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小乔 · 2022年04月03日

题目中要求 low overhead costs and minimizing taxes

  1. CFA III
  2. Alternative

NO.PZ2021060201000024

问题如下：

Johnson is Zhou's investment consultant, a relatively small investment manager company（the company）， their return targets are moderate. Therefore，two key investment considerations for zhou are keeping low overhead costs and minimizing taxes in the portfolio. Zhou has been reluctant to incur the costs of in-house investment resources.Johnson discusses with zhou its goal of diversifying the company’s portfolio to include alternative assets. And the portfolio is meeting the company’s liquidity needs. Johnson proposes the following three investment vehicles for further review:

· Funds of funds (FOFs)

· Separately managed accounts (SMAs)

· Undertakings for collective investment in transferable securities (UCITS)

Determine the investment vehicle that best fits the alternative asset class proposed by the company. Justify your response.

选项：

解释：

FOF 是 the company 最合适的投资工具。

• FOF 将允许公司与其他投资者共同投资另类投资机会，否则the company可能因规模太小而无法参与。

• 不需要内部团队来审查和维护使用外部经理的 FOF。

• the company不太可能满足 SMA 的非常高的最低投资要求，这也可能需要更多的内部投资资源。

• the company不需要UCITS 更高的流动性，UCITS 对于the company规模相对较小的投资组合而言，风险/回报的吸引力较低。

FOF 是 the company 最合适的投资工具。该工具允许the company 与其他投资者共同投资，以参与其他投资机会，否则其规模太小而无法参与。由于该投资工具使用外部经理，因此不需要内部专家团队（in-house team）来审查和维护 FOF 的投资类型。

SMA 可用于某些大型投资组合，例如大型家族办公室或基金会的投资组合，但 the company 不太可能满足非常高的最低投资要求。这种类型的投资给投资者带来了更大的运营挑战；因此，SMA 可能需要更多的内部投资资源。 UCITS 不太适合 the company，因为the company是中型（而非小型）投资者，其流动性需求正在得到满足。 the company 应该投资于流动性较低、风险/回报更具吸引力的工具。此外，UCITS 有监管限制，使基金经理更难实施所需的投资策略。



1.minimizing taxes没有考虑？ 这几个策略里 的tax怎么考虑


2.对于第三个策略 UITS还不是很了解。


3.这类知识点容易考主观题吗？感觉这里 好难写英语

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2 个答案
已采纳答案

伯恩_品职助教 · 2022年04月05日

嗨，从没放弃的小努力你好：


1.minimizing taxes没有考虑？ 这几个策略里 的tax怎么考虑——这三个投资工具得税收方面没有太大得区别，不过理论上来说SMAs是可以在亏损得情况下帮助抵免其它得损失，但是这里要求得是这笔钱得最小话损失。所以这里不需要考虑这个问题，。


2.对于第三个策略 UITS还不是很了解。——这个是欧洲推行可以让中小投资者参与另类投资工具，有毕竟好的监管，但是限制会多，可能会影响很多投资，这样可能影响收益。


3.这类知识点容易考主观题吗？感觉这里 好难写英语——是有可能的，另类这边确实很难，很细碎的各种知识点。非常麻烦，而且表达很痛苦。很多人都吐槽另类是三级最难学的学科

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努力的时光都是限量版，加油！

伯恩_品职助教 · 2022年04月07日

嗨，爱思考的PZer你好：


• An FOF would allow the company to co-invest with other investors in alternative investment opportunities for which the company might otherwise be too small to participate.

• An in-house team would not be necessary to review and maintain an FOF, which uses an outside manager.

• The company is unlikely to meet the very high minimum investment of an SMA, which may also require enhanced in-house investment resources.

• The company does not need the higher liquidity of UCITS, which have a less attractive risk/return profile for the company’s relatively small-sized portfolio. An FOF is the most appropriate investment

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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