开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

hyi725 · 2024年08月06日

分不清

  1. CFA III
  2. Fixed Income

* 问题详情，请 查看题干

NO.PZ202209060200004601

问题如下：

Which of Adams’s three principles is least likely relevant for managing Berendsen’s fixed-income portfolio?

选项：

A.Principle I B.Principle II C.Principle III

解释：

Solution

C is correct. Managing the portfolio to Berendsen’s retirement needs is an example of a liability-driven investment, not an asset-driven liability. The aim of a liability-driven investment is to manage the assets to meet the liabilities. The liabilities are given and not driven by the assets.

A is incorrect because this is an example of a Type 1 liability. The price of the annuity and the timing of its purchase are both known.

B is incorrect because analyzing the size and timing of the liabilities is relevant to managing Berendsen’s portfolio.

liability-driven investment,和asset-driven liability做题的时候辨别总是分不清 有什么明显的分辨点吗

添加评论
1 个答案
已采纳答案

发亮_品职助教 · 2024年08月07日

基本上我们不考Asset-driven liability

因为Asset-driven liability，从名字看出，这是资产推动型，是先有asset，然后再寻找合适的liability。

比较常见的就是融资租赁公司，他们会购买了大型资产——如飞机租出去，30年的租赁合同，每年收到cash flow的租金收入，这是他们的资产，同时，他们需要找到负债融资来支持购买飞机。这是先有资产的cash flow，然后同时想办法找合适的负债搭配。

ADL主要是管理负债，不属于CFA的范畴。CFA的目标是管理资产，是站在投资者角度。


Liability-driven investing，就是先有负债，然后去寻找合适的资产投资。这是CFA常考的角度。

比如，保险公司先卖保险，形成了他们的负债，然后再拿着收到的保费去投资，将来用投资收益cover保险理赔。

或者养老金，先有员工工作形成养老金负债，然后公司就得单独拿出来一块资金去投资资产，用资产cash flow cover将来的养老金支付。

Liability-driven investing的特点就是先知道负债的特征，然后去找合适的资产匹配。


他们的区别就是看先有的是资产还是先有负债。如果先有资产，那就是去寻找合适的负债，这是资产推动去找负债，是asset driven liability

如果是先有负债，再去找资产投资，这是负债推动型，是liability-driven investing。

  • 1

    回答

  • 0

    关注

  • 47

    浏览
相关问题

NO.PZ202209060200004601 问题如下 Whiof Ams’s three principles is least likely relevant for managing Berenen’s fixeincome portfolio? A.Principle I B.Principle II C.Principle III SolutionC is correct. Managing the portfolio to Berenen’s retirement nee is example of a liability-iven investment, not asset-iven liability. The aim of a liability-iven investment is to manage the assets to meet the liabilities. The liabilities are given annot iven the assets.A is incorrebecause this is example of a Type 1 liability. The priof the annuity anthe timing of its purchase are both known.B is incorrebecause analyzing the size antiming of the liabilities is relevant to managing Berenen’s portfolio. 老师好，我想确认一下liability iven是不是就是ration matching、cash flow matching那些方法？然后asset iven就是那些totreturn base方法，比如pure repilcation、enhancereplication、active management那一批？

2024-05-26 11:49 1 · 回答

NO.PZ202209060200004601问题如下Whiof Ams’s three principles is least likely relevant for managing Berenen’s fixeincome portfolio?A.Principle IB.Principle IIC.Principle IIISolutionC is correct. Managing the portfolio to Berenen’s retirement nee is example of a liability-iven investment, not asset-iven liability. The aim of a liability-iven investment is to manage the assets to meet the liabilities. The liabilities are given annot iven the assets.A is incorrebecause this is example of a Type 1 liability. The priof the annuity anthe timing of its purchase are both known.B is incorrebecause analyzing the size antiming of the liabilities is relevant to managing Berenen’s portfolio.a是在讲什么，type 1 error那里的知识点吗？

2023-08-12 12:15 1 · 回答