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moon · 2022年02月07日

想请问下为什么选择B呢？如何看出来流动性更好，谢谢。

  1. CFA III
  2. Fixed Income

* 问题详情，请 查看题干

NO.PZ201812020100000304

问题如下：

Based on Exhibit 2, relative to Portfolio C, Portfolio B:

选项：

A.

has higher cash flow reinvestment risk.

B.

is a more desirable portfolio for liquidity management.

C.

provides less protection from yield curve shifts and twists.

解释：

B is correct.

Portfolio B is a laddered portfolio with maturities spread more or less evenly over the yield curve. A desirable aspect of a laddered portfolio is liquidity management. Because there is always a bond close to redemption, the soon-to-mature bond can provide emergency liquidity needs. Barbell portfolios, such as Portfolio C, have maturities only at the short-term and long-term ends and thus are much less desirable for liquidity management

想请问下为什么选择B呢？如何看出来流动性更好，谢谢。

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1 个答案

pzqa015 · 2022年02月07日

嗨，努力学习的PZer你好：


这是结论哈

laddered portofolio更利于流动性管理，原因是它的现金流均匀分布于各期。

题中的表格为了帮助判断出三个portfolio分别属于laddered、bullet、barbell中的哪一个，然后选出对应的结论。


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