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yan · 2024年09月24日

1.2.2是怎么从1得来的？没看明白；2.20年里没有现金流，全部收益都用来再投资，那么也就没有现金可以使用了，不应该是流动性差

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ202206210100000101

问题如下：

During Phase 1, the most significant constraint on OHF’s asset allocation choices was the result of:

选项：

A.liquidity needs. B.asset size. C.regulation.

解释：

Solution

C is correct. During Phase 1, OHF was restricted to investing in only cash and high-grade debt instruments.

B is incorrect. The fund started at $1 billion and was worth $2.2 billion at the end of Phase 1; such a size is considered in the low range for a large institutional portfolio.

A is incorrect. During Phase 1, OHF had no liquidity constraints. No outflows were expected for 20 years, all income was to be reinvested, and the nature of the portfolio was quite liquid by regulation, consisting of cash and high-grade bonds.


1.2.2是怎么从1得来的？没看明白；2.20年里没有现金流，全部收益都用来再投资，那么也就没有现金可以使用了，不应该是流动性差么？为什么说这边没有流动性限制？

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已采纳答案

lynn_品职助教 · 2024年09月24日

嗨，爱思考的PZer你好：


同学你好：

1.2.2是怎么从1得来的？没看明白

在题干里提及了，如下图


2.20年里没有现金流，全部收益都用来再投资，那么也就没有现金可以使用了，不应该是流动性差么？为什么说这边没有流动性限制？


A选项，它的限制是在之后，OHF在本阶段没有流动性的限制。因为“The fund was given a 20-year accumulation period over which no distributions were allowed”以20年作为资金积累期，所有收入进行再投资，不会有资金外流。并且投资的产品为cash and investment-grade bonds，流动性较好。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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