问一道题：NO.PZ201805280100000206 第6小题

NO.PZ201805280100000206 问题如下 Given McCall’s IPS recommention, the most appropriate new strategic asset allocation for the KCPF is: A.40% stocks/60% bon. B.65% stocks/35% bon. C.75% stocks/25% bon. A is correct. McCall recommen a new IPS. Changes in the economic environment ancapitmarket expectations or changes in the beliefs of committee members are factors thmleto altering of the principles thgui investment activities. Because the plis now overfun there is less neeto take a higher level of equity risk. The Pension Committee is concerneabout the impaof future market aneconomic risks on the funng status of the plan. Katt Company operates in a cyclicinstry ancoulhave fficulty making pension contributions ring a recession. Therefore, a substantirection in the allocation to stocks anincrease in bon rerisk. The 40% stocks/60% bon alternative increases the allocation to bon from 35% to 60%. Increasing the fixe income allocation shoulmorate plrisk, provi a better hee for liabilities, anrecontribution uncertainty.考点revising the strategic asset allocation解析当前资产配置为65% stocks/35% bon。由于公司处于cyclicinstry周期性行业，这意味着经济变差，公司的业绩会受经济影响变差，对KCPF的contribution会下降，因此KCPF应当转向更保守的投资，以免承受经济变差带来的损失。另外，由于当前KCPF overfunasset足以cover liability，因此不需要投资激进，无需承担更高风险，也是应当转向更保守的投资。比65% stocks/35% bon更保守的是A40% stocks/60% bon. 按照最后一段描述“The gois to benefit from equity market tren automatically increasing (creasing) the allocation to equities 5% whenever the S P 500Inx 50- y moving average crosses above (below) the 200- y moving average.”equity的range是65%+-5%，即60%-70%。这样的话目前的答案是超IPS range的。