NO.PZ2019092801000001
问题如下：
Bern Zang is the chief investment officer of the Janson University Endowment Investment Office. The Janson University Endowment Fund (the “Fund”) is based in the United States and has current assets under management of $10 billion, with minimal exposure to alternative investments. Zang currently seeks to increase the Fund’s allocation to hedge funds and considers four strategies: dedicated short bias, merger arbitrage, convertible bond arbitrage, and global macro.
At a meeting with the Fund’s board of directors, the board mandates Zang to invest only in event-driven and relative value hedge fund strategies.
Determine, among the four strategies under consideration by Zang, the two that are permitted given the board’s mandate. Justify your response.
i.Dedicated short bias
ii.Merger arbitrage
iii.Convertible bond arbitrage
iv.Global macro
选项：
解释：
我的答案如下，请老师批改，谢谢。
The two that are permitted are Merger arbitrage and Convertible bond arbitrage.
Merger arbitrage belongs to event-drive strategies, and it longs the target company and short acquiring company.
Convertible bond arbitrage belongs to relative value hedge fund strategies, and it longs a convertible bond and short the stock and gaining certain return.
