NO.PZ201511200300002902
问题如下：
Evaluate the success of Zik’s investment program for Patel in terms of:
i. goal achievement.
ii. process consistency.
iii. portfolio performance.
After every regular monthly rebalancing, Zik sends an email to Patel with a portfolio report. Zik’s portfolio report contains the following:
■■ An asset allocation report that reflects strategic asset allocation targets
■■ A detailed performance report that includes individual asset class and security performance
■■ A year- to- date performance summary report and a historical performance report starting from the inception of Patel’s investment strategy
解释：
By all three criteria, Zik has been successful. Goal achievement:
■● Patel’s portfolio has achieved its goals with an acceptable amount of risk; its return and volatility have remained within the original IPS specifications.
■● The portfolio remains likely to succeed as an ongoing strategy, without meaningful adjustments to the plan; the most recent capital sufficiency analysis shows that the strategy is very likely to meet Patel’s retirement needs. Process consistency:
■● Zik has followed the guidelines stated in the original IPS, has maintained an ongoing dialogue with Patel, has coordinated the strategy with Patel’s retirement and philanthropic goals, and has even managed to reduce expenses. Portfolio performance (over the 10- year time horizon):
■● The equity portion of Patel’s portfolio outperformed its benchmark but had higher volatility than the benchmark.
■● The bond portion of the portfolio matched its benchmark but had lower volatility than the benchmark.
■● The performance of both equities and bonds remained within the original IPS specifications.
■● For the overall portfolio, Zik targeted a 6% rate of return, and the portfolio has slightly exceeded that level over the period.
