问一道题：NO.PZ2018110601000024

答案判断及提示不正确 PE ca long term invetment commitment. Given the TAit causteonly for one yeinvestment time frame. The answer of the question mcause investmetn horizon mismatching.

NO.PZ2018110601000024 问题如下 The SH University Enwment is a very large tax-exempt funfinancefrom stunts’ tuition fee, with the current strategic asset allocations presentebelow. The manager of Enwment forecast the expecteexcess return of eaasset class. In orr to capture the short-term return opportunities, the Enwment can: increase the allocation of private equity to 15% ancrease the allocation of reestate to 5%. increase the allocation of small-cequities to 32% ancrease the allocation of large-cequities to 38% crease the allocation of large-cequities to 40% anincrease the allocation of short-term bon to 12%. A is correct. 考点：tactical asset allocation 解析：应当增加excess return高的资产比重，降低excess return低的资产比重。但是权重变化不能超过target weight的上下限。 这是一家非常大的enwment 暗示资产规模可能很大，投资也很大， 现在他们要做TATAA是short term viation from SA 而A虽然买到了上下限，但是PE anreestate都是不容易在短期变现的资产，很可能想做TAA却因为illiqui问题根本无法实现。 应该选虽然没有买到上下限， 但是都是流动性较高的资产， 容易以更低的成本实现TAA目标。

NO.PZ2018110601000024 问题如下 The SH University Enwment is a very large tax-exempt funfinancefrom stunts’ tuition fee, with the current strategic asset allocations presentebelow. The manager of Enwment forecast the expecteexcess return of eaasset class. In orr to capture the short-term return opportunities, the Enwment can: increase the allocation of private equity to 15% ancrease the allocation of reestate to 5%. increase the allocation of small-cequities to 32% ancrease the allocation of large-cequities to 38% crease the allocation of large-cequities to 40% anincrease the allocation of short-term bon to 12%. A is correct. 考点：tactical asset allocation 解析：应当增加excess return高的资产比重，降低excess return低的资产比重。但是权重变化不能超过target weight的上下限。 老师好，麻烦请教一下，这道题，C为什么不对呢？

NO.PZ2018110601000024问题如下 The SH University Enwment is a very large tax-exempt funfinancefrom stunts’ tuition fee, with the current strategic asset allocations presentebelow. The manager of Enwment forecast the expecteexcess return of eaasset class. In orr to capture the short-term return opportunities, the Enwment can: increase the allocation of private equity to 15% ancrease the allocation of reestate to 5%. increase the allocation of small-cequities to 32% ancrease the allocation of large-cequities to 38% crease the allocation of large-cequities to 40% anincrease the allocation of short-term bon to 12%. A is correct. 考点：tactical asset allocation 解析：应当增加excess return高的资产比重，降低excess return低的资产比重。但是权重变化不能超过target weight的上下限。 组合中增加PE的配比可以增厚收益，但PE流动性差投资期限长，是否和TAA的抓短期机会相矛盾？

NO.PZ2018110601000024 问题如下 The SH University Enwment is a very large tax-exempt funfinancefrom stunts’ tuition fee, with the current strategic asset allocations presentebelow. The manager of Enwment forecast the expecteexcess return of eaasset class. In orr to capture the short-term return opportunities, the Enwment can: increase the allocation of private equity to 15% ancrease the allocation of reestate to 5%. increase the allocation of small-cequities to 32% ancrease the allocation of large-cequities to 38% crease the allocation of large-cequities to 40% anincrease the allocation of short-term bon to 12%. A is correct. 考点：tactical asset allocation 解析：应当增加excess return高的资产比重，降低excess return低的资产比重。但是权重变化不能超过target weight的上下限。 C crease the allocation of large-cequities to 40% anincrease the allocation of short-term bon to 12%.这个也在TAA范围内，是因为return不高吗？