开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

柠乐 · 2022年03月18日

老师，我不理解答案的第二部分，对PE投资的比重的回答，请帮我解惑，谢谢

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ201805280100000402

问题如下：

The Fordhart portfolio has a market value of $2 billion. After his annual meeting

with its investment committee, DuBord notes the following points:

■ Fordhart must spend 3% of its beginning-of-the-year asset value annually to meet legal obligations.

■ The investment committee seeks exposure to private equity investments and requests that DuBord review the CFQ Private Equity Fund as a potential new investment.

■ Enrollment is strong and growing, leading to increased operating revenues from tuition.

■ A recent legal settlement eliminated an annual obligation of $50 million from the portfolio to support a biodigester used in the university’s Center for Renewable Energy. \

DuBord instructs his second junior analyst to formulate new allocations for

Fordhart. This analyst proposes the allocation presented in Exhibit 2.

Discuss two reasons why the proposed asset allocation is inappropriate for Fordhart.

解释：

The proposed asset allocation for Fordhart is inappropriate because:

1 Given the increasing enrollment trends and recent favorable legal settlement, Fordhart will likely require lower liquidity in the future. The proposed allocation shifts Fordhart’s portfolio away from risky assets (decreases the relative equity holdings and increases the relative bond holdings).

2 The proposed 10% allocation to private equity creates an overly concentrated position in the underlying investment. A 10% allocation to the CFQ Private Equity Fund is $200 million (10% of Fordhart’s $2 billion). The CFQ Private Equity Fund has assets under management (AUM) of $500 million. Hence, Fordhart would own 40% of the entire CFQ Private Equity Fund. This position exposes both Fordhart and the CFQ fund to an undesirable level of operational risk.

老师，我不理解答案的第二部分，对PE投资的比重的回答，请帮我解惑，谢谢
添加评论
1 个答案
已采纳答案

郭静_品职助教 · 2022年03月18日

嗨，从没放弃的小努力你好：


这里关键是要学会解读这张表。

CFQ PE现在占F组合是0%，但准备配置F组合金额10%的CFQ PE，即2billion*10%=0.2billion。第三个数据，现在CFQ PE的整体规模是0.5b，最后一个数据不重要，说的是最低投资门槛是5million。

如果按照前述所说，F组合将要配置0.2billion的CFQ PE，一旦买入，F组合就相当于占了CFQ PE的整体规模的40%，即0.2b/0.5b=40%。我们认为这个比例太高了，一旦CFQ PE有较大损失，占其40%规模的F组合损失也大。

----------------------------------------------
努力的时光都是限量版，加油！

向雨潇 · 2022年04月14日

我不太懂为什么要看这个40%的比例呀，难道不应该看PE fund 占The Fordhart portfolio的比例么。就比如说，现在还是配置0.2billion到CFQ PE，还是F组合占CFQ PE整体规模的40%。但如果F组合的整体规模就只有0.2billion，100%投资了PE，那一旦PE有较大损失，F组合损失惨重。若F组合的整体规模有200billion，那F组合中只是其中一小部份，CFQ PE 有多大损失都不怎么影响F组合。所以都是占40%，有可能对F组合影响大，也可能影响不大。那这个40%的比例算出来有什么意义呢。

  • 1

    回答

  • 0

    关注

  • 525

    浏览
相关问题

NO.PZ201805280100000402 问题如下 The Forart portfolio ha market valueof $2 billion. After his annumeetingwith its investment committee, Bornotesthe following points:■ Forart must spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.■ The investment committee seeks exposureto private equity investments anrequests thBorreview the CFQ PrivateEquity Funa potentinew investment.■ Enrollment is strong angrowing, leangto increaseoperating revenues from tuition.■ A recent legsettlement eliminateanannuobligation of $50 million from the portfolio to support a biogesterusein the university’s Center for Renewable Energy. \Borinstructs his seconjunior analystto formulate new allocations forForart. This analyst proposes theallocation presentein Exhibit 2.scuss two reasons why the proposeassetallocation is inappropriate for Forart. The proposeasset allocation for Forartis inappropriate because:1 Given the increasing enrollment trenanrecent favorable legsettlement, Forart will likely require lowerliquity in the future. The proposeallocation shifts Forart’s portfolioawfrom risky assets (creases the relative equity holngs anincreasesthe relative bonholngs).2 The propose10% allocation to privateequity creates overly concentrateposition in the unrlying investment. A10% allocation to the CFQ Private Equity Funis $200 million (10% ofForart’s $2 billion). The CFQ Private Equity Funhassets unr management(AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ PrivateEquity Fun This position exposes both Forart anthe CFQ funto anunsirable level of operationrisk. The propose10% allocation to private equity creates overly concentrateposition in the unrlying investment. A 10% allocation to the CFQ Private Equity Funis $200 million (10% of Forart’s $2 billion). The CFQ Private Equity Funhassets unr management (AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ Private Equity Fun This position exposes both Forart anthe CFQ funto unsirable level of operationrisk.是算在Regulatory another externconsirations这里么

