问题如下:
Which of the following descriptions regarding heuristic asset allocation approach is least correct?
选项:
A. 120 minus your age rule reduces the equity allocation as the client ages.
B. The endowment model emphasizes large allocation to traditional investments.
C. The 1/N rule treats each asset class equally, regardless its investment characteristic.
解释:
B is correct.
考点:asset allocation的其它方法
解析:120 minus your age rule:分配给股票的比重等于120-年龄,因此年龄越大,equity allocation越小。endowment model又被称为Yale model,强调的是大比重配置non-traditional investments,例如房地产、私募股权、对冲基金等,主要追求的是illiquidity premium。1/N rule,每个资产配置权重相同,不考虑资产自身的性质。所以B选项的描述是错误的。
选项A的题干是否没写完? 随着年龄的增长,分配给股权的比例越小。