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小菜菜 · 2024年07月18日

是否可以从spending rates的角度分析?

NO.PZ2022122801000053

问题如下:

Mark DuBord, a financial adviser, works with the Titan State Foundation (Titan). He meets with the university foundation investment committee annually to review fund objectives and constraints.

Titan’s portfolio has a market value of $10 million. After his annual meeting with its investment committee, DuBord notes the following points:

· Titan must spend 3% of its beginning-of-the-year asset value annually to meet legal obligations.

· The investment committee seeks exposure to private equity investments and requests DuBord’s review of the Sun-Fin Private Equity Fund as a potential new investment.

· A recent declining trend in enrollment is expected to continue. This is a concern because it has led to a loss of operating revenue from tuition.

· Regulatory sanctions and penalties are likely to result in lower donations over the next five years.

DuBord supervises two junior analysts and instructs one to formulate new allocations for Titan. This analyst proposes the allocation presented in Exhibit 1.

Discuss two reasons why the proposed asset allocation is inappropriate for Titan.

选项:

解释:

The proposed asset allocation for Titan is not appropriate because:

1. Given the shift in enrollment trends and declining donations resulting from the sanctions, Titan will likely need greater liquidity in the future because of the increased probability of higher outflows to support university operations. The proposed asset allocation shifts Titan’s allocation into risky assets (increases the relative equity holdings and decreases the relative bond holdings), which would introduce greater uncertainty as to their future value.

2. Titan is relatively small for the proposed addition of private equity. Access to such an asset class as private equity may be constrained for smaller asset owners, such as Titan, who may lack the related internal investment expertise. Additionally, the Sun-Fin Private Equity Fund minimum investment level is $1 million. This level of investment in private equity would be 10% of Titan’s total portfolio value. Given Titan’s declining financial position due to declining enrollments and its resulting potential need for liquidity, private equity at this minimum level of investment is not appropriate for Titan.

Titan must spend 3% of its beginning-of-the-year asset value and the foundation also needs to make sufficient donations, and violation of this may cause regulatory sanctions and penalties, thus the foundation should have more wight on fixed-income asset to generate sufficient cash flows, while the proposed asset allocation ......


请问老师,这样的理由成立吗?

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lynn_品职助教 · 2024年07月19日

嗨,爱思考的PZer你好:


Titan must spend 3% of its beginning-of-the-year asset value and the foundation also needs to make sufficient donations, and violation of this may cause regulatory sanctions and penalties, thus the foundation should have more wight on fixed-income asset to generate sufficient cash flows, while the proposed asset allocation ......


也可以,但是题目说要两个理由哦


Sun-fin是不投可以,要投就一定要投资1m,因此这个3%是一个原因。

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2024-07-31 14:30 1 · 回答

NO.PZ2022122801000053 问题如下 Mark Bor a financiaiser, works with the TitStateFountion (Titan). He meets with the university fountion investmentcommittee annually to review funobjectives anconstraints.Titan’sportfolio ha market value of $10 million. After his annumeeting with itsinvestment committee, Bornotes the following points:· Titmust spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.· The investment committee seeksexposure to private equity investments anrequests Bors review of theSun-Fin Private Equity Funa potentinew investment.· A recent clining treninenrollment is expecteto continue. This is a concern because it hleto aloss of operating revenue from tuition.· Regulatory sanctions anpenaltiesare likely to result in lower nations over the next five years.Borupervises two junior analysts aninstructs one to formulate new allocationsfor Titan. This analyst proposes the allocation presentein Exhibit 1.scuss two reasons whythe proposeasset allocation is inappropriate for Titan. The proposeasset allocation for Titis not appropriate because:1. Given the shift in enrollment tren anclining nations resulting from the sanctions, Titwill likely neegreater liquity in the future because of the increaseprobability of higher outflows to support university operations. The proposeasset allocation shifts Titan’s allocation into risky assets (increases the relative equity holngs ancreases the relative bonholngs), whiwoulintrogreater uncertainty to their future value.2. Titis relatively small for the proposeaition of private equity. Access to suasset class private equity mconstrainefor smaller asset owners, suTitan, who mlathe relateinterninvestment expertise. Aitionally, the Sun-Fin Private Equity Funminimum investment level is $1 million. This level of investment in private equity woul10% of Titan’s totportfolio value. Given Titan’s clining financiposition e to clining enrollments anits resulting potentineefor liquity, private equity this minimum level of investment is not appropriate for Titan. 题目正文说Titan’s portfolio ha market value of $10 million.为什么下图的表格aum单位都是billion?差这么多?

2023-08-24 10:34 3 · 回答