2024-11-03 21:14 1 · 回答

NO.PZ201805280100000402 问题如下 The Forart portfolio ha market valueof $2 billion. After his annumeetingwith its investment committee, Bornotesthe following points:■ Forart must spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.■ The investment committee seeks exposureto private equity investments anrequests thBorreview the CFQ PrivateEquity Funa potentinew investment.■ Enrollment is strong angrowing, leangto increaseoperating revenues from tuition.■ A recent legsettlement eliminateanannuobligation of $50 million from the portfolio to support a biogesterusein the university’s Center for Renewable Energy. \Borinstructs his seconjunior analystto formulate new allocations forForart. This analyst proposes theallocation presentein Exhibit 2.scuss two reasons why the proposeassetallocation is inappropriate for Forart. The proposeasset allocation for Forartis inappropriate because:1 Given the increasing enrollment trenanrecent favorable legsettlement, Forart will likely require lowerliquity in the future. The proposeallocation shifts Forart’s portfolioawfrom risky assets (creases the relative equity holngs anincreasesthe relative bonholngs).2 The propose10% allocation to privateequity creates overly concentrateposition in the unrlying investment. A10% allocation to the CFQ Private Equity Funis $200 million (10% ofForart’s $2 billion). The CFQ Private Equity Funhassets unr management(AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ PrivateEquity Fun This position exposes both Forart anthe CFQ funto anunsirable level of operationrisk. 1.题干中没有找到CFQ 500 million信息，为什么说CFQ 500 million？2.40%比例，就说会导致运营风险，为啥？

2024-09-24 14:15 1 · 回答

NO.PZ201805280100000402 问题如下 The Forart portfolio ha market valueof $2 billion. After his annumeetingwith its investment committee, Bornotesthe following points:■ Forart must spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.■ The investment committee seeks exposureto private equity investments anrequests thBorreview the CFQ PrivateEquity Funa potentinew investment.■ Enrollment is strong angrowing, leangto increaseoperating revenues from tuition.■ A recent legsettlement eliminateanannuobligation of $50 million from the portfolio to support a biogesterusein the university’s Center for Renewable Energy. \Borinstructs his seconjunior analystto formulate new allocations forForart. This analyst proposes theallocation presentein Exhibit 2.scuss two reasons why the proposeassetallocation is inappropriate for Forart. The proposeasset allocation for Forartis inappropriate because:1 Given the increasing enrollment trenanrecent favorable legsettlement, Forart will likely require lowerliquity in the future. The proposeallocation shifts Forart’s portfolioawfrom risky assets (creases the relative equity holngs anincreasesthe relative bonholngs).2 The propose10% allocation to privateequity creates overly concentrateposition in the unrlying investment. A10% allocation to the CFQ Private Equity Funis $200 million (10% ofForart’s $2 billion). The CFQ Private Equity Funhassets unr management(AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ PrivateEquity Fun This position exposes both Forart anthe CFQ funto anunsirable level of operationrisk. 请问funsize in billion这一列代表什么？另外funminimum investment没有写单位，PE应该是5m而不是500m吧，那么The CFQ Private Equity Funhassets unr management (AUM) of $500 million又是怎么来的呢？

2023-07-29 12:46 2 · 回答

NO.PZ201805280100000402问题如下 The Forart portfolio ha market valueof $2 billion. After his annumeetingwith its investment committee, Bornotesthe following points:■ Forart must spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.■ The investment committee seeks exposureto private equity investments anrequests thBorreview the CFQ PrivateEquity Funa potentinew investment.■ Enrollment is strong angrowing, leangto increaseoperating revenues from tuition.■ A recent legsettlement eliminateanannuobligation of $50 million from the portfolio to support a biogesterusein the university’s Center for Renewable Energy. \Borinstructs his seconjunior analystto formulate new allocations forForart. This analyst proposes theallocation presentein Exhibit 2.scuss two reasons why the proposeassetallocation is inappropriate for Forart. The proposeasset allocation for Forartis inappropriate because:1 Given the increasing enrollment trenanrecent favorable legsettlement, Forart will likely require lowerliquity in the future. The proposeallocation shifts Forart’s portfolioawfrom risky assets (creases the relative equity holngs anincreasesthe relative bonholngs).2 The propose10% allocation to privateequity creates overly concentrateposition in the unrlying investment. A10% allocation to the CFQ Private Equity Funis $200 million (10% ofForart’s $2 billion). The CFQ Private Equity Funhassets unr management(AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ PrivateEquity Fun This position exposes both Forart anthe CFQ funto anunsirable level of operationrisk. 答案中没有对这个定量要求的考虑

2023-02-18 11:36 1 · 回答

NO.PZ201805280100000402问题如下 The Forart portfolio ha market valueof $2 billion. After his annumeetingwith its investment committee, Bornotesthe following points:■ Forart must spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.■ The investment committee seeks exposureto private equity investments anrequests thBorreview the CFQ PrivateEquity Funa potentinew investment.■ Enrollment is strong angrowing, leangto increaseoperating revenues from tuition.■ A recent legsettlement eliminateanannuobligation of $50 million from the portfolio to support a biogesterusein the university’s Center for Renewable Energy. \Borinstructs his seconjunior analystto formulate new allocations forForart. This analyst proposes theallocation presentein Exhibit 2.scuss two reasons why the proposeassetallocation is inappropriate for Forart. The proposeasset allocation for Forartis inappropriate because:1 Given the increasing enrollment trenanrecent favorable legsettlement, Forart will likely require lowerliquity in the future. The proposeallocation shifts Forart’s portfolioawfrom risky assets (creases the relative equity holngs anincreasesthe relative bonholngs).2 The propose10% allocation to privateequity creates overly concentrateposition in the unrlying investment. A10% allocation to the CFQ Private Equity Funis $200 million (10% ofForart’s $2 billion). The CFQ Private Equity Funhassets unr management(AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ PrivateEquity Fun This position exposes both Forart anthe CFQ funto anunsirable level of operationrisk. 考虑每年需要对外投资基金价值的3%，cash equivalent fun资比例只要2%，是不是因为投资级别债券能够提供同样的流动性？

2022-09-24 13:34 1 · 回答