NO.PZ2018091705000112
问题如下：
Patel has been working with Zik for 10 years. At the beginning of the 10- year period, Zik forecasted that the equities in Patel’s portfolio would outperform their benchmark and that the bonds would match their benchmark. Now, at the end of the 10- year period, equities have outperformed the benchmark, but with higher volatility than the benchmark. In addition, the bonds in the portfolio matched their benchmark performance, but with lower volatility than the benchmark. However, returns and volatility are within IPS specifications for both equities and bonds.
Patel stated his goals to Zik at the beginning of the 10- year period and has not changed them. Patel’s plan is to retire this year, and he wants to be able to support a specified annual spending level.
Zik’s original capital sufficiency analysis modeled a 6% rate of return, and Patel’s portfolio has earned slightly more than that over the 10- year period. Zik’s most recent capital sufficiency analysis shows that the portfolio and strategy are very likely to meet Patel’s needs as he transitions into retirement.
Zik has followed the guidelines stated in the original IPS in terms of rebalancing the portfolio, maintaining an ongoing dialog with Patel, and coordinating the strategy with Patel’s retirement and philanthropic goals. Although fees have remained unchanged at 1%, Zik has been able to reduce expenses for equities by 20 bps and for bonds by 12 bps.
Evaluate the success of Zik’s investment program for Patel in terms of:
i. goal achievement.
ii. process consistency.
iii. portfolio performance.
选项：
解释：
By all three criteria, Zik has been successful.
Goal achievement:
■● Patel’s portfolio has achieved its goals with an acceptable amount of risk; its return and volatility have remained within the original IPS specifications.
■● The portfolio remains likely to succeed as an ongoing strategy, without meaningful adjustments to the plan; the most recent capital sufficiency analysis shows that the strategy is very likely to meet Patel’s retirement needs.
Process consistency:
■● Zik has followed the guidelines stated in the original IPS, has maintained an ongoing dialogue with Patel, has coordinated the strategy with Patel’s retirement and philanthropic goals, and has even managed to reduce expenses. Portfolio performance (over the 10- year time horizon):
■● The equity portion of Patel’s portfolio outperformed its benchmark but had higher volatility than the benchmark.
■● The bond portion of the portfolio matched its benchmark but had lower volatility than the benchmark.
■● The performance of both equities and bonds remained within the original IPS specifications.
■● For the overall portfolio, Zik targeted a 6% rate of return, and the portfolio has slightly exceeded that level over the period.
题干要求在Portfolio Performance也进行评价，为什么标准答案中没有任何涉及到？
