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小乔 · 2022年03月26日

endowment model 的缺点描述

NO.PZ2019100901000012

问题如下:

Bern Zang is the recently hired chief investment officer of the Janson University Endowment Investment Office. The Janson University Endowment Fund (the Fund) is based in the United States and has current assets under management of $12 billion. It has a long-term investment horizon and relatively low liquidity needs. The Fund is overseen by an Investment Committee consisting of board members for the Fund. The Investment Office is responsible for implementing the investment policy set by the Fund’s Investment Committee.

The Fund’s current investment approach includes an internally managed fund that holds mostly equities and fixed-income securities. It is largely passively managed with tight tracking error limits. The target asset allocation is 55% equities, 40% fixed income, and 5% alternatives. The Fund currently holds private real estate investments to meet its alternative investment allocation.

After a thorough internal review, Zang concludes that the current investment approach will result in a deterioration of the purchasing power of the Fund over time. He proposes a new, active management approach that will substantially decrease the allocation to publicly traded equities and fixed income in order to pursue a higher allocation to private investments. The management of the new investments will be outsourced.

选项:

解释:

问题1.请问 如果考试中的问答题,endowment model 的缺点描述,可以写成以下简约短语吗?


问题2.“3. it is difficult to implemented foe a very large institutional investor because of its large footprint.”这个缺点不写没关系吗?规模太大的 ,也不适合endowment model ,不理解为什么规模太大就不能用这个方法了?



1.relativley more costly in fees


2.difiicult to implemente for small institutional investors, because they may not able to hire professional expertise to manage it 


3.it difficult to implemented foe a very large institutional investor because of its large footprint.


1 个答案
已采纳答案

发亮_品职助教 · 2022年03月27日

嗨,从没放弃的小努力你好:


问题1.请问 如果考试中的问答题,endowment model 的缺点描述,可以写成以下简约短语吗?


可以的,语句不用太复杂,只要能 写出知识点的要点 即可以拿满分。


问题2.“3. it is difficult to implemented foe a very large institutional investor because of its large footprint.”这个缺点不写没关系吗?规模太大的 ,也不适合endowment model ,不理解为什么规模太大就不能用这个方法了?


我们学知识点的时候,学到的优缺点可能有很多条。

考试的话,一般只会让写2条(也有可能是写1条or3条),一般考试不会让我们全部写出来。那我们就挑两个有把握、好写的写出来即可。


Endowment model主要是外包投资,而且Alternative的占比还比较大。基金规模太大主要的影响就是在Alternatives的投资上,因为外部的Alternatives基金经理会对自己的Asset under managet,以及单个客户的基金占比做出一定要求,对于自身资金规模太大的基金,投外部Alternatives基金经理会存在一定限制,因此,从这点上看,规模太大不太适合用Endowment model。

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