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一只可爱的猪 · 2022年03月19日

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

  1. CFA III
  2. Asset Allocation

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。

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

不是应该保证这个是400000/1.2 million=33%，也就是说至少要保证33%的收益是稳定的，那不是应该选择A吗

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1 个答案

郭静_品职助教 · 2022年03月19日

嗨，努力学习的PZer你好：


不是，fund a family foundation in 25 years，这是一个长周期的投资，所以可以承受更大的波动性，对流动性要求也降低。从长期来看，股票的收益要高于债券，既然现在这个目标不紧急，可以承受高波动和低流动性，就应该买入权益资产比重更大的组合，其实也是降低为这个目标所需投入本金。

举个生活中的例子，你家小孩刚出生，18年后上大学要花50万，你现在绝对不会就把50万压箱底等着18年后翻出来付学费吧？

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努力的时光都是限量版，加油！

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