fixed income bond跟其他资产的相关性

问题如下：

Danny Moynahan, CFA, is a fixed-income portfolio manager at Reagan Investment Advisory (Reagan). He agrees with his wife, a professor of investments class, to talk to her class about managing fixed-income portfolios. He plans to put together six pages for his discussion.

He decides page 1 should discuss the benefits of including fixed-income securities in a portfolio and highlights the following three points:

Point A: Adding fixed-income securities to a portfolio is an effective way of obtaining the benefits of diversification, especially because fixed-income correlations with other asset classes are low.

Point B: The regular nature of fixed-income cash flows enables investors to fund future obligations, unless there is a credit event.

Point C: Fixed-income securities can always provide a hedge for inflation, which results in superior risk-adjusted real portfolio returns.

Which of the points outlined on page 1 of Moynahan’s presentation is least likely correct?

选项：

A.

Point B

B.

Point C

C.

Point A

解释：

B is correct. Point C of Moynahan’s presentation is incorrect. Some fixed-income securities, such as inflation-linked bonds, provide a hedge for inflation that results in superior risk-adjusted real portfolio returns. However, not all fixed-income securities act as a hedge against inflation.

A is incorrect because the statement regarding fixed-income cash flows is accurate.

C is incorrect because the statement regarding diversification benefits of fixed-income securities is accurate.