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?