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dada · 2022年02月03日

··

NO.PZ2021060201000022

问题如下:

Johnson is the investment adviser for Zhou, a relatively small investment manager company(the company),their return goal is modest . therefore,two key investment considerations for zhou are maintaining low overhead costs and minimizing taxes in the portfolio. Zhou has not been willing to incur the costs of in-house investment resources.Johnson discusses with zhou its goal of diversifying the company’s portfolio to include alternative assets. Johnson suggests considering the following potential investment vehicles for consideration:

· Publicly traded US REIT

· Relative value hedge fund

· Tax-efficient angel investment

Johnson explains that for the relative value hedge fund alternative, the company would be investing alongside tax-exempt investors.

Determine which of the potential investment vehicles best fits the company's the investment considerations. Justify your reaction.For each investment not selected, explain why the investment considerations are not met.

解释:

Johnson should recommend Publicly traded US REITas most suitable for the company.

Johnson 应该推荐最适合该公司的Publicly traded US REIT


Publicly traded US REIT 为其美国房地产资产的贬值提供了税收优惠。折旧将有助于抵消这些资产的收入。此外,REIT 不需要内部管理团队;因此,公司可以保持较低的管理费用。


The relative value hedge fund不太可能成为公司的节税策略。这种税收低效率在许多对冲基金策略中经常出现,尤其是那些免税投资者主导客户群的基金和基金公司。基金经理可能对应税投资者(例如zhou的公司)的税务考虑不敏感。


The tax-efficient angel investment 是一项专业投资,需要高度定制的投资方法。研究和管理此类投资将需要一个内部团队来定位和监督这些更专业的投资。增加这些资源会增加间接成本,违反了zhou的保持较低间接成本的投资考虑。

1.Johnson explains that for the relative value hedge fund alternative, the company would be investing alongside tax-exempt investor.后半句是什么意思?

2.给的这几类资产,各自的特点,教材上有提及吗?

3.解析中列的讲义中的内容,对于回答这道题,用到了讲义上的哪点?

谢谢

1 个答案

伯恩_品职助教 · 2022年02月06日

嗨,爱思考的PZer你好:


1.Johnson explains that for the relative value hedge fund alternative, the company would be investing alongside tax-exempt investor.后半句是什么意思?——the company将与免税投资者一起投资。(the company的投资者中很多都是免税投资者。)

2.给的这几类资产,各自的特点,教材上有提及吗?——都有提及的, Publicly traded US REIT这个就是房地产投资信托,不是直接提到的,是大类,属于public real estate。特点是可以公开募集,流动性好。分散化好,持有的房产折旧可以抵免部分税收;

Relative value hedge fund主要的特点是包括在某些情况下限制赎回的条款。

 Tax-efficient angel investment特点是高度定制化,需要in-house resources寻找和监督这些更专业的投资。

3.解析中列的讲义中的内容,对于回答这道题,用到了讲义上的哪点?——就是用到了我截图的那个Investment Considerations Of Alternative Investments的tax的考量,因为投资者中很多都是免税投资者,所以基金经理在操作资产投资时就不会考虑税方面的问题,而这个题中zhou的公司the company是应税投资者,如果参与到其其他投资者都是免税的情况下,基金经理不考虑税收影响,产生大量税收(仅对the company,其他投资者免税)与它的初衷背道而驰


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