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小菜菜 · 2023年12月26日

如何理解“could be used for the balance of the portfolio”?

* 问题详情,请 查看题干

NO.PZ201909280100000802

问题如下:

2 In answering the question raised in Statement 2, Park would most likely recommend:

选项:

A.

bonds.

B.

hedge funds.

C.

private equities.

解释:

C is correct.

When projecting expected returns, the order of returns from highest to lowest is typically regarded as private equities, hedge funds, bonds. Therefore, the probability of achieving the highest portfolio return while maintaining the funded status of the plan would require the use of private equities in conjunction with public equities. In addition, private equities have a high/strong potential to fulfill the role of capital growth. Fixed-income investments are expected to have a high/strong potential to fulfill the role of safety.

这道题从题干分析,单纯就是让选expected return最高的,根据“PE比hedge fund的return高”这个结论就能解题。这道题没让考虑diversification的问题,题目要求“achieve the greatest probability of maintaining the pension funding status over a long time horizon”,目前funded status是能够不依靠contribution,支付“a number of years”的pension payments,投资目标是希望可以维持这种状态“over a long time horizon”,因为不依靠contribution,那么就只能依靠投资收益,题干又要求“greatest probability”,PE的expected return是最高的,所以选C。

读题的时候把这句话理解成了,新增的资产不能改变60/40的股债资产配置比例,所以只有hedge fund里面的long/short 或者 EMN的方式可以保持权益头寸净配置比例不变。

但是从解答来看,这部分内容好像没有实际意义

麻烦老师解答

1 个答案
已采纳答案

伯恩_品职助教 · 2023年12月27日

嗨,从没放弃的小努力你好:


同学你好

If the public equity allocation remains at 60%, is there a single asset class that could be used for the balance of the portfolio to achieve the greatest probability of maintaining the pension funding status over a long time horizon?

这句话,第一句说的是要求保持上市股票在60%,然后的翻译应该是:那么是否有一种单一资产类别可用于投资组合的均衡以最大程度地保持养老金在较长时期内的资金状况?

也就是问剩下的40%的资产投资到哪能达到长期情况下保持养老金能稳定满足支出

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