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matthew6448 · 2020年02月25日

问一道题:NO.PZ2018110601000007

问题如下:

The Red family has the investable assets of $1.2 million. Tom, the portfolio manager of the Red family, finds that a portfolio of 70% global equities and 30% bonds reflects an appropriate balance of expected return and risk for the Red with respect to a 25-year time horizon for the moderately important goals. Tom follows a goal-based approach to asset allocation and offers three possible portfolios to consider.

The Red express a high probability of success to fund a family foundation in 25 years, which has an estimated present value of $400,000. Which portfolio best meets the Reds’ goal to fund the family foundation?

选项:

A.

Portfolio 1

B.

Portfolio 2

C.

Portfolio 3

解释:

B is correct.

考点:goal-based approach.

解析:Portfolio 1中现金和债券占比过高,而family foundation有长达25年的实现期限,所以A可以排除。

另一方面,family foundation的实现意愿为high probability of success , 重要程度较高 ,但不是最高程度的,因此可以承担一定风险。 Portfolio 2相比3股票的占比更高,因此有一定的价值成长空间。而Portfolio 3中hedge fund占比最高,风险最大,对于 foundation的成功概率会有影响。

请问在你的答案里面认为“family foundation的实现意愿为high probability of success , 重要程度较高 ,但不是最高程度的” 这个如何解读,题目中并没有给出不是最高程度的风险

1 个答案

Shimin_CPA税法主讲、CFA教研 · 2020年02月26日

嗨,爱思考的PZer你好:


可以参考基础班讲义55页的例题Lees family中的表格, probability of success 的程度有moderate, high, very high and extremely high。只用high来表示并不能体现重要程度最高。


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