知识点

NO.PZ202105270100000408 问题如下 Baseonly on Exhibits 3 an4 anthe information provithe portfolio managers, the action most likely to enhanreturns is to: A.crease existing investments in reestate 2.00%. B.initiate a commitment to emerging market of 1.00%. C.increase the investments in internationmarket bon 1.00%. C is correct. investment in the bon of the internationenergy exploration anproction company (Xlp) looks attractive. The internationmarket benefits from positive macroeconomic funmentals: point in the business cycle, monetary anfiscscipline, rising current account surplus, anappreciating currency. The anticipatecret rating improvement will a to the potentifor this to become a profitable investment anenhanreturns. increase in the investments within the internationfixeincome segment 1.00% (existing weight is 6.17%) woultake aantage of this opportunity anremain in complianwith the fountion’s 5.00%–10.00% strategic asset allocation limits.A is incorrebecause a crease in the existing weight of reestate 2.00% woulput the portfolio weight below the minimum thresholof 2.00% (i.e., 3.34% ̶ 2.00% = 1.34%) of the fountion’s strategic asset allocation.B is incorrebecause the information presentein Exhibit 3 woullethe chief investment officer to avoithe two opportunities in emerging market (Emerging Republic A anEmerging Republic annot initiate a commitment to emerging market of 1.00% (i.e., increase the existing weight above 0.00%).对国际能源勘探和生产公司(Xlp)债券的投资看起来很有吸引力。国际市场受益于积极的宏观经济基本面:商业周期、货币和财政纪律、不断增长的经常账户盈余，以及货币升值。预期的信用评级改善将增加这一投资的盈利潜力，并提高回报。国际固定收益部门的投资增加1.00%(现有权重为6.17%)将利用这个机会，并保持符合基金会5.00%-10.00%的战略资产配置限制。A是不正确的，因为房地产现有权重下降2.00%，投资组合权重就会低于基金会战略资产配置的最小阈值2.00%(3.34%-2.00% = 1.34%)。B是错误的，因为在表3中显示的信息将导致首席投资官避免新兴市场债务的两个机会(新兴共和国A和新兴共和国B)，并没有启动对新兴市场债务1.00%的承诺(即增加现有权重超过0.00%)。 在经济上行，市场利率上行的时候，债券的价格会下跌。所以一般来说，债券在经济衰退期表现好，在经济上升期表现差。那么为什么还选C呢？我选了B，B虽然从表3看，那些指标很差，但是不就差，exp return才会高么，对riskpremium的补偿多呀。题目问哪个能让return变高，所以我选了B。

