为什么goal不对，TEF的mission有3个目标需要实现，且这些目标都是要支付的目标，也不是asset

NO.PZ202301280100000802 问题如下 TheEnwment Fun(TEF) of a mestic researuniversity is currently unrgoingits triennigovernanaut anreview of operations. The research,selection, anevaluation of investment managers are the responsibilities of theinvestment committee. Inviasset selection is legatethe committeeto outsi managers anrevieweinternstaff. Performanevaluation aneporting are conctethe internstaff, with input from consultants anustoans.TEF’smission is threefol (1) support scholarships, (2) support capitalimprovements,an(3) funa portion of the university’s operating buet. Inaition to consiring expectereturn in relation to volatility, theinvestment committee wants to inclu the following factors in its strategicasset allocation review:• The mestic equity market represents only 7% ofglobequity market capitalization. • The university attracts a globstunt bo, annrollment levels tento trathe performanof velopemarket economies.• The university plans to significantly increase itsspenng on capitimprovements over the next severyears.• Sincontributions typically come from externalnors, TEF hlittle control over the timing anamounts of contributions tothe funTEF’scurrent investment objective is to generate a rerate of return in excess ofthatrequireto funongoing stributions in accornwith TEF’s mission,with a maximum acceptable volatility of 16% per year, anto maximize theSharpe ratio of TEF’s totfinanciassets . TEF is intent on selectingportfolios thmake efficient use of asset risk. TEF employs a mean–varianceoptimization approathconsirs only the expectereturns, risks, ancorrelationsof the asset classes in the opportunity set. Thecurrent financiassets of TEF consist of $45 million in mestic large anicequities an$35 million in mestic nominfixeincome. The presentvalue of expectefuture contributions to TEF is estimateto $230 million.The financiliabilities of TEF consist of mortgage currently valueat$19 million. The present value of expectefuture support is estimateto be$171 million. TEF invests through externmanagers. partof the review of operations, a consultant examines the asset class correlationsof TEF’s current equity investments, finng thnone of the classes’ pairwisecorrelations excee0.95.Theconsultant consirs mestic small-cequities a separate asset class thatwoulnot raise any new regulatory restrictions. The consultant recommen thatTEF consir aing this asset class to its existing mestic equityallocation.A rangeof potentistrategic asset allocation choices for consiration theinvestment committee are velopethe internstaff through optimizationexercises anare presentein Exhibit 1.Exhibit 1 TEF’sbroapproato asset allocation cbest scribeas: A.asset-only. B.goals-base C.liability-relative. Asset-only approaches to asset allocation focus solely on the asset si of the investor’s balansheet. Liabilities are not explicitly mole Mean–varianoptimization (MVO) is the most familianeply stueasset-only approach. MVO consirs only the expectereturns, risks, ancorrelations of the asset classes in the opportunity set. In contrast, liability-relative angoals-baseapproaches explicitly account for the liability si of the economic balansheet, cating assets to meet, respectively, legliabilities or quasi-liabilities (other nee thare not strictly liabilities but are treatesuch) angoals. 请教一下为什么不是liability iven？目标里说为了达到。。。的收益率去support 。。。的支出么？