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

yan · 2024年09月24日

1.题干中没有找到CFQ 500 million信息，为什么说CFQ 500 million？2.40%比例，就说会导致运营风险

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ201805280100000402

问题如下：

The Fordhart portfolio has a market value of $2 billion. After his annual meeting

with its investment committee, DuBord notes the following points:

■ Fordhart 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 that DuBord review the CFQ Private Equity Fund as a potential new investment.

■ Enrollment is strong and growing, leading to increased operating revenues from tuition.

■ A recent legal settlement eliminated an annual obligation of $50 million from the portfolio to support a biodigester used in the university’s Center for Renewable Energy. \

DuBord instructs his second junior analyst to formulate new allocations for

Fordhart. This analyst proposes the allocation presented in Exhibit 2.

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

选项：

解释：

The proposed asset allocation for Fordhart is inappropriate because:

1 Given the increasing enrollment trends and recent favorable legal settlement, Fordhart will likely require lower liquidity in the future. The proposed allocation shifts Fordhart’s portfolio away from risky assets (decreases the relative equity holdings and increases the relative bond holdings).

2 The proposed 10% allocation to private equity creates an overly concentrated position in the underlying investment. A 10% allocation to the CFQ Private Equity Fund is $200 million (10% of Fordhart’s $2 billion). The CFQ Private Equity Fund has assets under management (AUM) of $500 million. Hence, Fordhart would own 40% of the entire CFQ Private Equity Fund. This position exposes both Fordhart and the CFQ fund to an undesirable level of operational risk.

1.题干中没有找到CFQ 500 million信息，为什么说CFQ 500 million？2.40%比例，就说会导致运营风险，为啥？


添加评论
1 个答案
已采纳答案

Lucky_品职助教 · 2024年09月25日

嗨，努力学习的PZer你好：


同学你好：


在题干的Exhibit 2 中，给出了 CFQ Private Equity Fund 的 size 是 0.5 个 billion, 也就是5个亿，换算成百万的话，就是500 个million.


其实这个40%的比例，我也觉得不是很有说服力。常见的情况应该是，如Portfolio在PE的投资过大，会产生流动性风险。但这道题Fordhart准备投资10%的PE，这个份额并没有什么大问题。这道题的答案是从PE资产中的40%都是由Fordhart投资了，从而产生操作风险的角度来说明的，确实有些牵强，那我们的理解就只能从operational risk这一点上来看了，比如说，Fordhart的业绩不好，或是突然需要流动性了，那就会需要减少PE的position，但是由于Fordhart占的比例太多了，PE不会让他轻易撤出的，因为Fordhart一走，整个PE的策略和投资项目就会全部中断，这样对双方都有风险。

----------------------------------------------
就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

  • 1

    回答

  • 0

    关注

  • 66

    浏览
相关问题

NO.PZ201805280100000402 问题如下 The Forart portfolio ha market valueof $2 billion. After his annumeetingwith its investment committee, Bornotesthe following points:■ Forart must spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.■ The investment committee seeks exposureto private equity investments anrequests thBorreview the CFQ PrivateEquity Funa potentinew investment.■ Enrollment is strong angrowing, leangto increaseoperating revenues from tuition.■ A recent legsettlement eliminateanannuobligation of $50 million from the portfolio to support a biogesterusein the university’s Center for Renewable Energy. \Borinstructs his seconjunior analystto formulate new allocations forForart. This analyst proposes theallocation presentein Exhibit 2.scuss two reasons why the proposeassetallocation is inappropriate for Forart. The proposeasset allocation for Forartis inappropriate because:1 Given the increasing enrollment trenanrecent favorable legsettlement, Forart will likely require lowerliquity in the future. The proposeallocation shifts Forart’s portfolioawfrom risky assets (creases the relative equity holngs anincreasesthe relative bonholngs).2 The propose10% allocation to privateequity creates overly concentrateposition in the unrlying investment. A10% allocation to the CFQ Private Equity Funis $200 million (10% ofForart’s $2 billion). The CFQ Private Equity Funhassets unr management(AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ PrivateEquity Fun This position exposes both Forart anthe CFQ funto anunsirable level of operationrisk. The propose10% allocation to private equity creates overly concentrateposition in the unrlying investment. A 10% allocation to the CFQ Private Equity Funis $200 million (10% of Forart’s $2 billion). The CFQ Private Equity Funhassets unr management (AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ Private Equity Fun This position exposes both Forart anthe CFQ funto unsirable level of operationrisk.是算在Regulatory another externconsirations这里么

