问一道题：NO.PZ201805280100000202

NO.PZ201805280100000202 问题如下 Elsbeth Quinn anMcCall are partners Camel Asset Management (CAM).Quinn aises high- net- worth invials, anMcCall specializes in retirement plans for institutions.Quinn meets with NeanKarina Martin, both age 44. The Martins plto retire age 62. Twenty percent of the Martins’ $600,000 in financiassets is helin cash anearmarkefor funng their ughter Lara’s university stues, whibegin in one year. Lara’s ecation antheir own retirement are the Martins’ highest- priority goals. Last week, the Martins learnethLara wawara four- yefull scholarship for university. Quinn reviews how the scholarship might affethe Martins’asset allocation strategy.The Martins have assets in both taxable antax- ferreaccounts. For baseline retirement nee, Quinn recommen ththe Martins maintain their current overall 60% equity/40% bon (± 8% rebalancing range) strategic asset allocation. Quinn calculates thgiven current financiassets anexpectefuture earnings, the Martins coulrefuture retirement savings 15% anstill comfortably retire 62. The Martins wish to allocate th15% to a suportfolio with the goof making a charitable gift to their almamater from their estate. Although the gift is a low- priority goal, the Martins want the suportfolio to earn the highest return possible. Quinn promises to recommenasset allocation strategy for the Martins’ aspirationgoal.Next, Quinn scusses taxation of investments with the Martins. Their interest income is taxe35%, ancapitgains anvin are taxe20%. The Martins want to minimize taxes. Baseon personresearch, Nemakes the following two statements:Statement 1 The after- treturn volatility of assets helin taxable accounts will less ththe pre- treturn volatility.Statement 2 Assets threceive more favorable ttreatment shoulhelin tax- ferreaccounts.The equity portion of the Martins’ portfolios proceannualizereturn of 20% for the past three years. a result, the Martins’ equity allocation in both their taxable antax- ferreportfolios hincreaseto 71%, with bon falling to 29%.The Martins want to keep the strategic asset allocation risk levels the same in both types of retirement portfolios. Quinn scusses rebalancing; however, Neis somewhreluctant to take money out of stocks, expressing confinthstrong investment returns will continue.Quinn’s Cassociate, McCall, meets with Bruno Snea the rector of the Katt Company Pension Fun(KCPF). The strategic asset allocation for the funis 65% stocks/35% bon. Because of favorable returns ring the past eight recession- free years, the KCPF is now overfun However, there are early signs of the economy weakening. SinKatt Company is in a cyclicinstry, the Pension Committee is concerneabout future market aneconomic risk anfears ththe high- priority goof maintaining a fully funstatus maersely affecte McCall suggests to Sneththe KCPF might benefit from upteIPS. Following a thorough review, McCall recommen a new IPS anstrategic asset allocation. The proposeIPS revisions inclu a plfor short- term viations from strategic asset allocation targets. The gois to benefit from equity market tren automatically increasing (creasing) the allocation to equities 5% whenever the S P 500 Inx 50- y moving average crosses above (below) the 200- y moving average.The most appropriate asset allocation for the Martins’ new charitable gift sub-portfolio is: A.40% equities/60% bon. B.70% equities/30% bon. C.100% equities/0% bon. C is correct. The Martins’ suportfolio is aspirationana low priority. Investors are usually willing to take more risk on lower- priority, aspirationportfolios. The charitable gift will ma from their estate, whiincates a long time horizon. In aition, the Martins want the highest return possible.Therefore, the highest allocation to equities is most appropriate.考点revising the strategic asset allocation解析原文中“making a charitable gift to their alma mater from their estate”，意思是捐赠来自于他们的遗产，因此投资期很长；并且还提到low- priority go，要求highest return，所以可以配置一些激进的投资产品，承担高风险。C100%投资股票是最合适的选择。 70/30符合长期投资、高收益，也高于60/40呢。

NO.PZ201805280100000202 老师您好，我想问下分配给sub-portfolio的15%比例是占退休账户的么？另外，这笔钱是来自退休账户中和继承来的不矛盾吧？

    请问这题为什么不考虑60/40 (8% rebalancrange) overall SAB 和 C都超过了这个range.