对于小机构又想投资另类资产，有具体多大投资比例算大吗在？问题如下图：
选项：
A. 
B. 
C. 
解释：
发亮_品职助教 · 2020年01月08日
嗨，从没放弃的小努力你好：
“对于小机构又想投资另类资产，有具体多大投资比例算大吗在？”
没有具体的界限，是从实际描述、相对来判断的。
这种题的判断思路是这样：
首先不论是哪个Allocation的方法，收益率都一定要满足Return target。对于这个Endowment名义收益率的目标是：2.5% + 4% = 6.5%
其中2.5%的目标是让资产Asset base跟着通胀增长、保持购买力，4%的收益目标是在此基础上满足4%的花费需求，这样不用耗费本金、收益就能Cover现金流需求。
这样的话，保证了Endowment资产不花费本金、且Maintain purchasing power，可以实现永续存在（In perpetuity）的目标。
3个Allocation方案算下来，Allocation 2和3的名义收益率满足目标。
然后在这两个里面选，我们也不用管具体投资另类是多少，就直接找另类投资相对更少的那个。因为是Limited experience和Small size，另类越少越好，这就是从相对比较出发的，并没有参考绝对的比例是多少。
如果要从绝对数上判断，题目可能会给Mandate描述，咱们教材里没有说绝对多少算多。
-------------------------------努力的时光都是限量版，加油！
NO.PZ2019100901000007 问题如下 Azarov’s seconmeeting is with John Spintop, chief investment officer of the Wolf University Enwment Fun(the Fun. Spintop hireWestcome to assist in veloping a new investment polito present to the Funs boarof rectors. The Fun whihassets unr management of $200 million, hoverall objective of maintaining long-term purchasing power while proving neefinancisupport to Wolf University. ring the meeting, Spintop states ththe Funhannuspenng poliof paying out 4% of the Funs three-yerolling asset value to Wolf University, anthe Funs risk toleranshoulconsir the following three liability characteristics:The Funha small investment staff with limiteexperienin managing alternative assets ancurrently uses the Norwmol for its investment approach. Azarov suggests a change in investment approamaking allocation to externally managealternative assets—namely, hee fun anprivate equity. Ten-yenominexpectereturn assumptions for various asset classes, well three proposeallocations thinclu some allocation to alternative assets, are presentein Exhibit 1.Expecteinflation for the next 10 years is 2.5% annually.Whiproposeallocation in Exhibit 1 woulmost appropriate for the Fungiven its characteristics? A.Allocation 1 B.Allocation 2 C.Allocation 3 C is correct. Allocation 3 is the most appropriate allocation for the Fun The annuexpectereturns for the three allocations are follows:Allocation 1 exp. return = (0.45 × 4.1%) + (0.40 × 6.3%) + (0.10 × 7.5%) + (0.05 × 9.1%)= 5.57%.Allocation 2 exp. return = (0.10 × 4.1%) + (0.15 × 6.3%) + (0.15 × 7.5%) + (0.30 × 5.0%) + (0.30 × 9.1%)= 6.71%.Allocation 3 exp. return = (0.13 × 4.1%) + (0.32 × 6.3%) + (0.40 × 7.5%) + (0.05 × 5.0%) + (0.10 × 9.1%)= 6.71%.The rereturn for Allocation 1 is 3.07% (= 5.57% – 2.50%), anthe rereturn for Allocation 2 anAllocation 3 is 4.21% (= 6.71% – 2.50%).Therefore, Allocation 1 is not appropriate because the expectererate of return is less ththe annuspenng rate of 4%. With expectespenng 4%, the purchasing power of the Funwoulexpecteto cline over time with Allocation 1.Allocations 2 an3 both offer expectererate of return greater ththe annuspenng rate of 4%. Thus, the purchasing power of the Funwoulexpecteto grow over time with either allocation. However, Allocation 3 is more appropriate thAllocation 2 because of its lower allocation to alternative assets (hee fun anprivate equity). The tot60% allocation to alternative assets in Allocation 2 is well above the 15% allocation in Allocation 3 anis likely too high consiring the Funs small investment staff anits limiteexperienwith managing alternative investments. Also, given the Funs relatively small size of assets unr management ($200 million), access to top hee fun anprivate equity managers is likely to limite 请问在这个知识点中，inflation rate都默认用减法，而不是用除法来算rerate吗？