2024-11-03 21:14 1 · 回答

NO.PZ201805280100000402 问题如下 The Forart portfolio ha market valueof $2 billion. After his annumeetingwith its investment committee, Bornotesthe following points:■ Forart must spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.■ The investment committee seeks exposureto private equity investments anrequests thBorreview the CFQ PrivateEquity Funa potentinew investment.■ Enrollment is strong angrowing, leangto increaseoperating revenues from tuition.■ A recent legsettlement eliminateanannuobligation of $50 million from the portfolio to support a biogesterusein the university’s Center for Renewable Energy. \Borinstructs his seconjunior analystto formulate new allocations forForart. This analyst proposes theallocation presentein Exhibit 2.scuss two reasons why the proposeassetallocation is inappropriate for Forart. The proposeasset allocation for Forartis inappropriate because:1 Given the increasing enrollment trenanrecent favorable legsettlement, Forart will likely require lowerliquity in the future. The proposeallocation shifts Forart’s portfolioawfrom risky assets (creases the relative equity holngs anincreasesthe relative bonholngs).2 The propose10% allocation to privateequity creates overly concentrateposition in the unrlying investment. A10% allocation to the CFQ Private Equity Funis $200 million (10% ofForart’s $2 billion). The CFQ Private Equity Funhassets unr management(AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ PrivateEquity Fun This position exposes both Forart anthe CFQ funto anunsirable level of operationrisk. 请问funsize in billion这一列代表什么？另外funminimum investment没有写单位，PE应该是5m而不是500m吧，那么The CFQ Private Equity Funhassets unr management (AUM) of $500 million又是怎么来的呢？

2023-07-29 12:46 2 · 回答

NO.PZ201805280100000402问题如下 The Forart portfolio ha market valueof $2 billion. After his annumeetingwith its investment committee, Bornotesthe following points:■ Forart must spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.■ The investment committee seeks exposureto private equity investments anrequests thBorreview the CFQ PrivateEquity Funa potentinew investment.■ Enrollment is strong angrowing, leangto increaseoperating revenues from tuition.■ A recent legsettlement eliminateanannuobligation of $50 million from the portfolio to support a biogesterusein the university’s Center for Renewable Energy. \Borinstructs his seconjunior analystto formulate new allocations forForart. This analyst proposes theallocation presentein Exhibit 2.scuss two reasons why the proposeassetallocation is inappropriate for Forart. The proposeasset allocation for Forartis inappropriate because:1 Given the increasing enrollment trenanrecent favorable legsettlement, Forart will likely require lowerliquity in the future. The proposeallocation shifts Forart’s portfolioawfrom risky assets (creases the relative equity holngs anincreasesthe relative bonholngs).2 The propose10% allocation to privateequity creates overly concentrateposition in the unrlying investment. A10% allocation to the CFQ Private Equity Funis $200 million (10% ofForart’s $2 billion). The CFQ Private Equity Funhassets unr management(AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ PrivateEquity Fun This position exposes both Forart anthe CFQ funto anunsirable level of operationrisk. 答案中没有对这个定量要求的考虑

2023-02-18 11:36 1 · 回答

NO.PZ201805280100000402问题如下 The Forart portfolio ha market valueof $2 billion. After his annumeetingwith its investment committee, Bornotesthe following points:■ Forart must spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.■ The investment committee seeks exposureto private equity investments anrequests thBorreview the CFQ PrivateEquity Funa potentinew investment.■ Enrollment is strong angrowing, leangto increaseoperating revenues from tuition.■ A recent legsettlement eliminateanannuobligation of $50 million from the portfolio to support a biogesterusein the university’s Center for Renewable Energy. \Borinstructs his seconjunior analystto formulate new allocations forForart. This analyst proposes theallocation presentein Exhibit 2.scuss two reasons why the proposeassetallocation is inappropriate for Forart. The proposeasset allocation for Forartis inappropriate because:1 Given the increasing enrollment trenanrecent favorable legsettlement, Forart will likely require lowerliquity in the future. The proposeallocation shifts Forart’s portfolioawfrom risky assets (creases the relative equity holngs anincreasesthe relative bonholngs).2 The propose10% allocation to privateequity creates overly concentrateposition in the unrlying investment. A10% allocation to the CFQ Private Equity Funis $200 million (10% ofForart’s $2 billion). The CFQ Private Equity Funhassets unr management(AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ PrivateEquity Fun This position exposes both Forart anthe CFQ funto anunsirable level of operationrisk. 考虑每年需要对外投资基金价值的3%，cash equivalent fun资比例只要2%，是不是因为投资级别债券能够提供同样的流动性？

2022-09-24 13:34 1 · 回答