我的思路很简单，这是家承担外包业务的公司，推荐internal management就不合适

NO.PZ202206210200000102 问题如下 Is Browne most likely correin her scussion of investment approaches? A.Yes B.No, she is incorreregarng the Canamol. C.No, she is incorreregarng the liability-iven investing mol. SolutionB is correct. The Canamol es entail a large allocation to alternatives, whicvalue enhancing for institutions with long-term horizons anlow liquity nee; however, it requires these institutions to velop the expertise to manage alternative investments in house. Small institutioninvestors not have the scale to hire or velop this expertise. Further, Chattahoochee provis investment management for clients anwoulunlikely to recommenapproathlea the client to manage assets in house.A is incorrect. She is incorreregarng the Canamol.C is incorrect. She is correthfinebenefit pension plans aninsurancompanies, whifocus on generating returns sufficient to pliabilities, are well suiteto using the liability-iven investing mol. 我理解Cana mol要求Internally manage小规模基金肯定用不了。对于大规模基金可用，因为小型机构投资者没有规模来雇用或发展这种专业知识。原文怎么看出B某推荐的Cana mol 是让客户自己用，还是让B所在公司用？如果是指让B所在公司用，他们有规模效用，也有专家资源，就可以用Cana mol 了

NO.PZ202206210200000102 问题如下 Is Browne most likely correin her scussion of investment approaches? A.Yes B.No, she is incorreregarng the Canamol. C.No, she is incorreregarng the liability-iven investing mol. SolutionB is correct. The Canamol es entail a large allocation to alternatives, whicvalue enhancing for institutions with long-term horizons anlow liquity nee; however, it requires these institutions to velop the expertise to manage alternative investments in house. Small institutioninvestors not have the scale to hire or velop this expertise. Further, Chattahoochee provis investment management for clients anwoulunlikely to recommenapproathlea the client to manage assets in house.A is incorrect. She is incorreregarng the Canamol.C is incorrect. She is correthfinebenefit pension plans aninsurancompanies, whifocus on generating returns sufficient to pliabilities, are well suiteto using the liability-iven investing mol. 所以考试真出现这种问题的技巧在哪。提问问的是表述有没有问题，但并没有说要综合上下文来看。表述上说的cana mol并没毛病。 所以我能不能这么理解 ，原则上利用所有已知信息答题？

NO.PZ202206210200000102问题如下 Is Browne most likely correin her scussion of investment approaches?A.YesB.No, she is incorreregarng the Canamol.C.No, she is incorreregarng the liability-iven investing mol.SolutionB is correct. The Canamol es entail a large allocation to alternatives, whicvalue enhancing for institutions with long-term horizons anlow liquity nee; however, it requires these institutions to velop the expertise to manage alternative investments in house. Small institutioninvestors not have the scale to hire or velop this expertise. Further, Chattahoochee provis investment management for clients anwoulunlikely to recommenapproathlea the client to manage assets in house.A is incorrect. She is incorreregarng the Canamol.C is incorrect. She is correthfinebenefit pension plans aninsurancompanies, whifocus on generating returns sufficient to pliabilities, are well suiteto using the liability-iven investing mol.原文关于Canamol的表述没毛病啊

NO.PZ202206210200000102 问题如下 Chattahoochee Aisers Case ScenarioMiller tells Browne, “Chattahoochee provis its services to relatively small institutioninvestors, typically those with assets of US0 million–US00 million. Your primary gois to attranew clients in our three primary target areas: insurancompanies, finebenefit pension fun, anenwments anfountions.”Miller continues, “The asset portfolios of our clients cvary wily. How well you unrstanthe fferences between the investment approaches usevarious institutions?”Browne replies, “I’m familiwith a number of them. For our clients with long-term horizons anrelatively low liquity nee, we coulrecommenthe Canamol, whientails a high exposure to alternative investments. Given their primary investment objectives, pension fun aninsurancompanies are usually well suiteto the liability-iven investing mol.” Browne asks Miller for some aion veloping a proposfor a potenticlient, the finebenefit pension plfor Tucker Manufacturing. Tucker is a publicly trafirm whose stois a part of the Russell 2000 Inx. The firm hbeen in business for 82 years anha Fitcret rating of BBB+. The plan, whies not require any contributions from employees, h160 retirees an280 active employees. Employees vest fully after six years of service. The average age of active employees is 54 years, their average length of serviis 26 years, anemployees mretire anbegin to collebenefits after 30 years of service. Benefits are baseon years of servianthe average salary ring the last five years of service. Retirees receive a cost-of-living austment baseon changes in the consumer priinx. Prior to retiring, employees cchoose to receive a lump sum payment in plaof future pension benefits. The asset allocation of the portfolio is37% publicly traequity, mostly small-cgrowth equities, about half of whiis in Tucker common stock, whiis consirea growth stoanpays no vin;29% private equity, investein two recently launchefun; an34% rectly ownereestate, consisting of vacant lanthis expecteto velopein 15–20 years.The current value of plassets is US09 million. Values are calculateusing market prices where available anthirparty appraisals or valuations where market prices are unavailable or stale. The value of plliabilities is US3 million, whiis calculatescounting projectebenefit payments using a scount rate equto the average totreturn the current asset allocation woulhave earneover the last 15 years. Browne tells Miller thTucker Manufacturing’s management is happy the value of plassets excee the value of plliabilities US6 million. The company anticipates recorng asset on its balansheet calle“plsurplus” in this amount. She asks him whether he sees any problems with this ia.Miller remin Browne thher proposshoulincate any risks present in the Tucker pension funthwoulrecethe Chattahoochee investment proposal. Browne respon, “I have been evaluating a number of potentirisk sources anhave intifiesome concerns thI will raise.”Browne also shares her proposfor a reviseinvestment objective for the Tucker pension:The primary objectives of the Tucker Manufacturing pension plare to maintain asset portfolio this ration matcheto plliabilities anover the long term earns a return equto the inflation rate plus the growth rate in salaries of Tucker Manufacturing employees. The seconry objectives of the plare to prevent being unrfunanavoiincreasing requiresponsor contributions above their historiclevel.QuestionIs Browne most likely correin her scussion of investment approaches? A.Yes B.No, she is incorreregarng the Canamol. C.No, she is incorreregarng the liability-iven investing mol. SolutionB is correct. The Canamol es entail a large allocation to alternatives, whicvalue enhancing for institutions with long-term horizons anlow liquity nee; however, it requires these institutions to velop the expertise to manage alternative investments in house. Small institutioninvestors not have the scale to hire or velop this expertise. Further, Chattahoochee provis investment management for clients anwoulunlikely to recommenapproathlea the client to manage assets in house.A is incorrect. She is incorreregarng the Canamol.C is incorrect. She is correthfinebenefit pension plans aninsurancompanies, whifocus on generating returns sufficient to pliabilities, are well suiteto using the liability-iven investing mol. 单纯看这句话For our clients with long-term horizons anrelatively low liquity nee, we coulrecommenthe Canamol, whientails a high exposure to alternative investments. 没问题啊，根本没说规模大小的问题啊！