NO.PZ2023032703000020
问题如下：
Whitney Adams, senior adviser, meets with her new client, Donald Berendsen, in order to review the fixed-income portion of his retirement portfolio. Berendsen, who plans to retire in four years, intends to use this part of the portfolio to supplement income he will be receiving from Social Security, a US government retirement income program.
Berendsen explains to Adams, “I plan to continue saving for retirement, regularly adding funds to the portfolio until I retire, and I would like a low-risk solution to provide additional retirement income.”
Adams replies to Berendsen, “We focus on the ability of the portfolio to meet future cash flow needs and seek to immunize the liabilities as an objective in the management of the portfolio. If the fixed-income portfolio achieves an average annual investment return of at least 4% for the next four years, the proceeds of its liquidation will be enough to purchase an annuity sufficient to provide the funds needed to supplement your Social Security benefits. Until then, we will observe the following principles for managing the portfolio:
Principle I. Our investment strategy is structured to address a Type I liability.
Principle II. The strategy should begin by analyzing the size and timing of liabilities.
Principle III. The solution will require an asset-driven liability framework as opposed to a liability-driven investing one.
Which of Adams’s three principles is least likely relevant for managing Berendsen’s fixed-income portfolio? (2019 mock AM)
选项：
A.
Principle I
B.
Principle II
C.
Principle III
解释：
C is correct. Managing the portfolio to Berendsen’s retirement needs is an example of a liability-driven investment, not an asset-driven liability. The aim of a liability-driven investment is to manage the assets to meet the liabilities. The liabilities are given and not driven by the assets.
A is incorrect because this is an example of a Type 1 liability. The price of the annuity and the timing of its purchase are both known.
B is incorrect because analyzing the size and timing of the liabilities is relevant to managing Berendsen’s portfolio.
这道题是LDI是因为四年后要购买的annuity是一笔金额时间明确的liability，现在持有的fixed income portfolio目的就是为了覆盖四年后购买年金的liability，这样理解正确么
