NO.PZ201812020100000205
问题如下：
Based on Exhibit 2, the total expected return of the fund’s global bond portfolio is closest to:
选项：
A.0.90%.
B.1.66%.
C.3.76%.
解释：
B is correct. The total expected return is calculated as follows:
Total
expected return = Rolling yield
+/–
E(Change in price based on investor’s benchmark yield view)
+/–
E(Change in price due to investor’s view of credit spread)
+/–
E(Currency gains or losses)
where Rolling yield = Coupon income + Rolldown return.
怎么看出题目中的Expected average benchmark yield-to-maturity change0.15%不是Price change，而是δYield？不能直接使用，还需要用公式计算一遍δPrice。
