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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.

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。

嗨，努力学习的PZer你好：

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。

这道题是官网的practice exam，

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。

A选项，同学看到了这句话，但是它的限制是在之后，OHF在本阶段没有流动性的限制。因为“The fund was given a 20-year accumulation period over which no distributions were allowed”以20年作为资金积累期，所有收入进行再投资，不会有资金外流。并且投资的产品为cash and investment-grade bonds，流动性较好。

B选项，OHF的资金规模适中，不能作为限制。对于机构投资者，如果资产规模低于$500 million，属于asset size小的投资者。OHF最初规模$1 billion，20年后预测增加到$10 billion，资产规模属于正常范围。

C选项，正确。受监管影响，“Investments were restricted to cash and investment-grade bonds” OHF投资的产品仅限于现金和投资级债券。

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