liability driven investing

NO.PZ2023032703000020问题如下 Whitney Ams, senior aiser, meets with her new client, nalBerenen, in orr to review the fixeincome portion of his retirement portfolio. Berenen, who plans to retire in four years, inten to use this part of the portfolio to supplement income he will receiving from SociSecurity, a US government retirement income program.Berenen explains to Ams, “I plto continue saving for retirement, regularly aing fun to the portfolio until I retire, anI woullike a low-risk solution to provi aitionretirement income.”Ams replies to Berenen, “We focus on the ability of the portfolio to meet future cash flow nee anseek to immunize the liabilities objective in the management of the portfolio. If the fixeincome portfolio achieves average annuinvestment return of least 4% for the next four years, the procee of its liquition will enough to purchase annuity sufficient to provi the fun neeto supplement your SociSecurity benefits. Until then, we will observe the following principles for managing the portfolio:Principle I. Our investment strategy is structureto aress a Type I liability.Principle II. The strategy shoulbegin analyzing the size antiming of liabilities.Principle III. The solution will require asset-iven liability framework opposeto a liability-iven investing one.Whiof Ams’s three principles is least likely relevant for managing Berenen’s fixeincome portfolio? (2019 moAM) A.Principle IB.Principle IIC.Principle III C is correct. Managing the portfolio to Berenen’s retirement nee is example of a liability-iven investment, not asset-iven liability. The aim of a liability-iven investment is to manage the assets to meet the liabilities. The liabilities are given annot iven the assets.A is incorrebecause this is example of a Type 1 liability. The priof the annuity anthe timing of its purchase are both known.B is incorrebecause analyzing the size antiming of the liabilities is relevant to managing Berenen’s portfolio. 这道题是L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fixeincome 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

NO.PZ2023032703000020 问题如下 Whitney Ams, senior aiser, meets with her new client, nalBerenen, in orr to review the fixeincome portion of his retirement portfolio. Berenen, who plans to retire in four years, inten to use this part of the portfolio to supplement income he will receiving from SociSecurity, a US government retirement income program.Berenen explains to Ams, “I plto continue saving for retirement, regularly aing fun to the portfolio until I retire, anI woullike a low-risk solution to provi aitionretirement income.”Ams replies to Berenen, “We focus on the ability of the portfolio to meet future cash flow nee anseek to immunize the liabilities objective in the management of the portfolio. If the fixeincome portfolio achieves average annuinvestment return of least 4% for the next four years, the procee of its liquition will enough to purchase annuity sufficient to provi the fun neeto supplement your SociSecurity benefits. Until then, we will observe the following principles for managing the portfolio:Principle I. Our investment strategy is structureto aress a Type I liability.Principle II. The strategy shoulbegin analyzing the size antiming of liabilities.Principle III. The solution will require asset-iven liability framework opposeto a liability-iven investing one.Whiof Ams’s three principles is least likely relevant for managing Berenen’s fixeincome portfolio? (2019 moAM) A.Principle I B.Principle II C.Principle III C is correct. Managing the portfolio to Berenen’s retirement nee is example of a liability-iven investment, not asset-iven liability. The aim of a liability-iven investment is to manage the assets to meet the liabilities. The liabilities are given annot iven the assets.A is incorrebecause this is example of a Type 1 liability. The priof the annuity anthe timing of its purchase are both known.B is incorrebecause analyzing the size antiming of the liabilities is relevant to managing Berenen’s portfolio. 如题

NO.PZ2023032703000020问题如下 Whitney Ams, senior aiser, meets with her new client, nalBerenen, in orr to review the fixeincome portion of his retirement portfolio. Berenen, who plans to retire in four years, inten to use this part of the portfolio to supplement income he will receiving from SociSecurity, a US government retirement income program.Berenen explains to Ams, “I plto continue saving for retirement, regularly aing fun to the portfolio until I retire, anI woullike a low-risk solution to provi aitionretirement income.”Ams replies to Berenen, “We focus on the ability of the portfolio to meet future cash flow nee anseek to immunize the liabilities objective in the management of the portfolio. If the fixeincome portfolio achieves average annuinvestment return of least 4% for the next four years, the procee of its liquition will enough to purchase annuity sufficient to provi the fun neeto supplement your SociSecurity benefits. Until then, we will observe the following principles for managing the portfolio:Principle I. Our investment strategy is structureto aress a Type I liability.Principle II. The strategy shoulbegin analyzing the size antiming of liabilities.Principle III. The solution will require asset-iven liability framework opposeto a liability-iven investing one.Whiof Ams’s three principles is least likely relevant for managing Berenen’s fixeincome portfolio? (2019 moAM) A.Principle IB.Principle IIC.Principle III C is correct. Managing the portfolio to Berenen’s retirement nee is example of a liability-iven investment, not asset-iven liability. The aim of a liability-iven investment is to manage the assets to meet the liabilities. The liabilities are given annot iven the assets.A is incorrebecause this is example of a Type 1 liability. The priof the annuity anthe timing of its purchase are both known.B is incorrebecause analyzing the size antiming of the liabilities is relevant to managing Berenen’s portfolio. 如题，如何从题目中看出年金的购买时间和金额？