NO.PZ202105270100000408
问题如下:
Based only on Exhibits 3 and 4 and the information provided by the portfolio managers, the action most likely to enhance returns is to:
选项:
A.decrease existing investments in real estate by 2.00%. B.initiate a commitment to emerging market debt of 1.00%. C.increase the investments in international market bonds by 1.00%.解释:
C is correct.
An investment in the bonds of the international energy exploration and production company (Xdelp) looks attractive. The international market benefits from positive macroeconomic fundamentals: point in the business cycle, monetary and fiscal discipline, rising current account surplus, and an appreciating currency. The anticipated credit rating improvement will add to the potential for this to become a profitable investment and enhance returns. An increase in the investments within the international fixed-income segment by 1.00% (existing weight is 6.17%) would take advantage of this opportunity and remain in compliance with the foundation’s 5.00%–10.00% strategic asset allocation limits.
A is incorrect because a decrease in the existing weight of real estate by 2.00% would put the portfolio weight below the minimum threshold of 2.00% (i.e., 3.34% ̶ 2.00% = 1.34%) of the foundation’s strategic asset allocation.
B is incorrect because the information presented in Exhibit 3 would lead the chief investment officer to avoid the two opportunities in emerging market debt (Emerging Republic A and Emerging Republic B) and not initiate a commitment to emerging market debt of 1.00% (i.e., increase the existing weight above 0.00%).
对国际能源勘探和生产公司(Xdelp)债券的投资看起来很有吸引力。国际市场受益于积极的宏观经济基本面:商业周期、货币和财政纪律、不断增长的经常账户盈余,以及货币升值。预期的信用评级改善将增加这一投资的盈利潜力,并提高回报。国际固定收益部门的投资增加1.00%(现有权重为6.17%)将利用这个机会,并保持符合基金会5.00%-10.00%的战略资产配置限制。
A是不正确的,因为房地产现有权重下降2.00%,投资组合权重就会低于基金会战略资产配置的最小阈值2.00%(3.34%-2.00% = 1.34%)。
B是错误的,因为在表3中显示的信息将导致首席投资官避免新兴市场债务的两个机会(新兴共和国A和新兴共和国B),并没有启动对新兴市场债务1.00%的承诺(即增加现有权重超过0.00%)。
信用评级变好,是会增加return还是减少return?