NO.PZ202105270100000408 问题如下 RicharMartin is chief investment officer for the TrunFountion (the fountion), whiha large, globally versifieinvestment portfolio. Martin meets with the fountion’s fixeincome anreestate portfolio managers to review expectereturn forecasts anpotentiinvestments, well to consir short-term mofications to asset weights within the totfunstrategic asset allocation. Martin asks the reestate portfolio manager to scuss the performancharacteristiof reestate. The reestate portfolio manager makes the following statements: Statement 1: Aing traREIT securities to equity portfolio shoulsubstantially improve the portfolio’s versification over the next year. Statement 2: TraREIT securities are more highly correlatewith rereestate anless highly correlatewith equities over multi-yehorizons. Martin looks over the long-run valuation metrithe manager is using for commercireestate, shown in Exhibit 1. The reestate teuses in-house mol for private reestate to estimate the true volatility of returns over time. The mol assumes ththe current observereturn equals the weighteaverage of the current true return anthe previous observereturn. Because the true return is not observable, the mol assumes a relationship between true returns anobservable REIT inx returns; therefore, it uses REIT inx returns proxies for both the unobservable current true return anthe previous observereturn.Martin asks the fixeincome portfolio manager to review the fountion’s bonportfolios. The existing aggregate bonportfolio is broay versifiein mestic aninternationvelopemarkets. The first segment of the portfolio to revieweis the mestic sovereign portfolio. The bonmanager notes ththere is a market consensus ththe mestic yielcurve will likely experiena single 20 increase in the neterm a result of monetary tightening anthen remain relatively flanstable for the next three years. Martin then reviews ration anyielmeasures for the short-term mestic sovereign bonportfolio in Exhibit 2. The scussion turns to the internationvelopefixeincome market. The fountion investein bon issueCountry XYZ, a foreign velopecountry. XYZ’s sovereign yielcurve is currently upwarsloping, anthe yielsprebetween 2-yean10-yeXYZ bon is 100 bps. The fixeincome portfolio manager tells Martin thhe is interestein a mestic market corporate bonissueZeus Manufacturing Corporation (ZMC). ZMC hjust been wngratwo steps a major cret rating agency. In aition to expectemonetary actions thwill raise short-term rates, the yielsprebetween three-yesovereign bon anthe next highest-quality government agenbonwine10 bps.Although the fountion’s fixeincome portfolios have focuseprimarily on velopemarkets, the portfolio manager presents ta in Exhibit 3 on two emerging markets for Martin to consir. Both economies increaseexports of their minerresources over the last ca. The fixeincome portfolio manager also presents information on a new investment opportunity in internationvelopemarket. The teis consiring the bon of Xlp, a large energy exploration anproction company. Both the mestic aninternationmarkets are experiencing synchronizegrowth in G mibetween the trough anthe peof the business cycle. The foreign country’s government hsplayea sciplineapproato maintaining stable monetary anfiscpolicies anhexperiencea rising current account surplus anappreciating currency. It is expectethwith the improvements in free cash flow anearnings, the cret rating of the Xlp bon will upgra Martin refers to the fountion’s asset allocation poliin Exhibit 4 before making any changes to either the fixeincome or reestate portfolios. Baseonly on Exhibits 3 an4 anthe information provithe portfolio managers, the action most likely to enhanreturns is to: A.crease existing investments in reestate 2.00%. B.initiate a commitment to emerging market of 1.00%. C.increase the investments in internationmarket bon 1.00%. C is correct. investment in the bon of the internationenergy exploration anproction company (Xlp) looks attractive. The internationmarket benefits from positive macroeconomic funmentals: point in the business cycle, monetary anfiscscipline, rising current account surplus, anappreciating currency. The anticipatecret rating improvement will a to the potentifor this to become a profitable investment anenhanreturns. increase in the investments within the internationfixeincome segment 1.00% (existing weight is 6.17%) woultake aantage of this opportunity anremain in complianwith the fountion’s 5.00%–10.00% strategic asset allocation limits.A is incorrebecause a crease in the existing weight of reestate 2.00% woulput the portfolio weight below the minimum thresholof 2.00% (i.e., 3.34% ̶ 2.00% = 1.34%) of the fountion’s strategic asset allocation.B is incorrebecause the information presentein Exhibit 3 woullethe chief investment officer to avoithe two opportunities in emerging market (Emerging Republic A anEmerging Republic annot initiate a commitment to emerging market of 1.00% (i.e., increase the existing weight above 0.00%).对国际能源勘探和生产公司(Xlp)债券的投资看起来很有吸引力。国际市场受益于积极的宏观经济基本面:商业周期、货币和财政纪律、不断增长的经常账户盈余，以及货币升值。预期的信用评级改善将增加这一投资的盈利潜力，并提高回报。国际固定收益部门的投资增加1.00%(现有权重为6.17%)将利用这个机会，并保持符合基金会5.00%-10.00%的战略资产配置限制。A是不正确的，因为房地产现有权重下降2.00%，投资组合权重就会低于基金会战略资产配置的最小阈值2.00%(3.34%-2.00% = 1.34%)。B是错误的，因为在表3中显示的信息将导致首席投资官避免新兴市场债务的两个机会(新兴共和国A和新兴共和国B)，并没有启动对新兴市场债务1.00%的承诺(即增加现有权重超过0.00%)。 还有发达市场处于business cycle上升期，r上升，bon是会变差吗？

NO.PZ202105270100000408 问题如下 Baseonly on Exhibits 3 an4 anthe information provithe portfolio managers, the action most likely to enhanreturns is to: A.crease existing investments in reestate 2.00%. B.initiate a commitment to emerging market of 1.00%. C.increase the investments in internationmarket bon 1.00%. C is correct. investment in the bon of the internationenergy exploration anproction company (Xlp) looks attractive. The internationmarket benefits from positive macroeconomic funmentals: point in the business cycle, monetary anfiscscipline, rising current account surplus, anappreciating currency. The anticipatecret rating improvement will a to the potentifor this to become a profitable investment anenhanreturns. increase in the investments within the internationfixeincome segment 1.00% (existing weight is 6.17%) woultake aantage of this opportunity anremain in complianwith the fountion’s 5.00%–10.00% strategic asset allocation limits.A is incorrebecause a crease in the existing weight of reestate 2.00% woulput the portfolio weight below the minimum thresholof 2.00% (i.e., 3.34% ̶ 2.00% = 1.34%) of the fountion’s strategic asset allocation.B is incorrebecause the information presentein Exhibit 3 woullethe chief investment officer to avoithe two opportunities in emerging market (Emerging Republic A anEmerging Republic annot initiate a commitment to emerging market of 1.00% (i.e., increase the existing weight above 0.00%).对国际能源勘探和生产公司(Xlp)债券的投资看起来很有吸引力。国际市场受益于积极的宏观经济基本面:商业周期、货币和财政纪律、不断增长的经常账户盈余，以及货币升值。预期的信用评级改善将增加这一投资的盈利潜力，并提高回报。国际固定收益部门的投资增加1.00%(现有权重为6.17%)将利用这个机会，并保持符合基金会5.00%-10.00%的战略资产配置限制。A是不正确的，因为房地产现有权重下降2.00%，投资组合权重就会低于基金会战略资产配置的最小阈值2.00%(3.34%-2.00% = 1.34%)。B是错误的，因为在表3中显示的信息将导致首席投资官避免新兴市场债务的两个机会(新兴共和国A和新兴共和国B)，并没有启动对新兴市场债务1.00%的承诺(即增加现有权重超过0.00%)。 信用评级变好，是会增加return还是减少return？

