NO.PZ202301040900002201
问题如下：
(1) Discusswhether the current investment policy is appropriate given the Endowment’sannual spending policy.
解释：
The policy is not appropriate.
The expected real return of 3.54% is less than the spending policy rate of 6%.
Therefore, the current allocation and investment objectives are not sustainable.
The nominal expected return on the current portfolio, according to the nominal return assumptions in Exhibit 1, is 6.04% per year (0.6 × 7.4% + 0.4 × 4.0% = 6.04%). The expected real return is approximately 3.54% (6.04% – 2.5% = 3.54%), which is below the 6% spending rate and the stated objective of a 6% real return. Therefore, this real return is not sufficient to meeting the spending policy, which makes the Endowment’s goals unsustainable. The Endowment will need to change its asset allocation to earn higher returns and/or lower its spending policy rate.
我用（1+portfolio return）/（1+inflation rate）
