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vilyvivi · 2021年03月27日

Which of the following is not a reason that an investor might favor a separately managed account rather than a pooled vehicle?

NO.PZ2019093001000012

问题如下:

Which of the following is not a reason that an investor might favor a separately managed account rather than a pooled vehicle? The investor:

选项:

A.

is tax exempt.

B.

requires real-time details on investment positions.

C.

has expressed certain constraints and preferences for the portfolio.

解释:

A is correct.

The tax advantages to separately managed accounts do not accrue to a tax exempt investor. Choices B and C are considerations that reflect the investor’s preferences and could be better satisfied using a separately managed account.

Which of the following is not a reason 下列不是

that

an investor might favor a separately managed account rather than a pooled vehicle? 投资者选SMA而不选pool vehicle的原因?


字面意思应该是这样理解啊,为什么要选A

1 个答案

吴昊_品职助教 · 2021年03月28日

嗨,努力学习的PZer你好:


同学你好:

这道题让我们选择的是下列哪一个不是选择SMA的理由。

A选项,投资者是一个免税的投资者。SMA有税收优势,可以通过税务筹划做到减税,但是如果投资者本身是不用交税的,那么他享受不到SMA的税收优惠,SMA的税收优惠对于tax exempt的投资者就没有影响。如果我现在是一个tax payer,那么SMA的税收优惠就会体现出来,我们就会选择SMA。但是现在是tax exempt(即免税的投资者),那么SMA和pooled investment就没有区别,所以A选项不是一个选择SMA的reason,因此正确。

而选项B和C描述的都是SMA的优点,因此不选。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!