a new investment
policy to present to the Fund’s board of directors. The Fund, which has assets
under management of $200 million, has an overall objective of maintaining
long-term purchasing power while providing needed financial support to Wolf
University. During the meeting, Spintop states that the Fund has an annual
spending policy of paying out 4% of the Fund’s three-year rolling asset value
to Wolf University, and the Fund’s risk tolerance should consider the following
three liability characteristics:
Characteristic 1 The Fund has easy access to debt
markets.
Characteristic 2 The Fund supports 10% of Wolf University’s annual
budget.
Characteristic 3 The Fund receives significant annual inflows from
gifts and donations.
The risk tolerance of the Wolf University Endowment Fund can be best characterized as: below average/ average/ above average
选项:
解释:
老师,请问一下,4%和10%之间,这两个数据需要互相比较吗?还是单独作为信息使用?
看之前的提问,我看是分开看的。是下述这样理解吗?
- spending rate4%-6%是endowment的普遍支出比例,4%没有超过常规
- The Fund supports 10% of Wolf University’s annual budget,这里比例也是比较小的,多的可以达到40%-60%
综上就是above average risk tolerance
谢谢。