NO.PZ2019100901000007 问题如下 Azarov’s seconmeeting is with John Spintop, chief investment officer of the Wolf University Enwment Fun(the Fun. Spintop hireWestcome to assist in veloping a new investment polito present to the Funs boarof rectors. The Fun whihassets unr management of $200 million, hoverall objective of maintaining long-term purchasing power while proving neefinancisupport to Wolf University. ring the meeting, Spintop states ththe Funhannuspenng poliof paying out 4% of the Funs three-yerolling asset value to Wolf University, anthe Funs risk toleranshoulconsir the following three liability characteristics:The Funha small investment staff with limiteexperienin managing alternative assets ancurrently uses the Norwmol for its investment approach. Azarov suggests a change in investment approamaking allocation to externally managealternative assets—namely, hee fun anprivate equity. Ten-yenominexpectereturn assumptions for various asset classes, well three proposeallocations thinclu some allocation to alternative assets, are presentein Exhibit 1.Expecteinflation for the next 10 years is 2.5% annually.Whiproposeallocation in Exhibit 1 woulmost appropriate for the Fungiven its characteristics? A.Allocation 1 B.Allocation 2 C.Allocation 3 C is correct. Allocation 3 is the most appropriate allocation for the Fun The annuexpectereturns for the three allocations are follows:Allocation 1 exp. return = (0.45 × 4.1%) + (0.40 × 6.3%) + (0.10 × 7.5%) + (0.05 × 9.1%)= 5.57%.Allocation 2 exp. return = (0.10 × 4.1%) + (0.15 × 6.3%) + (0.15 × 7.5%) + (0.30 × 5.0%) + (0.30 × 9.1%)= 6.71%.Allocation 3 exp. return = (0.13 × 4.1%) + (0.32 × 6.3%) + (0.40 × 7.5%) + (0.05 × 5.0%) + (0.10 × 9.1%)= 6.71%.The rereturn for Allocation 1 is 3.07% (= 5.57% – 2.50%), anthe rereturn for Allocation 2 anAllocation 3 is 4.21% (= 6.71% – 2.50%).Therefore, Allocation 1 is not appropriate because the expectererate of return is less ththe annuspenng rate of 4%. With expectespenng 4%, the purchasing power of the Funwoulexpecteto cline over time with Allocation 1.Allocations 2 an3 both offer expectererate of return greater ththe annuspenng rate of 4%. Thus, the purchasing power of the Funwoulexpecteto grow over time with either allocation. However, Allocation 3 is more appropriate thAllocation 2 because of its lower allocation to alternative assets (hee fun anprivate equity). The tot60% allocation to alternative assets in Allocation 2 is well above the 15% allocation in Allocation 3 anis likely too high consiring the Funs small investment staff anits limiteexperienwith managing alternative investments. Also, given the Funs relatively small size of assets unr management ($200 million), access to top hee fun anprivate equity managers is likely to limite 题目中说的小型机构的投资的限制都是针对直接投资alternaives的吧。比如 小的投资机构请不到好的alternative manager，小的机构无法直接投资在alternative的某些策略或者产品。如果小机构用的是外包的alternative 投资呢？ 比如用的是enwment mol。是否还要考虑到自身capitsize的问题
NO.PZ2019100901000007问题如下Azarov’s seconmeeting is with John Spintop, chief investment officer of the Wolf University Enwment Fun(the Fun. Spintop hireWestcome to assist in veloping a new investment polito present to the Funs boarof rectors. The Fun whihassets unr management of $200 million, hoverall objective of maintaining long-term purchasing power while proving neefinancisupport to Wolf University. ring the meeting, Spintop states ththe Funhannuspenng poliof paying out 4% of the Funs three-yerolling asset value to Wolf University, anthe Funs risk toleranshoulconsir the following three liability characteristics:The Funha small investment staff with limiteexperienin managing alternative assets ancurrently uses the Norwmol for its investment approach. Azarov suggests a change in investment approamaking allocation to externally managealternative assets—namely, hee fun anprivate equity. Ten-yenominexpectereturn assumptions for various asset classes, well three proposeallocations thinclu some