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Chilli · 2025年07月06日

这种题做多少次都得错

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ202206210100000101

问题如下：

During Phase 1, the most significant constraint on OHF’s asset allocation choices was the result of:

选项：

A.liquidity needs. B.asset size. C.regulation.

解释：

Solution

C is correct. During Phase 1, OHF was restricted to investing in only cash and high-grade debt instruments.

B is incorrect. The fund started at $1 billion and was worth $2.2 billion at the end of Phase 1; such a size is considered in the low range for a large institutional portfolio.

A is incorrect. During Phase 1, OHF had no liquidity constraints. No outflows were expected for 20 years, all income was to be reinvested, and the nature of the portfolio was quite liquid by regulation, consisting of cash and high-grade bonds.

感觉和出题人的脑回路就是反的。我的理解是，基金限制投资到现金和债券，是因为它没有流动性需求，所以不让投流动性好、收益较低的产品。这样理解的话，那就是the result of liquidity needs啊。

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1 个答案

Lucky_品职助教 · 2025年07月06日

嗨，从没放弃的小努力你好：


Phase1 时基金只能买现金和债券，这不是因为基金需要用钱，而是法律规定只能这么投。题目里说 “立法创建基金” 且 “投资限制”，这明显是监管要求，所以选 C。

你可能觉得限制买流动性好的资产是因为不需要流动，但其实是法律强制它只能买这些，和基金自身要不要用钱没关系。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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