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宇宙球求 · 2024年07月05日

PCGE是不是个二级知识点，或者在另类投资利的？

  1. CFA III
  2. 个人IPS

NO.PZ2023010410000009

问题如下：

Lily holds a large amount of APPL stock, which accounts for 90% of his wealth. Due to the concentration of risks, Lily tried to diversify its investment portfolio by using the proceeds from the sale of APPL shares to invest in mutual funds. Lily's investment advisors have identified three mutual funds, and Lily considers which of these three mutual funds will be the most tax-efficient in the future. Some data of the three mutual funds are shown in Table 1.


Based on Exhibit 1, the mutual fund most likely to be the most tax efficient going forward is:

选项：

A.

Fund A

B.

Fund B

C.

Fund C

解释：

Fund A has a lower percent capital gain exposure (PCGE) than does Fund B or Fund C. PCGE is an estimate of the percentage of a fund’s assets that represent gains and measures how much the fund’s assets have appreciated. It can be an indicator of possible future capital gain distributions. PCGE can be used to gauge the amount of tax liability embedded in a mutual fund. The negative PCGE of Fund A implies that Fund A is more likely to be the most tax-efficient fund going forward, because it can use the embedded losses in its portfolio to offset future realized gains.

PCGE = Net gains (losses)/Total net assets.

Fund A: PCGE= (450,000-500,000) / [2,000,000+(450,000-500,000)]} =-2.56%

Fund B: PCGE= (300,000-200,000-100,000) /[3,000,000+(300,000-200,000-100,000)] =0

Fund C: PCGE= (600,000-400,000)/ [4,000,000+(600,000-400,000)] =4.76%

好像不在私人财富管理这里的知识点哦、


另外 PCGE就是简单理解为越高越好、

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王暄_品职助教 · 2024年07月06日

至于其他科目是否出现，您可以去问对应科目的答疑老师

王暄_品职助教 · 2024年07月06日

否这个值（PCGE）越高越好，并不是绝对的。PCGE（Potential Capital Gain Exposure）衡量的是基金因资产价格上涨而可能在未来分配给投资者的资本利得。虽然高PCGE意味着基金持有的资产价格上涨，可能带来较高的资本利得，但同时也意味着在未来分配收益时可能需要支付更高的资本利得税。可能会导致基金没有较高的tax efficiency

王暄_品职助教 · 2024年07月06日

是在个人IPS中的知识点，具体位置如下（在mutual fund这个知识点里）：


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NO.PZ2023010410000009 问题如下 Lily hol a large amount of APPL stock, whiaccounts for 90% of his wealth. e to the concentration of risks, Lily trieto versify its investment portfolio using the procee from the sale of APPL shares to invest in mutufun. Lily's investment aisors have intifiethree mutufun, anLily consirs whiof these three mutufun will the most tax-efficient in the future. Some ta of the three mutufun are shown in Table 1.Baseon Exhibit1, the mutufunmost likely to the most tefficient going forwars: A.Fun B.Fun C.Fun FunA ha lowerpercent capitgain exposure (PCGE) thes FunB or FunPCGE is estimateof the percentage of a funs assets threpresent gains anmeasures how muchthe funs assets have appreciate It cincator of possible futurecapitgain stributions. PCGE cuseto gauge the amount of taxliability embeein a mutufun The negative PCGE of FunA implies thatFunA is more likely to the most tax-efficient fungoing forwar becauseit cuse the embeelosses in its portfolio to offset future realizeains.PCGE = Net gains (losses)/Totalnet assets.FunPCGE= (450,000-500,000) / [2,000,000+(450,000-500,000)]} =-2.56%FunPCGE= (300,000-200,000-100,000)/[3,000,000+(300,000-200,000-100,000)] =0FunPCGE= (600,000-400,000)/[4,000,000+(600,000-400,000)] =4.76% 难道可以凭借给fun东分红，造成fun值损失，来tax-loss harvesting？

2024-01-12 20:40 1 · 回答