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leslie · 2020年02月17日

问一道题:NO.PZ2019103001000021

问题如下:

SD&R Capital (SD&R), a global asset management company, specializes in fixed-income investments. Molly Compton, chief investment officer, is meeting with a prospective client, Leah Mowery of DePuy Financial Company (DFC).

Mowery informs Compton that DFC’s previous fixed income manager focused on the interest rate sensitivities of assets and liabilities when making asset allocation decisions. Compton explains that, in contrast, SD&R’s investment process first analyzes the size and timing of client liabilities, then builds an asset portfolio based on the interest rate sensitivity of those liabilities.

The investment process followed by DFC’s previous fixed-income manager is best described as:

选项:

A.

asset-driven liabilities

B.

liability-driven investing

C.

asset–liability management

解释:

C is correct.

Asset–liability management strategies consider both assets and liabilities in the portfolio decision-making process. Mowery notes that DFC’s previous fixed-income manager attempted to control for interest rate risk by focusing on both the asset and the liability side of the company’s balance sheet. The previous manager thus followed an asset–liability management strategy

为什么在另一个题目里(No.PZ2018120301000021)previous manager的方法就是 liability-driven?


2 个答案
已采纳答案

carolllll · 2020年02月18日

同学你好,

 

在题目2018120301000021里,题干描述previous investment manager是说“analyze the size and timing of my liabilities before any investment decisions”,因为她主要分析的是liability,所以是liability driven,跟这题不一样,这题第二段第一行说的是focus on both assets and liability。

 

希望对你有帮助~

leslie · 2020年02月18日

谢谢,我之前读题目怎么也没发现问题在哪里,原来是我把整个第二段都当成previous investmenmanager的方法。所以这道题里第二段第一句才是previous investment manager的方法,第二句话是SD&R公司的方法。公司的方法对应的才是liability-driven对吧?😊

carolllll · 2020年02月19日

同学你好,

 

是的。