NO.PZ202206210200000102
问题如下:
Is Browne most likely correct in her discussion of investment approaches?选项:
A.Yes B.No, she is incorrect regarding the Canadian model. C.No, she is incorrect regarding the liability-driven investing model.解释:
SolutionB is correct. The Canadian model does entail a large allocation to alternatives, which can be value enhancing for institutions with long-term horizons and low liquidity needs; however, it requires these institutions to develop the expertise to manage alternative investments in house. Small institutional investors do not have the scale to hire or develop this expertise. Further, Chattahoochee provides investment management for clients and would be unlikely to recommend an approach that leads the client to manage assets in house.
A is incorrect. She is incorrect regarding the Canadian model.
C is incorrect. She is correct that defined benefit pension plans and insurance companies, which focus on generating returns sufficient to pay liabilities, are well suited to using the liability-driven investing model.
我理解Canada model要求Internally managed,小规模基金肯定用不了。对于大规模基金可用,因为小型机构投资者没有规模来雇用或发展这种专业知识。原文怎么看出B某推荐的Canada model 是让客户自己用,还是让B所在公司用?如果是指让B所在公司用,他们有规模效用,也有专家资源,就可以用Canada model 了