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:
SolutionC 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.
这个题目来源是mock还是原版书呀?感觉是出题者自说自话,按照答案的解释思路,我觉得liqudity need的也是说的通的。
题目说: The fund was given a 20-year accumulation period over which no distributions were allowed。 那完全可以理解成,流动性是有限制的呀。