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mino酱是个小破货 · 2024年12月29日

烦请老师帮忙看下是否可以这么回答,谢谢老师

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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.Enrollment is strong and growing, leading to increased operating revenues from tuition, which means that Fordhart doesn't need to prepare much cash outflow to support the university and can invest less liquid but higher growth potential asset class like equity. But the proposed asset allocation invest more bond not equity.

2.The Fordhart portfolio has a market value of $2 billion which is larger than $500 million. The CFQ private equity fund is $200million(10% ) and it's about 40% of CFQ fund.40% is quite concentrated in one single fund.

1 个答案

Lucky_品职助教 · 2024年12月30日

嗨,爱思考的PZer你好:


同学你好:


你的这个回答没有问题,完整并且准确。

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

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