这题选什么

NO.PZ202209060200004306 问题如下 nny Moynahan, CFis a fixeincome portfolio manager ReagInvestment Aisory (Reagan). His wife, Abigail Boyle, is a professor a locuniversity not ffrom their home. She is currently teaching investments class. Over nner one evening, she asks her husbanif he will come antalk to her class about managing fixeincome portfolios. She believes it will a useful experienfor her stunts to hefrom someone working in the investment instry. He agrees, anthey plfor him to make his presentation the following week.The next y his office, with permission from his superior, Tom Gayle, Moynahworks on his presentation to the class. He plans to put together six pages for his scussion. He reviews the presentation materials he previously usea conferento see if any of it wouluseful. He cis page 1 shoulscuss the benefits of inclung fixeincome securities in a portfolio anhighlights the following three points:Point Aing fixeincome securities to a portfolio is effective wof obtaining the benefits of versification, especially because fixeincome correlations with other asset classes are low.Point The regulnature of fixeincome cash flows enables investors to funfuture obligations, unless there is a cret event.Point Fixeincome securities calways provi a hee for inflation, whiresults in superior risk-austereportfolio returns.On page 2, Moynahcis to outline the three totreturn approaches he utilizes to manage Reagan’s fixeincome portfolios. He puts together the following exhibit:Exhibit 1 Features of TotReturn PortfoliosMoynahtitles page 3, “Liquity in the FixeIncome Market.” He wants to ensure ththe class appreciates the fferences in liquity between fixeincome anequity securities. He stresses thliquity across fixeincome securities varies greatly anthcompareto equities, fixeincome markets are generally less liqui Also, liquity influences fixeincome pricing, but illiquity enhances the portfolio’s yielto maturity. Lastly, alers will narrow biask sprea on thinly trasecurities a consequenof their illiquity.Tom Gayle, Moynahan’s superior, stops Moynahan’s office. Moynahshares his presentation with Gayle, who suggests thpage 4 inclu a scussion about expectereturns. They ci to outline example of a recent bontra where they bought a $100 pvalue bona premium. Moynahpresents a composition of the bons expectereturns tailing various components anfocuses on roll wn return. He as the following footnote: “The roll wn return monstrates how the priof a bontypically moves closer to pregaress of yielcurve changes over the strategy horizon.”MoynahanGayle continue their scussion about the presentation anbate severpotentisubjects to inclu on page 5. Gayle suggests assessing the use of leverage in the portfolios. They ci to present a scenario where the portfolio is fully investe but given their outlook for a cline in interest rates, they want to increase the portfolio’s investment exposure. The portfolio anthe benchmark both currently have the same ration.On page 6, the finpage of his presentation, Moynahplans to scuss the timplications of fixeincome investing. He wants the class to unrstanththe management of taxable portfolios is more complicateththof tax-exempt portfolios. He outlines the following key consirations for managing taxable fixeincome portfolios:Minimize interest income relative to capitgains.Minimize capitgains relative to capitlosses.Forego attractive trang opportunity because of timplications.Question Whiof the consirations outlineMoynahon page 6 of the presentation is least likely correct? A.Consiration B.Consiration C.Consiration SolutionB is correct. When managing taxable fixeincome portfolios, Moynahshoulnot minimize capitgains relative to capitlosses because capitlosses are generally only useto offset capitgains.A is incorrect. When managing taxable fixeincome portfolios, Moynahwoulwant to minimize interest income relative to capitgains because capitgains are typically taxea lower effective trate.C is incorrect. When managing taxable fixeincome portfolios, Moynahmwant to smiss attractive relative value tras e to timplications. 老师上课说过，如果是taxable的客人，如果有两支股票，一个overvalue，一个unrvalue，我们需要realise unrvalue 的，这样就有一个地税的作用。为什么题目中Minimize capitgains relative to capitlosses. 对于 taxable的客户 是错的呢？

NO.PZ202209060200004306 问题如下 Whiof the consirations outlineMoynahon page 6 of the presentation is least likely correct? A.Consiration B.Consiration C.Consiration SolutionB is correct. When managing taxable fixeincome portfolios, Moynahshoulnot minimize capitgains relative to capitlosses because capitlosses are generally only useto offset capitgains.A is incorrect. When managing taxable fixeincome portfolios, Moynahwoulwant to minimize interest income relative to capitgains because capitgains are typically taxea lower effective trate.C is incorrect. When managing taxable fixeincome portfolios, Moynahmwant to smiss attractive relative value tras e to timplications. 老师好，针对这三个，我的理解是这样的Minimize interest income relative to capitgains.——我知道国债利息是免个人所得税的，其他利息应该有个人所得税？然后资本利得要交个人所得税？我不是很清楚这两个税税率哪个比较大。Minimize capitgains relative to capitlosses.——我觉得这个应该是对的吧？在有纳税义务的组合里面，capitloss可以抵税，因此相比于capitloss，最小化capitgain应该是对的？Forego attractive trang opportunity because of timplications.——因为税收问题放弃一些有吸引力的交易，这个我读起来应该是对的。所以我选了A，但是我也不确定利息收益和资本利得收益谁的税更高，麻烦老师一下谢谢。

NO.PZ202209060200004306 问题如下 Whiof the consirations outlineMoynahon page 6 of the presentation is least likely correct? A.Consiration B.Consiration C.Consiration SolutionB is correct. When managing taxable fixeincome portfolios, Moynahshoulnot minimize capitgains relative to capitlosses because capitlosses are generally only useto offset capitgains.A is incorrect. When managing taxable fixeincome portfolios, Moynahwoulwant to minimize interest income relative to capitgains because capitgains are typically taxea lower effective trate.C is incorrect. When managing taxable fixeincome portfolios, Moynahmwant to smiss attractive relative value tras e to timplications. 看了前面的答复，说是应该选A，A是least likely correct，B和C是对的，但是中又提到了Capitgain tax低于income tax，这样A为什么错，麻烦老师重新一下这道题的AB

NO.PZ202209060200004306 问题如下 Whiof the consirations outlineMoynahon page 6 of the presentation is least likely correct? A.Consiration B.Consiration C.Consiration SolutionB is correct. When managing taxable fixeincome portfolios, Moynahshoulnot minimize capitgains relative to capitlosses because capitlosses are generally only useto offset capitgains.A is incorrect. When managing taxable fixeincome portfolios, Moynahwoulwant to minimize interest income relative to capitgains because capitgains are typically taxea lower effective trate.C is incorrect. When managing taxable fixeincome portfolios, Moynahmwant to smiss attractive relative value tras e to timplications. PWM讲义里写capitgains are taxelower rate，上课也提到int income是不劳而获所以税率会更高一点，这和老师的回答说法不一样。。