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米妮涵 · 2023年02月18日

为什么没有考虑50 million的donation问题？

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ201805280100000402

问题如下：

The Fordhart portfolio has a market valueof $2 billion. After his annual meeting

with its investment committee, DuBord notesthe following points:

■ Fordhart must spend 3% of itsbeginning-of-the-year asset value annually to meet legal obligations.

■ The investment committee seeks exposureto private equity investments and requests that DuBord review the CFQ PrivateEquity Fund as a potential new investment.

■ Enrollment is strong and growing, leadingto increased operating revenues from tuition.

■ A recent legal settlement eliminated anannual obligation of $50 million from the portfolio to support a biodigesterused in the university’s Center for Renewable Energy. \

DuBord instructs his second junior analystto formulate new allocations for

Fordhart. This analyst proposes theallocation presented in Exhibit 2.

Discuss two reasons why the proposed assetallocation is inappropriate for Fordhart.

解释：

The proposed asset allocation for Fordhartis inappropriate because:

1 Given the increasing enrollment trendsand recent favorable legal settlement, Fordhart will likely require lowerliquidity in the future. The proposed allocation shifts Fordhart’s portfolioaway from risky assets (decreases the relative equity holdings and increasesthe relative bond holdings).

2 The proposed 10% allocation to privateequity creates an overly concentrated position in the underlying investment. A10% allocation to the CFQ Private Equity Fund is $200 million (10% ofFordhart’s $2 billion). The CFQ Private Equity Fund has assets under management(AUM) of $500 million. Hence, Fordhart would own 40% of the entire CFQ PrivateEquity Fund. This position exposes both Fordhart and the CFQ fund to anundesirable level of operational risk.

答案中没有对这个定量要求的考虑

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1 个答案

lynn_品职助教 · 2023年02月19日

嗨，爱思考的PZer你好：


■ A recent legal settlement eliminated anannual obligation of $50 million from the portfolio to support a biodigesterused in the university’s Center for Renewable Energy. \


同学提到的50 million的donation是这一条吗，该项具体的意思是最近的一项法律和解协议取消了投资组合中每年50 million美元的债务，以支持该大学可再生能源中心使用的生物消化器。

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