问题如下：
Client Haunani Kealoha has a large fixed obligation due in 10 years. Beade assesses that Kealoha has substantially more funds than are required to meet the fixed obligation. The client wants to earn a competitive risk-adjusted rate of return while maintaining a high level of certainty that there will be sufficient assets to meet the fixed obligation.
The asset allocation approach most appropriate for client Kealoha is best described as:
选项：
A.a surplus optimization approach.
B.an integrated asset–liability approach.
C.a hedging/return-seeking portfolios approach.
解释：
C is correct.
The hedging/return-seeking portfolios approach is best for this client. Beade should construct two portfolios, one that includes riskless bonds that will pay of the fixed obligation in 10 years and the other a risky portfolio that earns a competitive risk-adjusted return. This approach is a simple two step process of hedging the fixed obligation and then investing the balance of the assets in a return-seeking portfolio.
a surplus optimization approach 和 a hedging/return-seeking portfolios approach的区别？ 我觉得surplus 也是能够达到题目提到的目的，麻烦老师了，谢谢
