问一道题：NO.PZ2019122802000002

答案判断及提示不正确 为什么HF不行呢？讲义上不也是说HF能降低风险同时又enhan了return 吗？ private equity,这么高的风险，到时候血本无归，如何能做到overfune

NO.PZ2019122802000002 问题如下 pension funis currently fully funanhfolloweasset mix of 60% public equities an40% bon. The pension plhbeen able to funthe annupension payments without any corporate contributions for a number of years. The investment committee is interestein potentichanges to the asset mix thcoulincrease the probability of achieving the long-term investment target return of 5.5% while maintaining the funstatus of the plan. Currently the fixeincome yiel are expecteto remain low for the foreseeable future. The investment committee asks a analyst th \"If the public equity allocation remains 60%, is there a single asset class thcoulusefor the balanof the portfolio to achieve the greatest probability of maintaining the pension funng status over a long time horizon? Unr this hypotheticscenario, the balanof the portfolio callocateto either bon, hee fun, or private equities.\" Whiof the following investment shoulrecommen A.bon. B.hee fun. C.private equities. C is correct.When projecting expectereturns, the orr of returns from highest to lowest is typically regarprivate equities, hee fun, bon. Therefore, the probability of achieving the highest portfolio return while maintaining the funstatus of the plwoulrequire the use of private equities in conjunction with public equities. In aition, private equities have a high/strong potentito fulfill the role of capitgrowth. Fixeincome investments are expecteto have a high/strong potentito fulfill the role of safety.这个题的这句话“Theinvestment committee is interestein potentichanges to the asset mix thatcoulincrease the probability of achieving thelong-term investment target return of 5.5% while maintaining the funtatus of the plan.”首先提到了是长期投资，其二不仅仅是要保持5.5%的收益，还有就是保持funstatus of the plan，那这个funstatus of the plan是The pension planhbeen able to funthe annupension payments without any corporatecontributions for a number of years. 也就是能cover退休人的退休金。所以也是要尽可能提高收益才能cover退休人的退休金。而且由于是长期投资，那么时间会抹平短期因为各种原因导致的暂时偏离资产的实际价值的下跌，所以应该选尽可能提高收益的——private equities。 老师，请教下，这个题的目标是提高收益和控制风险，HF有risk recer 和 return enhancer的作用，而PE只有return enhancer的作用，为什么不选HF？5.5%的目标收益也不高呀，HF难道不能满足收益吗？

NO.PZ2019122802000002问题如下pension funis currently fully funanhfolloweasset mix of 60% public equities an40% bon. The pension plhbeen able to funthe annupension payments without any corporate contributions for a number of years. The investment committee is interestein potentichanges to the asset mix thcoulincrease the probability of achieving the long-term investment target return of 5.5% while maintaining the funstatus of the plan. Currently the fixeincome yiel are expecteto remain low for the foreseeable future. The investment committee asks a analyst th \"If the public equity allocation remains 60%, is there a single asset class thcoulusefor the balanof the portfolio to achieve the greatest probability of maintaining the pension funng status over a long time horizon? Unr this hypotheticscenario, the balanof the portfolio callocateto either bon, hee fun, or private equities.\" Whiof the following investment shoulrecommenA.bon.B.hee fun.C.private equities. C is correct.When projecting expectereturns, the orr of returns from highest to lowest is typically regarprivate equities, hee fun, bon. Therefore, the probability of achieving the highest portfolio return while maintaining the funstatus of the plwoulrequire the use of private equities in conjunction with public equities. In aition, private equities have a high/strong potentito fulfill the role of capitgrowth. Fixeincome investments are expecteto have a high/strong potentito fulfill the role of safety.这个题的这句话“Theinvestment committee is interestein potentichanges to the asset mix thatcoulincrease the probability of achieving thelong-term investment target return of 5.5% while maintaining the funtatus of the plan.”首先提到了是长期投资，其二不仅仅是要保持5.5%的收益，还有就是保持funstatus of the plan，那这个funstatus of the plan是The pension planhbeen able to funthe annupension payments without any corporatecontributions for a number of years. 也就是能cover退休人的退休金。所以也是要尽可能提高收益才能cover退休人的退休金。而且由于是长期投资，那么时间会抹平短期因为各种原因导致的暂时偏离资产的实际价值的下跌，所以应该选尽可能提高收益的——private equities。 hee fun也能满足题目要求，选private equity的原因仅仅是因为PE return HF return？

