NO.PZ2018110601000007
问题如下:
The Red family has the investable assets of $1.2 million. Tom, the portfolio manager of the Red family, finds that a portfolio of 70% global equities and 30% bonds reflects an appropriate balance of expected return and risk for the Red with respect to a 25-year time horizon for the moderately important goals. Tom follows a goal-based approach to asset allocation and offers three possible portfolios to consider.
The Red express a high probability of success to fund a family foundation in 25 years, which has an estimated present value of $400,000. Which portfolio best meets the Reds’ goal to fund the family foundation?
选项:
A.Portfolio 1
B.Portfolio 2
C.Portfolio 3
解释:
B is correct.
考点:goal-based approach.
解析:Portfolio 1中现金和债券占比过高,而family foundation有长达25年的实现期限,所以A可以排除。
另一方面,family foundation的实现意愿为high probability of success , 重要程度较高 ,但不是最高程度的,因此可以承担一定风险。 Portfolio 2相比3股票的占比更高,因此有一定的价值成长空间。而Portfolio 3中hedge fund占比最高,风险最大,对于 foundation的成功概率会有影响。
看了上一题关于1.2million是干扰项的解释,以及什么是真正的 goal-based,豁然开朗。
也就意味着,不仅1.2是干扰信息,连你具体要在这个小目标上花多少钱也是干扰信息。
真正重要的是,这个小目标是什么性质,这个性质决定了这部分份额的分配。
如果是马上要用,就多配 cash
如果是追求长期成长性,就多配equity+hedge fund
所以就这道题而言,只要把equity+hedge fund的权重加在一起最大的那个选项就是。
一如上一道题解决子女教育紧急经费,只要选那个 cash权重最大的即可,与fixed-income都没什么关系,时间太紧,等不到fixed-income分coupon了
请问有没有理解不对的地方?