开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

笑笑和啦啦 · 2023年06月13日

这里的Ｂ选项不是liability driven吗

  1. CFA III
  2. Fixed Income

NO.PZ2018120301000021

问题如下：

SD&R Capital (SD&R), a global asset management company, specializes in ­fixed-income investments. Molly, chief investment officer, is meeting with a prospective client, Leah of DePuy Financial Company (DFC).

Leah informs Molly that DFC’s previous ­fixed-income manager focused on the interest rate sensitivities of assets and liabilities when making asset allocation decisions. Molly explains that, in contrast, SD&R’s investment process ­first analyzes the size and timing of client liabilities, and then it builds an asset portfolio based on the interest rate sensitivity of those liabilities.

The investment process followed by DFC’s previous fixed-income manager is best described as

选项：

A.

asset-driven liabilities.


B.

liability-driven investing.

C.

asset–liability management.

解释：

Correct Answer: C

C is correct. Asset–liability management strategies consider both assets and liabilities in the portfolio decision-making process. Leah notes that DFC’s previous fixed-income manager attempted to control for interest rate risk by focusing on both the asset and the liability side of the company’s balance sheet. The previous manager thus followed an asset–liability management strategy.

老师好，这道题为什么不选Ｂ呢

添加评论
1 个答案

pzqa015 · 2023年06月15日

嗨，努力学习的PZer你好：


同时考虑资产与负债的投资策略是Asset-liability management策略，这是ALM是更大范畴的概念，对应的是Asset-only只考虑资产的投资策略。

在Asset-liability management的策略下，又可以分为Asset-driven liabilities,与Liability-driven investing；其区别是：已知是资产还是负债。Asset-driven liabilities是资产已知，找到合适的负债匹配，如融资租赁，租赁合同是其资产；Liability-driven investing是负债已知找到合适的资产匹配，如养老金。


本题属于比较细微的知识点区分，专门考到的这个区别。但是在其他题目中，并不强调是Asset-liability management中的哪种，所以经常会碰到Asset-liability management与Liability-driven investing混用的情况（在CFA中不考虑Asset-driven liability的情况）。


所以，这题选B也说的过去，但C更好一些。


----------------------------------------------
加油吧，让我们一起遇见更好的自己！

  • 1

    回答

  • 0

    关注

  • 577

    浏览
相关问题

NO.PZ2018120301000021 问题如下 SRCapit(SR), a globasset management company, specializes in ­fixeincomeinvestments. Molly, chief investment officer, is meeting with a prospectiveclient, Leof Puy FinanciCompany (C). Leinforms Molly thatC’s previous ­fixeincome manager focuseon the interest rate sensitivitiesof assets anliabilities when making asset allocation cisions. Mollyexplains that, in contrast, SR’s investment process ­first analyzes thesize antiming of client liabilities, anthen it buil asset portfoliobaseon the interest rate sensitivity of those liabilities. Theinvestment process followeC’s previous fixeincome manager is bestscribe A.asset-iven liabilities. B.liability-iven investing. C.asset–liability management. CorreAnswer: is correct. Asset–liability management strategies consir both assets anliabilities in the portfolio cision-making process. Lenotes thC’s previous fixeincome manager attempteto control for interest rate risk focusing on both the asset anthe liability si of the company’s balansheet. The previous manager thus followeasset–liability management strategy. 这道题问的的是之前fixeincome的策略，但在题目里并没有说明到底是先有asset还是先有liability，只是说我两者都focus，所以直接就选asset-liability management吗，这样子理解可以吗

2024-04-18 16:43 1 · 回答

NO.PZ2018120301000021问题如下 SRCapit(SR), a globasset management company, specializes in ­fixeincomeinvestments. Molly, chief investment officer, is meeting with a prospectiveclient, Leof Puy FinanciCompany (C). Leinforms Molly thatC’s previous ­fixeincome manager focuseon the interest rate sensitivitiesof assets anliabilities when making asset allocation cisions. Mollyexplains that, in contrast, SR’s investment process ­first analyzes thesize antiming of client liabilities, anthen it buil asset portfoliobaseon the interest rate sensitivity of those liabilities. Theinvestment process followeC’s previous fixeincome manager is bestscribeA.asset-iven liabilities.B.liability-iven investing.C.asset–liability management. CorreAnswer: is correct. Asset–liability management strategies consir both assets anliabilities in the portfolio cision-making process. Lenotes thC’s previous fixeincome manager attempteto control for interest rate risk focusing on both the asset anthe liability si of the company’s balansheet. The previous manager thus followeasset–liability management strategy. 请问一下，这个知识点在书上哪里呢？我没有找到。另外之前的策略应该是ALM 因为他同时关注A和L，后面in contrast之后的是不是还是L呢？因为是先看负债的特点

2024-03-20 08:50 1 · 回答

NO.PZ2018120301000021 问题如下 SRCapit(SR), a globasset management company, specializes in ­fixeincomeinvestments. Molly, chief investment officer, is meeting with a prospectiveclient, Leof Puy FinanciCompany (C). Leinforms Molly thatC’s previous ­fixeincome manager focuseon the interest rate sensitivitiesof assets anliabilities when making asset allocation cisions. Mollyexplains that, in contrast, SR’s investment process ­first analyzes thesize antiming of client liabilities, anthen it buil asset portfoliobaseon the interest rate sensitivity of those liabilities. Theinvestment process followeC’s previous fixeincome manager is bestscribe A.asset-iven liabilities. B.liability-iven investing. C.asset–liability management. CorreAnswer: is correct. Asset–liability management strategies consir both assets anliabilities in the portfolio cision-making process. Lenotes thC’s previous fixeincome manager attempteto control for interest rate risk focusing on both the asset anthe liability si of the company’s balansheet. The previous manager thus followeasset–liability management strategy. 请问固收里面的L和AA中的ALM有区别吗？

2023-10-31 20:48 1 · 回答

NO.PZ2018120301000021问题如下 SRCapit(SR), a globasset management company, specializes in ­fixeincomeinvestments. Molly, chief investment officer, is meeting with a prospectiveclient, Leof Puy FinanciCompany (C). Leinforms Molly thatC’s previous ­fixeincome manager focuseon the interest rate sensitivitiesof assets anliabilities when making asset allocation cisions. Mollyexplains that, in contrast, SR’s investment process ­first analyzes thesize antiming of client liabilities, anthen it buil asset portfoliobaseon the interest rate sensitivity of those liabilities. Theinvestment process followeC’s previous fixeincome manager is bestscribeA.asset-iven liabilities.B.liability-iven investing.C.asset–liability management. CorreAnswer: is correct. Asset–liability management strategies consir both assets anliabilities in the portfolio cision-making process. Lenotes thC’s previous fixeincome manager attempteto control for interest rate risk focusing on both the asset anthe liability si of the company’s balansheet. The previous manager thus followeasset–liability management strategy. 后面的这种是liiven,他不是说跟前面的那种方式in contrast相反吗？那不是应选asset iven？

2022-11-24 11:33 1 · 回答