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NO.PZ202212280100002002 问题如下 ii. Intify one aantage in Thurlow’s situation ofthe ALM approacompareto the approach. (2008 Q4) Asset Liability Management (ALM) is preferrebecause:1. ALM reces risk explicitly consiring the liability exposures of the pension plan.2. The Asset Only approacresult in inefficient investment policies thmexpose the plto excessive anunrewarrisk relative to liabilities.3. ALM approaches typically result in optimportfolio with a higher fixeincome allocation. The aantage is ththe ALM approatakes the liability si into consiration when allocating assets. The ALM approatakes both asset anliability sis into consiration, aiming to matasset with liability, while the approaonly cares about the asset values. Because pension plcconsirea liability anits below-average risk toleranrequires a goolevel of asset matching, ALM approais more appropriate.

NO.PZ202212280100002002 问题如下 ii. Intify one aantage in Thurlow’s situation ofthe ALM approacompareto the approach. (2008 Q4) Asset Liability Management (ALM) is preferrebecause:1. ALM reces risk explicitly consiring the liability exposures of the pension plan.2. The Asset Only approacresult in inefficient investment policies thmexpose the plto excessive anunrewarrisk relative to liabilities.3. ALM approaches typically result in optimportfolio with a higher fixeincome allocation. With ALM approach,the equities allocation cprovi potentifor increasing the size of buffer between pension assets anliabilities with negligible risk to funststus.While with approach,a cline in equity values woulput the plin unrfunstatus.

NO.PZ202212280100002002 问题如下 ii. Intify one aantage in Thurlow’s situation ofthe ALM approacompareto the approach. (2008 Q4) Asset Liability Management (ALM) is preferrebecause:1. ALM reces risk explicitly consiring the liability exposures of the pension plan.2. The Asset Only approacresult in inefficient investment policies thmexpose the plto excessive anunrewarrisk relative to liabilities.3. ALM approaches typically result in optimportfolio with a higher fixeincome allocation. The ALM approafocuses on funng liability.The boarnotes ththe pension plhbelow-average risk tolerance, so the funprefer more stability to funliability thseeking a higher return.

NO.PZ202212280100002002 问题如下 In aition to trationalmean-variananalysis, Beverie also estimates one other form of portfoliooptimization: the resampleefficient frontier approach. The boarof trusteesalso asks Beverie whether asset/liability management (ALM) approatostrategic asset allocation woulappropriate. The boarnotes ththepension plhbelow-average risk tolerance. ii. Intify one aantage in Thurlow’s situation ofthe ALM approacompareto the approach. (2008 Q4) Asset Liability Management (ALM) is preferrebecause:1. ALM reces risk explicitly consiring the liability exposures of the pension plan.2. The Asset Only approacresult in inefficient investment policies thmexpose the plto excessive anunrewarrisk relative to liabilities.3. ALM approaches typically result in optimportfolio with a higher fixeincome allocation. The boarnotes ththe pension plhbelow-average risk tolerance. The ALM cmatasset to liabilities anminimize the risk of shortfall ancontribution of the pension plcompareto AO. Pension Plha legliability, aligning the asset to liability cbetter matthe legpayment annually.