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坏呼呼嘿嘿 · 2023年07月29日

麻烦解释下这个题什么意思

NO.PZ2023010409000017

问题如下:

The People’s Fund is a pension reserve fund established by the government of Wigitania by setting aside current government surpluses. Its objective is to meet future unfunded social security payments caused by an aging population. The following is an extract from the People’s Fund IPS.

Effective from 2030, the government will have the ability to withdraw assets to meet pension and social security liabilities falling due each year. Actuarial projections estimate annual payouts to be about 5% of the total fund value at that time. Given this level of cash flow, the Fund is expected to maintain most of its asset base for the foreseeable future. As such, 2030 does not represent an ‘end date’ for measurement purposes. A long-term investment horizon remains appropriate at present. However, the appropriate timeframe, risk tolerance, portfolio construction and liquidity profile may change.

What factors does the Board need to consider when reviewing the Fund’s investment horizon?

解释:

The Board should consider two separate phases when reviewing the Fund’s investment horizon and investment policy: an accumulation phase and a decumulation phase.

Ÿ The accumulation phase lasts until 2030 and allows the Fund to invest with little to no liquidity needs and little concern for interim volatility.

Ÿ The decumulation phase starts after 2030, when the government expects to withdraw about 5% of the assets on an annual basis. The investment horizon, liquidity needs, and risk tolerance will need to be modified during the decumulation phase, which will affect the investment policy.

麻烦解释下这个题什么意思

1 个答案

lynn_品职助教 · 2023年07月30日

嗨,爱思考的PZer你好:


这道题是一个很新奇的角度,了解一下就可以啦,不是我们考试的重点。


当评估基金的投资视野时,董事会需要考虑两个不同的阶段:积累阶段和消耗阶段。


积累阶段将持续到2030年,基金可以进行投资而几乎不需要流动性需求,并且对于中期波动性几乎没有担忧。


消耗阶段将从2030年开始,政府预计每年会提取大约资产的5%。在消耗阶段,投资视野、流动性需求和风险承受能力将需要进行调整,这将影响投资政策。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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NO.PZ2023010409000017 问题如下 The People’s Funis a pensionreserve funestablishethe government of Wigitania setting asicurrent government surpluses. Its objective is to meet future unfunsocisecuritypayments causeaging population. The following is extrafrom thePeople’s FunIPS.Effective from 2030, the government will have theability to withassets to meet pension ansocisecurity liabilitiesfalling e eayear. Actuariprojections estimate annupayouts to beabout 5% of the totfunvalue thtime. Given this level of cash flow,the Funis expecteto maintain most of its asset base for the foreseeablefuture. such, 2030 es not represent ‘ente’ for measurementpurposes. A long-term investment horizon remains appropriate present.However, the appropriate timeframe, risk tolerance, portfolio construction aniquity profile mchange.Whfactors esthe Boarneeto consir when reviewing the Funs investment horizon? The Boarshoulconsir two separate phases when reviewing the Funs investment horizon aninvestment policy: accumulation phase ana cumulation phase.Ÿ The accumulation phase lasts until 2030 anallows the Funto invest with little to no liquity nee anlittle concern for interim volatility.Ÿ The cumulation phase starts after 2030, when the government expects to withabout 5% of the assets on annubasis. The investment horizon, liquity nee, anrisk toleranwill neeto mofiering the cumulation phase, whiwill affethe investment policy. the funis pension reserve fun.when accumulation phase(before 2030), there are continous contribution to the fun aninvestment horizon remains long term.hoowever, when cumulation phase, from 2030, the government will have the ability to withassets to meet pension ansocisecurity liabilities. there are withaws form fun the liquty neeis high, so the time horizon is becoming shorter.

2024-02-09 11:29 1 · 回答