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Zachary · 2020年06月14日

问一道题:NO.PZ2019103001000006 [ CFA III ]

问题如下:

Two years later, Daasvand learns that Villash Foundation needs $5,000,000 in cash to meet liabilities. Villash Foundation is a tax-exempt client.

She asks Perreaux to analyze two bonds for possible liquidation. Selected data on the two bonds are presented in Exhibit 2.

Based on Exhibit 2, the optimal strategy to meet Villash Foundation’s cash needs is the sale of:





选项:

A.

100% of Bond 1

B.

100% of Bond 2.

C.

50% of Bond 1 and 50% of Bond 2.

解释:

A is correct.

The optimal strategy for Villash is the sale of 100% of Bond 1, which Perreaux considers to be overvalued. Because Villash is a tax-exempt foundation, tax considerations are not relevant and Perreaux’s investment views drive her trading recommendations.

请问这题的考点是什么?买undervalued 的不是更好吗?
1 个答案

王暄_品职助教 · 2020年06月15日

嗨,从没放弃的小努力你好:


  1. 这题考的是Reading 18中“Fixed-income portfolio taxation”这个知识点,可以参考强化班讲义第14页(也就是强化班讲义Reading 18最后一页)
  2. 因为Villash是一个tax-exempt investor,所以不用考虑税收问题,即使有Capital gain也无所谓,因为不用交税。我猜你是想卖掉Undervalued stocks去抵税,但这里的投资者并不用交税呀~
  3. 那么我们就可以根据manager的思路,卖掉Overvalued stocks,以便赚取Capital gain
  4. 另外我不知道你是打错了,还是看题看错了,注意我们这里是卖出,而不是买入。如果是买入的话,那肯定买Undervalued没问题

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