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cika · 2022年11月13日

C选项怎么理解

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ202206210100000101

问题如下：

During Phase 1, the most significant constraint on OHF’s asset allocation choices was the result of:

选项：

A.liquidity needs. B.asset size. C.regulation.

解释：

Solution

C is correct. During Phase 1, OHF was restricted to investing in only cash and high-grade debt instruments.

B is incorrect. The fund started at $1 billion and was worth $2.2 billion at the end of Phase 1; such a size is considered in the low range for a large institutional portfolio.

A is incorrect. During Phase 1, OHF had no liquidity constraints. No outflows were expected for 20 years, all income was to be reinvested, and the nature of the portfolio was quite liquid by regulation, consisting of cash and high-grade bonds.

C选项怎么理解

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lynn_品职助教 · 2022年11月13日

嗨，努力学习的PZer你好：


遇到这种出题角度比较奇怪的题目，我们最好的解决方法就是回到题目，看最后一句话：Investments were restricted to cash and investment-grade bonds. 投资限于现金和投资级债券，已经规定了投资产品的类型，所以regulation的影响肯定是最大的。

B错误， $1 billion 作为机构投资者，确实是asset size大的，进出市场必须非常谨慎，但没有regulation这么明确的要求。

A错误，第一段中OHF没有liquidity限制，既没有要支付的现金流，收入也都有收益， 投资限于现金和投资级债券也是对流动性有益处的。

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