allocation to alternative assets, are presentein Exhibit 1.Expecteinflation for the next 10 years is 2.5% annually.Whiproposeallocation in Exhibit 1 woulmost appropriate for the Fungiven its characteristics?A.Allocation 1B.Allocation 2C.Allocation 3C is correct. Allocation 3 is the most appropriate allocation for the Fun The annuexpectereturns for the three allocations are follows:Allocation 1 exp. return = (0.45 × 4.1%) + (0.40 × 6.3%) + (0.10 × 7.5%) + (0.05 × 9.1%)= 5.57%.Allocation 2 exp. return = (0.10 × 4.1%) + (0.15 × 6.3%) + (0.15 × 7.5%) + (0.30 × 5.0%) + (0.30 × 9.1%)= 6.71%.Allocation 3 exp. return = (0.13 × 4.1%) + (0.32 × 6.3%) + (0.40 × 7.5%) + (0.05 × 5.0%) + (0.10 × 9.1%)= 6.71%.The rereturn for Allocation 1 is 3.07% (= 5.57% – 2.50%), anthe rereturn for Allocation 2 anAllocation 3 is 4.21% (= 6.71% – 2.50%).Therefore, Allocation 1 is not appropriate because the expectererate of return is less ththe annuspenng rate of 4%. With expectespenng 4%, the purchasing power of the Funwoulexpecteto cline over time with Allocation 1.Allocations 2 an3 both offer expectererate of return greater ththe annuspenng rate of 4%. Thus, the purchasing power of the Funwoulexpecteto grow over time with either allocation. However, Allocation 3 is more appropriate thAllocation 2 because of its lower allocation to alternative assets (hee fun anprivate equity). The tot60% allocation to alternative assets in Allocation 2 is well above the 15% allocation in Allocation 3 anis likely too high consiring the Funs small investment staff anits limiteexperienwith managing alternative investments. Also, given the Funs relatively small size of assets unr management ($200 million), access to top hee fun anprivate equity managers is likely to limite对于allocation2和3来说，因为题目给了雇佣外包管理，所以2和3都可以实现，那为什么要选风险低的，题目里没有看到这个要求？
NO.PZ2019100901000007问题如下Azarov’s seconmeeting is with John Spintop, chief investment officer of the Wolf University Enwment Fun(the Fun. Spintop hireWestcome to assist in veloping a new investment polito present to the Funs boarof rectors. The Fun whihassets unr management of $200 million, hoverall objective of maintaining long-term purchasing power while proving neefinancisupport to Wolf University. ring the meeting, Spintop states ththe Funhannuspenng poliof paying out 4% of the Funs three-yerolling asset value to Wolf University, anthe Funs risk toleranshoulconsir the following three liability characteristics:The Funha small investment staff with limiteexperienin managing alternative assets ancurrently uses the Norwmol for its investment approach. Azarov suggests a change in investment approamaking allocation to externally managealternative assets—namely, hee fun anprivate equity. Ten-yenominexpectereturn assumptions for various asset classes, well three proposeallocations thinclu some allocation to alternative assets, are presentein Exhibit 1.Expecteinflation for the next 10 years is 2.5% annually.Whiproposeallocation in Exhibit 1 woulmost appropriate for the Fungiven its characteristics?A.Allocation 1B.Allocation 2C.Allocation 3C is correct. Allocation 3 is the most appropriate allocation for the Fun The annuexpectereturns for the three allocations are follows:Allocation 1 exp. return = (0.45 × 4.1%) + (0.40 × 6.3%) + (0.10 × 7.5%) + (0.05 × 9.1%)= 5.57%.Allocation 2 exp. return = (0.10 × 4.1%) + (0.15 × 6.3%) + (0.15 × 7.5%) + (0.30 × 5.0%) + (0.30 × 9.1%)= 6.71%.Allocation 3 exp. return = (0.13 × 4.1%) + (0.32 × 6.3%) + (0.40 × 7.5%) + (0.05 × 5.0%) + (0.10 × 9.1%)= 6.71%.The rereturn for Allocation 1 is 3.07% (= 5.57% – 2.50%), anthe rereturn for Allocation 2 anAllocation 3 is 4.21% (= 6.71% – 2.50%).Therefore, Allocation 1 is not appropriate