NO.PZ2019103001000011
问题如下：
Deveraux and Foster review the total expected 12-month return (assuming no reinvestment income) for the global bond portfolio. Selected financial data are presented in Exhibit 2.
Based on Exhibit 2, the total expected return of the fund’s global bond portfolio is closest to:
选项：
A. 0.90%.
B. 2.20%.
C. 3.76%.
解释：
B is correct.
The total expected return is calculated as:
Total expected return = Rolling yield + E(Change in price based on investor’s yield and yield spread view) – E(Credit losses) + E(Currency gains or losses)
Rolling yield = Yield income + Rolldown return
正常在计算中加上gain减去loss，但是有的时候给出的值不知道如何判断，比如说有些题目，expected gain or loss给的是0.5，这时候是加0.5；但是这道题给的标题直接给的expected loss是0.13，就是减去0.13；那么是不是在前一种条件下，正负号就分别对应了gain和loss；在第二种情况下，正负号表示的意义跟第一种是相反的？
