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pz1712 · 2020年02月28日

Q7 问一道题:NO.PZ201805280100000101

* 问题详情,请 查看题干

问题如下:

1.The change in the annual spending rate, in conjunction with the board’s expectations regarding future enrollment and the need for endowment support, could justify that KUE’s target weight for:

选项:

A.

infrastructure be increased.

B.

investment- grade bonds be increased.

C.

private real estate equity be decreased.

解释:

A is correct.

A lower annual spending rate, in addition to the board’s expectations of rising enrollment and minimal need for endowment support over the next five years, indicates a decreased need for liquidity. Therefore, KUE could justify an increase in the strategic allocation to less liquid asset classes (such as private real estate equity and infrastructure) and a decrease in the strategic allocation to liquid assets (such as investment- grade bonds).

请解释一下第一小题的思路,为什么a 和题中表格的变化不一致呢

1 个答案

Shimin_CPA税法主讲、CFA教研 · 2020年02月29日

嗨,从没放弃的小努力你好:


表格中的target allocation 是strategic asset allocation的目标权重,也就是IPS中设定的长期目标下的资产权重配比。为了抓短期机会,获得短期的超额回报,可以短期偏离 target allocation,这种方法叫做tactical asset allocation。

题目中已知spending rate下降,所以required rerurn rate下降,因此这个捐赠基金的风险承受能力是变强的。这就好比一个人的收入(大学的enrollment)增加了,支出(spending rate)减少了,那么投资可以更激进一些,高风险、流动性差的资产配比可以相应的增加。所以通过排除法,A选项最合理。


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虽然现在很辛苦,但努力过的感觉真的很好,加油!


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