NO.PZ202110280100000202
问题如下：
Morris next meets Robin Barker, portfolio manager for North Circle Advisors’ small-cap value fund, the Pengwyn Fund, which just received a very large cash inflow. Barker expects equity markets will drift higher in the near-term and asks Morris about the best ways to minimize cash drag for the Pengwyn Fund after the inflow.
Describe an appropriate cash management strategy for Barker.
选项：
解释：
To minimize cash drag on a portfolio, or fund underperformance from holding uninvested cash in a rising market, Barker may use a strategy known as equitization. In this case, equitization refers to temporarily investing cash using futures or ETFs to gain the desired equity exposure before investing in the underlying securities longer term. Equitization may be required if large inflows into a portfolio are hindered by lack of liquidity in the underlying securities. So, if the Pengwyn Fund’s large inflow cannot be invested immediately, Barker can equitize the cash using equity futures or ETFs and then gradually trade into the underlying positions and trade out of the futures/ETF position.
这道题的考点在哪里？好像没有提到过cash management approach？
