NO.PZ2023010407000029
问题如下：
The Ælfheah Group is a US-based company with a relatively small pension plan. Ælfheah’s investment committee (IC), whose members collectively have a relatively basic understanding of the investment process, has agreed that Ælfheah is willing to accept modest returns while the IC gains a better understanding of the process Two key investment considerations for the IC are maintaining low overhead costs and minimizing taxes in the portfolio. Ælfheah has not been willing to incur the costs of in-house investment resources.
Qauhtèmoc Ng is
the investment adviser for Ælfheah. He discusses with the IC its goal of
diversifying Ælfheah’s portfolio to include alternative assets. Ng suggests
considering the following potential investment vehicles:
·
Publicly traded US REIT
·
Relative value hedge fund
·
Tax-efficient angel investment
Ng explains that
for the relative value hedge fund alternative, Ælfheah would be investing
alongside tax-exempt investors.
Determine which
of the potential investment vehicles best meets the investment considerations for
Ælfheah. Justify your
response. Explain for each investment not selected why the investment
considerations are not met.
选项：
解释：
我的回答：
Publicly traded US REIT is the most appropriate investment vehicle.
Given Ælfheah Group is a US-based company with a relatively small pension plan that is difficult to access external top managers and the IC members only have a relatively basic understanding of the investment process, relative value hedge fund is not appropriate.
Tax-efficient angel investment usually refers to large due diligence, which brings high overhead cost. So angel investment is also inappropriate.