NO.PZ2019122802000002 问题如下 pension funis currently fully funanhfolloweasset mix of 60% public equities an40% bon. The pension plhbeen able to funthe annupension payments without any corporate contributions for a number of years. The investment committee is interestein potentichanges to the asset mix thcoulincrease the probability of achieving the long-term investment target return of 5.5% while maintaining the funstatus of the plan. Currently the fixeincome yiel are expecteto remain low for the foreseeable future. The investment committee asks a analyst th \"If the public equity allocation remains 60%, is there a single asset class thcoulusefor the balanof the portfolio to achieve the greatest probability of maintaining the pension funng status over a long time horizon? Unr this hypotheticscenario, the balanof the portfolio callocateto either bon, hee fun, or private equities.\" Whiof the following investment shoulrecommen A.bon. B.hee fun. C.private equities. C is correct.When projecting expectereturns, the orr of returns from highest to lowest is typically regarprivate equities, hee fun, bon. Therefore, the probability of achieving the highest portfolio return while maintaining the funstatus of the plwoulrequire the use of private equities in conjunction with public equities. In aition, private equities have a high/strong potentito fulfill the role of capitgrowth. Fixeincome investments are expecteto have a high/strong potentito fulfill the role of safety.这个题的这句话“Theinvestment committee is interestein potentichanges to the asset mix thatcoulincrease the probability of achieving thelong-term investment target return of 5.5% while maintaining the funtatus of the plan.”首先提到了是长期投资，其二不仅仅是要保持5.5%的收益，还有就是保持funstatus of the plan，那这个funstatus of the plan是The pension planhbeen able to funthe annupension payments without any corporatecontributions for a number of years. 也就是能cover退休人的退休金。所以也是要尽可能提高收益才能cover退休人的退休金。而且由于是长期投资，那么时间会抹平短期因为各种原因导致的暂时偏离资产的实际价值的下跌，所以应该选尽可能提高收益的——private equities。 说---这个题的这句话“The investment committee is interestein potentichanges to the asset mix thcoulincrease the probability of achieving the long-term investment target return of 5.5% while maintaining the funstatus of the plan.”首先提到了是长期投资，其二不仅仅是要保持5.5%的收益哪里看出来了不仅仅保持5.5%的收益呢？private equity 收益很高但是失败的概率也很大，这个是个pension fun最主要的目的不就是在尽可能可以cover liability的情况下获得稳定的收益吗？就像ALM管理一样，bon可以实现。

NO.PZ2019122802000002问题如下pension funis currently fully funanhfolloweasset mix of 60% public equities an40% bon. The pension plhbeen able to funthe annupension payments without any corporate contributions for a number of years. The investment committee is interestein potentichanges to the asset mix thcoulincrease the probability of achieving the long-term investment target return of 5.5% while maintaining the funstatus of the plan. Currently the fixeincome yiel are expecteto remain low for the foreseeable future. The investment committee asks a analyst th \"If the public equity allocation remains 60%, is there a single asset class thcoulusefor the balanof the portfolio to achieve the greatest probability of maintaining the pension funng status over a long time horizon? Unr this hypotheticscenario, the balanof the portfolio callocateto either bon, hee fun, or private equities.\" Whiof the following investment shoulrecommenA.bon.B.hee fun.C.private equities. C is correct.When projecting expectereturns, the orr of returns from highest to lowest is typically regarprivate equities, hee fun, bon. Therefore, the probability of achieving the highest portfolio return while maintaining the funstatus of the plwoulrequire the use of private equities in conjunction with public equities. In aition, private equities have a high/strong potentito fulfill the role of capitgrowth. Fixeincome investments are expecteto have a high/strong potentito fulfill the role of safety.这个题的这句话“Theinvestment committee is interestein potentichanges to the asset mix thatcoulincrease the probability of achieving thelong-term investment target return of 5.5% while maintaining the funtatus of the plan.”首先提到了是长期投资，其二不仅仅是要保持5.5%的收益，还有就是保持funstatus of the plan，那这个funstatus of the plan是The pension planhbeen able to funthe annupension payments without any corporatecontributions for a number of years. 也就是能cover退休人的退休金。所以也是要尽可能提高收益才能cover退休人的退休金。而且由于是长期投资，那么时间会抹平短期因为各种原因导致的暂时偏离资产的实际价值的下跌，所以应该选尽可能提高收益的——private equities。 NO.PZ2019122802000002题目中虽然说了是要收益最高的 PE的确比HF高但是风险更高啊，题目中针对的是养老金投资，如果PE投亏了，那是不是会有SHORTFALL RISK？这点不用考虑吗