No.PZ2021052102000006 (问答题)
来源:
The Prometheo University Scholarship Endowment (the Endowment) was established in 1950 and supports scholarships for students attending Prometheo University. The Endowment’s assets under management are relatively small, and it has an annual spending policy of 6% of the five-year rolling asset value.
Prometheo University recently hired a new chief investment officer (CIO). The CIO directs her small staff of four people to implement an investment policy review. Historically, the endowment has invested 60% of the portfolio in US equities and 40% in US Treasuries. The CIO’s expectation of annual inflation for the next 10 years is 2.5%. The CIO develops nominal 10-year return assumptions for US Treasuries and US equities, which are presented in Exhibit 1.
Discuss whether the current investment policy is appropriate given the Endowment’s annual spending policy.
解析
学科：Institutional IPS
知识点：Endowment
Correct Answer:
The policy is not appropriate.
The expected real return of 3.54% is less than the spending policy rate of 6%.
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请问题干The Endowment’s assets under management are relatively small, and it has an annual spending policy of 6% of the five-year rolling asset value.哪里体现出来是real 呢？因为答案里是用real return和spending policy rate做比较，而不是nominal return。
