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今天也要来一杯 · 2020年01月11日

问一道题:NO.PZ201710200200000106

* 问题详情,请 查看题干

问题如下:

6. Based on Exhibit 1, which portfolio best meets the Laws’ education goal for their children?

选项:

A.

Portfolio 1

B.

Portfolio 2

C.

Portfolio 3

解释:

A is correct.

Portfolio 1 best meets the Laws’ education goal for their children. The estimated present value of the Laws’ expected education expense is $275,000. Given that the children will be starting college soon, and the Laws have a very strong desire to achieve this goal, Portfolio 1, which stresses liquidity and stability, is most appropriate to meet the Laws’ short-term education goal.

total asset是2675000,abc都能满足cash≥27500。考虑偏股偏债配置偏好是75:25,应该是B选项更满足啊..?

1 个答案

Shimin_CPA税法主讲、CFA教研 · 2020年01月11日

嗨,从没放弃的小努力你好:


如果直接采用 cash≥275 k,满足未来275 k 教育有关的目标需求,相当于是把资产划分成了两块,一块是用来满足未来现金流流出,剩下的一块用来追求高收益的,这就是ALM中hedge/return seeking的理念。

这道题目是让我们根据Law的其中一个小目标构建sub-portfolio,看到sub-portfolio, 用到是goal-based 的资产配置,所以是通过目标的重要程度和成功概率来决定选哪一个。


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