这是一道官网练习题
The board moves on to a discussion about the investment of the endowment with the recently raised funds. Ronald Black, an investment adviser to the board, suggests the following:
- The asset allocation choice should have a heavy emphasis on fixed-income securities with cash distributions. This type of allocation will offset the future cash disbursements necessary to cover costs at the university in excess of tuition revenue.
- The weightings within the portfolio should be able to deviate within 5% of the target portfolio weights to take advantage of short-term market opportunities for additional return.
Q. Which asset allocation approach best describes the asset allocation choice suggested by Black to the board?
- Mean–variance
- Asset-segmentation
- Liability-relative
Solution
C is correct. Investment in fixed-income securities specifically to generate cash distributions to offset the cash disbursements necessary for maintaining university costs in excess of tuition revenue is a liability-relative approach.
A is incorrect because a mean–variance approach is an asset-only approach that does not consider liabilities.
B is incorrect because an asset-segmentation approach is an asset-only approach that does not consider liabilities.
答案说asset segmentation只关注资产，这与题干并不矛盾啊，5%不是可以用来追求高收益吗
