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SUN · 2020年10月19日

问一道题：NO.PZ201710200200000107 第7小题 [ CFA III ]

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

问题如下：

7. Based on Exhibit 1, which portfolio best meets the Laws’ goal to fund an endowment for their alma mater?

选项：

A.

Portfolio 1

B.

Portfolio 2

C.

Portfolio 3

解释：

B is correct.

Portfolio 2 best meets the Laws’ goal to fund an endowment for their alma mater in 20 years. In present value terms, the gift is valued at $500,000, with the Laws desiring a high probability of achieving this goal. Although slightly more conservative than the 75/25 global equity/bond mix, Portfolio 2 has a greater growth emphasis compared with Portfolios 1 and 3. Therefore, Portfolio 2 is best for funding the endowment at their alma mater given the goal’s long-term horizon and the Laws’ desire for a high probability of achieving it.

解析里面的desire for a high probability of achieving it是什么意思，为什么能是2组合选择的原因
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1 个答案

Shimin_CPA税法主讲、CFA教研 · 2020年10月20日

嗨，爱思考的PZer你好：


high probability of success在这道题目中可以跟教育费用的very strong desire相对比。通过文字描述， endowment的目标迫切程度比教育费用低，所以风险容忍度相对较高，但也不是完全无所谓目标是否能实现，所以也不能投资得太激进。另外20年的投资期时间也比较长。所以组合2更适合。


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