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山风泽笑 · 2021年06月10日

为什么不选B

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NO.PZ201805280100000101

问题如下:

1.The change in the annual spending rate, in conjunction with the board’s expectations regarding future enrollment and the need for endowment support, could justify that KUE’s target weight for:

选项:

A.

infrastructure be increased.

B.

investment- grade bonds be increased.

C.

private real estate equity be decreased.

解释:

A is correct.

A lower annual spending rate, in addition to the board’s expectations of rising enrollment and minimal need for endowment support over the next five years, indicates a decreased need for liquidity. Therefore, KUE could justify an increase in the strategic allocation to less liquid asset classes (such as private real estate equity and infrastructure) and a decrease in the strategic allocation to liquid assets (such as investment- grade bonds).

考点:revisiting the SAA

解析:每年支出比率减少,学费预期增加,因此KUE的流动性需求下降,因此可以增加投资期长、流动性比较差的资产。A选项中的infrastructure以及C选项中的private real estate是illiquid asset,投资权重应当增加,B选项中的investment- grade bonds流动性较强,投资权重应当减少。所以权重增减的判断正确的是A。

根据Ehxibit 1, investment grade bond的比例由现在的%增加到了target的20%,难道不是增加了bond吗?

1 个答案

郭静_品职助教 · 2021年06月11日

嗨,爱思考的PZer你好:


同学你好,这道题目问的是 target weight该怎么调整,不是从current weight 到target weight怎么调整嗷~

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

弓 · 2021年10月27日

考题太阴啦!!!

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