NO.PZ202105270100000408 问题如下 Baseonly on Exhibits 3 an4 anthe information provithe portfolio managers, the action most likely to enhanreturns is to: A.crease existing investments in reestate 2.00%. B.initiate a commitment to emerging market of 1.00%. C.increase the investments in internationmarket bon 1.00%. C is correct. investment in the bon of the internationenergy exploration anproction company (Xlp) looks attractive. The internationmarket benefits from positive macroeconomic funmentals: point in the business cycle, monetary anfiscscipline, rising current account surplus, anappreciating currency. The anticipatecret rating improvement will a to the potentifor this to become a profitable investment anenhanreturns. increase in the investments within the internationfixeincome segment 1.00% (existing weight is 6.17%) woultake aantage of this opportunity anremain in complianwith the fountion’s 5.00%–10.00% strategic asset allocation limits.A is incorrebecause a crease in the existing weight of reestate 2.00% woulput the portfolio weight below the minimum thresholof 2.00% (i.e., 3.34% ̶ 2.00% = 1.34%) of the fountion’s strategic asset allocation.B is incorrebecause the information presentein Exhibit 3 woullethe chief investment officer to avoithe two opportunities in emerging market (Emerging Republic A anEmerging Republic annot initiate a commitment to emerging market of 1.00% (i.e., increase the existing weight above 0.00%).对国际能源勘探和生产公司(Xlp)债券的投资看起来很有吸引力。国际市场受益于积极的宏观经济基本面:商业周期、货币和财政纪律、不断增长的经常账户盈余，以及货币升值。预期的信用评级改善将增加这一投资的盈利潜力，并提高回报。国际固定收益部门的投资增加1.00%(现有权重为6.17%)将利用这个机会，并保持符合基金会5.00%-10.00%的战略资产配置限制。A是不正确的，因为房地产现有权重下降2.00%，投资组合权重就会低于基金会战略资产配置的最小阈值2.00%(3.34%-2.00% = 1.34%)。B是错误的，因为在表3中显示的信息将导致首席投资官避免新兴市场债务的两个机会(新兴共和国A和新兴共和国B)，并没有启动对新兴市场债务1.00%的承诺(即增加现有权重超过0.00%)。 如题，没太看懂原文，是指Xlp公司在emerging market和internationmarket都有发债么？

NO.PZ202105270100000408 问题如下 Baseonly on Exhibits 3 an4 anthe information provithe portfolio managers, the action most likely to enhanreturns is to: A.crease existing investments in reestate 2.00%. B.initiate a commitment to emerging market of 1.00%. C.increase the investments in internationmarket bon 1.00%. C is correct. investment in the bon of the internationenergy exploration anproction company (Xlp) looks attractive. The internationmarket benefits from positive macroeconomic funmentals: point in the business cycle, monetary anfiscscipline, rising current account surplus, anappreciating currency. The anticipatecret rating improvement will a to the potentifor this to become a profitable investment anenhanreturns. increase in the investments within the internationfixeincome segment 1.00% (existing weight is 6.17%) woultake aantage of this opportunity anremain in complianwith the fountion’s 5.00%–10.00% strategic asset allocation limits.A is incorrebecause a crease in the existing weight of reestate 2.00% woulput the portfolio weight below the minimum thresholof 2.00% (i.e., 3.34% ̶ 2.00% = 1.34%) of the fountion’s strategic asset allocation.B is incorrebecause the information presentein Exhibit 3 woullethe chief investment officer to avoithe two opportunities in emerging market (Emerging Republic A anEmerging Republic annot initiate a commitment to emerging market of 1.00% (i.e., increase the existing weight above 0.00%).对国际能源勘探和生产公司(Xlp)债券的投资看起来很有吸引力。国际市场受益于积极的宏观经济基本面:商业周期、货币和财政纪律、不断增长的经常账户盈余，以及货币升值。预期的信用评级改善将增加这一投资的盈利潜力，并提高回报。国际固定收益部门的投资增加1.00%(现有权重为6.17%)将利用这个机会，并保持符合基金会5.00%-10.00%的战略资产配置限制。A是不正确的，因为房地产现有权重下降2.00%，投资组合权重就会低于基金会战略资产配置的最小阈值2.00%(3.34%-2.00% = 1.34%)。B是错误的，因为在表3中显示的信息将导致首席投资官避免新兴市场债务的两个机会(新兴共和国A和新兴共和国B)，并没有启动对新兴市场债务1.00%的承诺(即增加现有权重超过0.00%)。 如题，麻烦老师帮忙一下。 谢谢。