NO.PZ201805280100000204
问题如下：
Given the Martins’ risk and tax preferences, the taxable portfolio should be rebalanced:
选项：
A.
less often than the tax- deferred portfolio.
B.
as often as the tax- deferred portfolio.
C.
more often than the tax- deferred portfolio.
解释：
A is correct.
The Martins wish to maintain the same risk level for both retirement accounts based on their strategic asset allocation. However, more frequent rebalancing exposes the taxable asset owner to realized taxes that could have otherwise been deferred or even avoided. Rebalancing is discretionary, and the Martins’ also wish to minimize taxes. Because after- tax return volatility is lower than pre- tax return volatility, it takes larger asset- class movements to materially alter the risk profile of a taxable portfolio. This suggests that rebalancing ranges for a taxable portfolio can be wider than those of a tax- exempt/tax- deferred portfolio with a similar risk profile; thus, rebalancing occurs less frequently.
考点：rebalancing
解析：taxable portfolio如果频繁地rebalance，会频繁地实现capital gain，从而交更多的税，因此taxable portfolio应当减少rebalance的频率，答案选A。
如何理解客户提出，虽然equity大涨20%，但他还是不太想rebalance，想keep 前后portfolio的risk level 不变。我就是关注了这句话，直接认为客户不想调仓，所以选了b。。。
