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SKY天天 · 2025年06月18日

4%和Characteristic 2中的10%,这道题需要用到吗?

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?

  1. spending rate4%-6%是endowment的普遍支出比例,4%没有超过常规
  2. 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。

1 个答案

Lucky_品职助教 · 2025年06月18日

嗨,努力学习的PZer你好:


在这道题中,4% 和 10% 这两个数据是分别作为独立信息使用的,无需直接互相比较。

4% 是基金按三年滚动资产价值支付给大学的年度支出比例,处于同类机构常见的 4%-6% 范围内,未超出常规,这一比例未对基金风险承受能力构成限制;

而 10% 是基金支持大学年度预算的比例,相对较低(参考背景中更高比例可达 40%-60%),说明大学对基金依赖度不高,使得基金能更灵活地承担更多市场、信用和流动性风险,是得出 “高于平均风险承受能力” 的核心依据之一,二者从不同维度为风险承受能力的判断提供了支持。

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