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很不酷 · 2022年01月13日

需不需要写2nd,3rd objective?

NO.PZ2019100901000015

问题如下:

The Prometheo University Scholarship Endowment (the Endowment) was established in 1950 and supports scholarships for students attending Prometheo University. The Endowment’s assets under management are relatively small, and it has an annual spending policy of 6% of the five-year rolling asset value.

Formulate the investment objectives section of the investment policy statement for the Endowment

选项:

解释:

The mission of the Prometheo University Scholarship Endowment is to provide scholarships for students attending the university. In order to achieve this mission, the Endowment must maintain the purchasing power of the assets in perpetuity while achieving investment returns sufficient to sustain the level of spending necessary to support the scholarship budget. Therefore, the investment objective of the endowment should be to achieve a total real rate of return (after inflation) of at least 6% with a reasonable level of risk.

需不需要写2nd,3rd objective? 就是超过benchmark, competitor peers这些?

1 个答案

发亮_品职助教 · 2022年01月14日

嗨,努力学习的PZer你好:


需不需要写2nd,3rd objective? 就是超过benchmark, competitor peers这些?


不需要。

问Investment objective答出以下这句就已经可以拿满分了: the Endowment must maintain the purchasing power of the assets in perpetuity while achieving investment returns sufficient to sustain the level of spending necessary to support the scholarship budget. Therefore, the investment objective of the endowment should be to achieve a total real rate of return (after inflation) of at least 6% with a reasonable level of risk.


实际上基本不会出2nd,3rd objective这类的题目。因为2nd和3rd目标属于太具体的目标,不同的endowment可能存在不同的2nd,3rd目标,甚至有些endowment还没有2nd和3rd目标,所以从考试和学习的角度看,我们无法得到一个统一的结论,对于没有general结论的问题,考试出这种的可能性就非常小了。如果不巧考到了,那题目一定会陈述一遍2nd,3rd的目标是啥,那我们答完首要目标之后,可以再把题干的2nd和3rd简单复述一下即可。这类出题方法就相当于是抄了一遍题干,会浪费出题名额,所以基本不太会出这类2nd,3rd的目标。


但,所有的endowment都有一个目标,这个目标一定要答全,就是:Maintain purchasing power and support spending level,只不过不同的题干背景下,support的spending是不同的,对应的inflation和risk是不同的,针对不同的题干我们做相应的修改就行,模仿这道题的答案(或强化班总结)写就可以。

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