关于LDI的理解

NO.PZ202301040900001002 问题如下 (2) Recommena new investment approabasefor the Whatsit’s pension plthatis most likely to outperform the market. Justify your response anintifyone aantage anone saantage of this approach. Whatsit shouluse the enwment mol.Justification (either two of these is acceptable):Ÿ Long time horizonŸ High risk toleranceŸ Relatively small liquity neeŸ Stuart’s experienwith externmanagers to help with investmentAantage:Ÿ Ability to capture alpha anoutperform the market over a long-time horizon, this, high value-aepotential.saantages (either one of these is acceptable):Ÿ The enwment mol is costly because of high alternative exposure, active management anoutsourcing compareto a passive approach.fficult to implement if funhlarge asset size. 老师，可否请您看一下我答案的分析，我看了答案还是没想明白为什么是enwment，我看了题干，觉得信息都在偏向L呀？The new approaaisemthe L mol. Because there is 5% legspenng neefor the benefit payments for the retireemployees, the firm inenee to invest in some of fixeincome securities in the reserve portfolio. Although the plis unrfunnow, the firm remains the market lear anha strong financisituation, allowing to contribute the plin time.Meanwhile, the company hires many young workers in orr to make the average age of the workforremain low, leang to a less mature pension plan. So there is low liquity nee anhigh risk tolerance. the recent clining sales, the firm shoulconsir making the growth of assets higher thgrowth of liabilities, so it is urgent to invest in alternatives or riskier securities in return seeking portfolio in pursuit of above-market returns.

NO.PZ202301040900001002 问题如下 (2) Recommena new investment approabasefor the Whatsit’s pension plthatis most likely to outperform the market. Justify your response anintifyone aantage anone saantage of this approach. Whatsit shouluse the enwment mol.Justification (either two of these is acceptable):Ÿ Long time horizonŸ High risk toleranceŸ Relatively small liquity neeŸ Stuart’s experienwith externmanagers to help with investmentAantage:Ÿ Ability to capture alpha anoutperform the market over a long-time horizon, this, high value-aepotential.saantages (either one of these is acceptable):Ÿ The enwment mol is costly because of high alternative exposure, active management anoutsourcing compareto a passive approach.fficult to implement if funhlarge asset size. 请问一下老师，为什么不能这么理解呢因为case中提到，这个单位on the verge of becoming unrfun我理解应该避免管理费用高的approach，同时case开头提到Stuart hsignificant experienwith pension plans anextensive knowlee of externmanagers，说明internal的方式是可行的，所以相比于enwment mol，Canamol更合适

NO.PZ202301040900001002 问题如下 (2) Recommena new investment approabasefor the Whatsit’s pension plthatis most likely to outperform the market. Justify your response anintifyone aantage anone saantage of this approach. Whatsit shouluse the enwment mol.Justification (either two of these is acceptable):Ÿ Long time horizonŸ High risk toleranceŸ Relatively small liquity neeŸ Stuart’s experienwith externmanagers to help with investmentAantage:Ÿ Ability to capture alpha anoutperform the market over a long-time horizon, this, high value-aepotential.saantages (either one of these is acceptable):Ÿ The enwment mol is costly because of high alternative exposure, active management anoutsourcing compareto a passive approach.fficult to implement if funhlarge asset size. the new apprarecommenis Enwment Mol. the reasons are following:1.Enwment approais outsoucing.Stuart hextensive knowlee of externmanagers, whimeet the Enwment approach's character.2.Enwment approais active management. Whatsit’s boarasks Stuart to look into a new investment approathcoulpotentially outperform the market. Enwment approahave high value-aes potencial.3.Enwment approais characterizehigh alternative exposure. anaverage age of the workforremains low anthe firm’s balansheet hlow to equity ratios, so the pension funhlow liquity nee anhigh risk tolerananlong investment horizon, so cinvest alternative.aantage:have a high value-aepotentialavatange:costly annot transparantis fficult to unrstanimplement

NO.PZ202301040900001002 问题如下 (2) Recommena new investment approabasefor the Whatsit’s pension plthatis most likely to outperform the market. Justify your response anintifyone aantage anone saantage of this approach. Whatsit shouluse the enwment mol.Justification (either two of these is acceptable):Ÿ Long time horizonŸ High risk toleranceŸ Relatively small liquity neeŸ Stuart’s experienwith externmanagers to help with investmentAantage:Ÿ Ability to capture alpha anoutperform the market over a long-time horizon, this, high value-aepotential.saantages (either one of these is acceptable):Ÿ The enwment mol is costly because of high alternative exposure, active management anoutsourcing compareto a passive approach.fficult to implement if funhlarge asset size. why the L mol is not the recommenmol?