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昆汀的低俗小说 · 2021年06月07日

忘了IRR的数字是越小越有利还是越大越好?

NO.PZ2019122802000008

问题如下:

An pension committee would like to invest some allocation into private equity funds. There are three potential private equity funds in the list. The analyst discloses the following due diligence findings from a recent manager search: Fund A retains administrators, custodians, and auditors with impeccable reputations; Fund B has achieved its performance in a manner that appears to conflict with its reported investment philosophy; and Fund C has recently experienced the loss of three key persons.

Based on Exhibit 2 and the analyst’s due diligence, the pension committee should consider investing in:

选项:

A.

Fund A

B.

Fund B

C.

Fund C

解释:

A is correct.

Fund A should be selected based on both quantitative and qualitative factors. Fund A has a five-year IRR (12.9%) that is slightly lower than, but comparable to, both Fund B (13.2%) and Fund C (13.1%). Given the sensitivity to the timing of cash flows into and out of a fund associated with the IRR calculation, however, the final decision should not be based merely on quantitative returns. It is also important to monitor the investment process and the investment management firm itself, particularly in alternative investment structures. Considering the qualitative factors identified by the analyst, Fund A is the only fund with a strong, positive factor: It benefits from service providers (administrators, custodians, and auditors) with impeccable reputations. Fund B seems to be experiencing style drift, which suggests that the returns are not consistent with the manager’s advertised investment edge (hence, a negative factor). Fund C has experienced the departure of key persons, which puts future fund returns in jeopardy (hence, a negative factor).

核心是这句话。

翻译一下

基金A保留声誉卓著的管理人员,保管人和审计师; 基金B的表现似乎与其所报告的投资理念相抵触; 基金C最近经历了三个关键人物的流失。

hello助教老师,如果不考虑题干中的核心句“A.auditor。。。。B. 。。。。C. ...... ”只看IRR指标的话要怎么选?

2 个答案

伯恩_品职助教 · 2021年06月28日

嗨,从没放弃的小努力你好:


啊,我好像上个回复写错了


hello助教老师,如果不考虑题干中的核心句“A.auditor。。。。B. 。。。。C. ...... ”只看IRR指标的话要怎么选?——这个我当时好像写的B,怎么写成A了。啊。抱歉同学。IRR越大越好。

抱歉同学,老师下次多检查

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

伯恩_品职助教 · 2021年06月08日

嗨,努力学习的PZer你好:


选A,IRR越大越好

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

晓昀 · 2021年06月26日

老师,只看IRR时,A的IRR不是最小的吗,为什么选A呢