R6经典题5.2原题是这样的:
我这么答,OK么?感觉好难有BULLET POINTS,怎么办?
The hedging/return-seeking allocation separates the pension fund into two parts. One part is used to match the legal liability of the fund and the other is used to seek higher return. Because the returns of the liabilities are driven by changes in the returns of index-linked government bonds,80% of index-linked government bonds in Allocation 2 will be most suitable. In addition, the market value of the pension asset (10 million)is larger than the market value of liability(8 million). The fund can use the partial fund to invest in equities, which have higher return.