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pinzhixiaoguo · 2020年03月03日

问一道题:NO.PZ2019103001000021

问题如下:

SD&R Capital (SD&R), a global asset management company, specializes in fixed-income investments. Molly Compton, chief investment officer, is meeting with a prospective client, Leah Mowery of DePuy Financial Company (DFC).

Mowery informs Compton that DFC’s previous fixed income manager focused on the interest rate sensitivities of assets and liabilities when making asset allocation decisions. Compton explains that, in contrast, SD&R’s investment process first analyzes the size and timing of client liabilities, then builds an asset portfolio based on the interest rate sensitivity of those liabilities.

The investment process followed by DFC’s previous fixed-income manager is best described as:

选项:

A.

asset-driven liabilities

B.

liability-driven investing

C.

asset–liability management

解释:

C is correct.

Asset–liability management strategies consider both assets and liabilities in the portfolio decision-making process. Mowery notes that DFC’s previous fixed-income manager attempted to control for interest rate risk by focusing on both the asset and the liability side of the company’s balance sheet. The previous manager thus followed an asset–liability management strategy

题目中说,Compton explains that, in contrast, ,说相反,in contrast。其中一个很明显是liability driven,那相反的不就应该是asset driven?不然那为啥说相反呢。

1 个答案

WallE_品职答疑助手 · 2020年03月03日

同学你好,

题目中说道了2个公司DFC 和 SR&D,

DFC采用的是ALM 因为题目中提到了“focus on assets and liability”,考虑的是利率对两边的影响。

SD&R采用的是liability driven,因为是先从客户的liability来进行分析、

Compton explains that, in contrast, SD&R’s investment的意思是,相对于DFC来说,SD&R采取的是xxx的分析方法,所以对比的是方法。

Contrast并不是非黑即白的相反,而更倾向于比较/对比的意思。