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.
- the endowment's mission is to maintain the purchasing power into perpetuity, so sustain the spending to support university budget.
- the endowment's primary objective is to achieve the real return of 6% after HEPI, with a reasonable level of risk, over the long term.
- and it also needs to outperform the long-term policy benchmark.