because the expectererate of return is less ththe annuspenng rate of 4%. With expectespenng 4%, the purchasing power of the Funwoulexpecteto cline over time with Allocation 1.Allocations 2 an3 both offer expectererate of return greater ththe annuspenng rate of 4%. Thus, the purchasing power of the Funwoulexpecteto grow over time with either allocation. However, Allocation 3 is more appropriate thAllocation 2 because of its lower allocation to alternative assets (hee fun anprivate equity). The tot60% allocation to alternative assets in Allocation 2 is well above the 15% allocation in Allocation 3 anis likely too high consiring the Funs small investment staff anits limiteexperienwith managing alternative investments. Also, given the Funs relatively small size of assets unr management ($200 million), access to top hee fun anprivate equity managers is likely to limite为什么是挪威模型？不是enwment和fountion都是enwment mol 和Cana mol吗
NO.PZ2019100901000007 问题如下 Azarov’s seconmeeting is with John Spintop, chief investment officer of the Wolf University Enwment Fun(the Fun. Spintop hireWestcome to assist in veloping a new investment polito present to the Funs boarof rectors. The Fun whihassets unr management of $200 million, hoverall objective of maintaining long-term purchasing power while proving neefinancisupport to Wolf University. ring the meeting, Spintop states ththe Funhannuspenng poliof paying out 4% of the Funs three-yerolling asset value to Wolf University, anthe Funs risk toleranshoulconsir the following three liability characteristics:The Funha small investment staff with limiteexperienin managing alternative assets ancurrently uses the Norwmol for its investment approach. Azarov suggests a change in investment approamaking allocation to externally managealternative assets—namely, hee fun anprivate equity. Ten-yenominexpectereturn assumptions for various asset classes, well three proposeallocations thinclu some allocation to alternative assets, are presentein Exhibit 1.Expecteinflation for the next 10 years is 2.5% annually.Whiproposeallocation in Exhibit 1 woulmost appropriate for the Fungiven its characteristics? A.Allocation 1 B.Allocation 2 C.Allocation 3 C is correct. Allocation 3 is the most appropriate allocation for the Fun The annuexpectereturns for the three allocations are follows:Allocation 1 exp. return = (0.45 × 4.1%) + (0.40 × 6.3%) + (0.10 × 7.5%) + (0.05 × 9.1%)= 5.57%.Allocation 2 exp. return = (0.10 × 4.1%) + (0.15 × 6.3%) + (0.15 × 7.5%) + (0.30 × 5.0%) + (0.30 × 9.1%)= 6.71%.Allocation 3 exp. return = (0.13 × 4.1%) + (0.32 × 6.3%) + (0.40 × 7.5%) + (0.05 × 5.0%) + (0.10 × 9.1%)= 6.71%.The rereturn for Allocation 1 is 3.07% (= 5.57% – 2.50%), anthe rereturn for Allocation 2 anAllocation 3 is 4.21% (= 6.71% – 2.50%).Therefore, Allocation 1 is not appropriate because the expectererate of return is less ththe annuspenng rate of 4%. With expectespenng 4%, the purchasing power of the Funwoulexpecteto cline over time with Allocation 1.Allocations 2 an3 both offer expectererate of return greater ththe annuspenng rate of 4%. Thus, the purchasing power of the Funwoulexpecteto grow over time with either allocation. However, Allocation 3 is more appropriate thAllocation 2 because of its lower allocation to alternative assets (hee fun anprivate equity). The tot60% allocation to alternative assets in Allocation 2 is well above the 15% allocation in Allocation 3 anis likely too high consiring the Funs small investment staff anits limiteexperienwith managing alternative investments. Also, given the Funs relatively small size of assets unr management ($200 million), access to top hee fun anprivate equity managers is likely to limite 如题