小海鹅 · 2019年02月11日
* 问题详情，请 查看题干
问题如下图：
选项：
A. 
B. 
C. 
解释：
我理解的思路跟英文解释的思路不一样，而且英文解释的思路我看不太懂。。我认为因为taxable portfolio下的return是after-tax的，tax-deferred portfolio return是pre-tax的，因此taxable portfoilo return的volatility更小。相同的rebalancing range下，taxable portfolio的rebalancing frenquency更小。不知这个解释是否正确？若不对，麻烦用中文把题目解释一下，十分感谢~
Shimin_CPA税法主讲、CFA教研 · 2019年02月16日
你的理解正确，答案也是这个意思。
频繁的rebalance会使得投资者频繁的realize gain，在taxable account中会增加赋税，但在tax-deferred account中可以延迟税款支付。rebalance的频率是投资者自己决定的，Martin想最小化税收。（所以Martin应该减少rebalance的频率。这是解释提出的第一个原因，为了少缴税）
税后回报的波动率小于税前回报的波动率， taxable account 的volatility小 ， 所以rebalancing frenquency小 （这是解释提出的第二个原因，因为波动率）
NO.PZ201805280100000204 问题如下 Given the Martins’ risk antpreferences, the taxable portfolio shoulrebalance A.less often ththe tax- ferreportfolio. B.often the tax- ferreportfolio. C.more often ththe tax- ferreportfolio. A is correct. The Martins wish to maintain the same risk level for both retirement accounts baseon their strategic asset allocation. However, more frequent rebalancing exposes the taxable asset owner to realizetaxes thcoulhave otherwise been ferreor even avoi Rebalancing is scretionary, anthe Martins’ also wish to minimize taxes. Because after- treturn volatility is lower thpre- treturn volatility, it takes larger asset- class movements to materially alter the risk profile of a taxable portfolio. This suggests threbalancing ranges for a taxable portfolio cwir ththose of a tax- exempt/tax- ferreportfolio with a similrisk 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capitgain，从而交更多的税，因此taxable portfolio应当减少rebalance的频率，答案选 题干中只是说要保持风险水平一样，但没说Martin 希望最小化税费，为什么要从税费的角度去考虑rebalance问题？
NO.PZ201805280100000204 问题如下 Given the Martins’ risk antpreferences, the taxable portfolio shoulrebalance A.less often ththe tax- ferreportfolio. B.often the tax- ferreportfolio. C.more often ththe tax- ferreportfolio. A is correct. The Martins wish to maintain the same risk level for both retirement accounts baseon their strategic asset allocation. However, more frequent rebalancing exposes the taxable asset owner to realizetaxes thcoulhave otherwise been ferreor even avoi Rebalancing is scretionary, anthe Martins’ also wish to minimize taxes. Because after- treturn volatility is lower thpre- treturn volatility, it takes larger asset- class movements to materially alter the risk profile of a taxable portfolio. This suggests threbalancing ranges for a taxable portfolio cwir ththose of a tax- exempt/tax- ferreportfolio with a similrisk 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capitgain，从而交更多的税，因此taxable portfolio应当减少rebalance的频率，答案选 题目是问Given the Martins’ risk antpreferences。从题干可知，Martin想要minimize tax，并且在AA偏离既定risk level时不想take out money from equity，说明risk tolerance变高了。而更少交税和更高risk tolerance都指向less often reblance因此选A。
NO.PZ201805280100000204问题如下Given the Martins’ risk antpreferences, the taxable portfolio shoulrebalanceA.less often ththe tax- ferreportfolio.B.often the tax- ferreportfolio.C.more often ththe tax- ferreportfolio. A is correct. The Martins wish to maintain the same risk level for both retirement accounts baseon their strategic asset allocation. However, more frequent rebalancing exposes the taxable asset owner to realizetaxes thcoulhave otherwise been ferreor even avoi Rebalancing is scretionary, anthe Martins’ also wish to minimize taxes. Because after- treturn volatility is lower thpre- treturn volatility, it takes larger asset- class movements to materially alter the risk profile of a taxable portfolio. This suggests threbalancing ranges for a taxable portfolio cwir ththose of a tax- exempt/tax- ferreportfolio with a similrisk 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capitgain，从而交更多的税，因此taxable portfolio应当减少rebalance的频率，答案选如何理解客户提出，虽然equity大涨20%，但他还是不太想rebalance，想keep 前后portfolio的risk level 不变。我就是关注了这句话，直接认为客户不想调仓，所以选了b。。。
NO.PZ201805280100000204 taxable account 不是你是否realize都会缴税吗？但是tax-ferreaccount才是在realize的时候才缴税吗？ 那这样的话，不是越是tax-ferreaccount越需要推迟realize才能够获得更高的收益，相比较而言taxable account不是就可以更加频繁的rebalance吗？
