NO.PZ201812020100000202
问题如下:
Strategy 2 is most likely preferred to Strategy 1 for meeting the objective of:
选项:
A. protecting inflation.
B. funding future liabilities.
C. minimizing the correlation of the fund’s domestic bond portfolio and equity portfolio.
解释:
A is correct.
Floating-coupon bonds provide inflation protection for the interest income because the reference rate should adjust for inflation. The purchase of fixed-coupon bonds as outlined in Strategy 1 provides no protection against inflation for either interest or principal. Strategy 1 would instead be superior to Strategy 2 in funding future liabilities (better predictability as to the amount of cash flows) and reducing the correlation between the fund’s domestic bond portfolio and equity portfolio (better diversification).
correlation大小我记得是看绝对值的呀?所以我认为是strategy2的correlation更小。因为0.1小于0.15