07年Q5是endowment 的IPS,其中B项,
indicate if each factor below increases or decreases the endowment's ability to take risk:
II. The CU endowment's past performance as reflected in the year-end market values of the endowment.
答案是: current market value reflects 0.5%growth rate over 2002-2006.The endowment is just meeting the support expectation of CU.
我理解这个角度应该是从maintain purchasing power,即asset的market value增长率与CU的expense增长率是否一致, 但是题目中的expense增长率是3.25%,怎么能说是just meet support expectation of CU呢?
谢谢!