NO.PZ201805280100000204
问题如下：
Given the Martins’ risk and tax preferences, the taxable portfolio should be rebalanced:
选项：
A.
less often than the tax- deferred portfolio.
B.
as often as the tax- deferred portfolio.
C.
more often than the tax- deferred portfolio.
解释：
A is correct.
The Martins wish to maintain the same risk level for both retirement accounts based on their strategic asset allocation. However, more frequent rebalancing exposes the taxable asset owner to realized taxes that could have otherwise been deferred or even avoided. Rebalancing is discretionary, and the Martins’ also wish to minimize taxes. Because after- tax return volatility is lower than pre- tax return volatility, it takes larger asset- class movements to materially alter the risk profile of a taxable portfolio. This suggests that rebalancing ranges for a taxable portfolio can be wider than those of a tax- exempt/tax- deferred portfolio with a similar risk profile; thus, rebalancing occurs less frequently.
考点：rebalancing
解析：taxable portfolio如果频繁地rebalance，会频繁地实现capital gain，从而交更多的税，因此taxable portfolio应当减少rebalance的频率，答案选A。
Martins want to keep the strategic asset allocation risk levels the same in both types of retirement portfolios. 由于taxable account里volatility更小，应该allocate risk更大的asset，equity的比例应该更高，所以应该rebalance less often than TDA?这样理解对吗
