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Ryoooh · 2020年11月08日

问一道题：NO.PZ2019100901000010

  1. CFA III
  2. 机构IPS

问题如下：

Bern Zang is the recently hired chief investment officer of the Janson University Endowment Investment Office. The Janson University Endowment Fund (the Fund) is based in the United States and has current assets under management of $12 billion. It has a long-term investment horizon and relatively low liquidity needs. The Fund is overseen by an Investment Committee consisting of board members for the Fund. The Investment Office is responsible for implementing the investment policy set by the Fund’s Investment Committee.

The Fund’s current investment approach includes an internally managed fund that holds mostly equities and fixed-income securities. It is largely passively managed with tight tracking error limits. The target asset allocation is 55% equities, 40% fixed income, and 5% alternatives. The Fund currently holds private real estate investments to meet its alternative investment allocation.

Describe how each of the following common characteristics of institutional investors supports the Fund’s allocation to private real estate:

i. Scale

ii. Investment horizon

iii. Governance framework

选项：

解释：

请问怎么样能根据资产规模界定投资者是属于大投资者还是小投资者呢？有一个指标性的数字吗？比如 5亿美金这样？

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发亮_品职助教 · 2020年11月09日

嗨，从没放弃的小努力你好：


“有一个指标性的数字吗？比如 5亿美金这样？”

关于Asset size的数据，原版书的举例如下：

机构投资，Asset size小于25 million属于小规模；

Asset size大于10 billion属于Relatively large；

最大规模的机构投资者，如一些主权财富基金（Sovereign wealth fund），他的规模以trillion计价，例如原版书举例最大的主权财富基金管理$3.6trillion

注意，以上的数据只是一个参考依据，他不是硬性指标。也就是说，有可能从Asset size上看，他的规模是大于25million，但是从文章中的描述看，他仍然有可能是属于小规模基金。

所以，判断资产的规模大小，更多的是综合文中的描述出发的。正式考试文章会有充足的描述信息判断的，而不是仅仅给一个数字让我们判断。


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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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