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徐威廉 · 2022年05月03日

除了排除法以外

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ201710200200000107

问题如下：

7. Based on Exhibit 1, which portfolio best meets the Laws’ goal to fund an endowment for their alma mater?

选项：

A.

Portfolio 1

B.

Portfolio 2

C.

Portfolio 3

解释：

B is correct.

Portfolio 2 best meets the Laws’ goal to fund an endowment for their alma mater in 20 years. In present value terms, the gift is valued at $500,000, with the Laws desiring a high probability of achieving this goal. Although slightly more conservative than the 75/25 global equity/bond mix, Portfolio 2 has a greater growth emphasis compared with Portfolios 1 and 3. Therefore, Portfolio 2 is best for funding the endowment at their alma mater given the goal’s long-term horizon and the Laws’ desire for a high probability of achieving it.

考点：goal-based approach

解析：投资期：20 years，长期。实现目标的程度：high probability（与education expense的very strong desire相比，程度略低）。

因为投资期长，所以cash占比可以放低：portfolio 1 cash占比35%偏高，排除。

因为实现目标的程度高，但不是非要满足，所以可以承担一些风险。Portfolio 2和3的差别不仅仅只有diversifying strategy，还有fixed income和global equities。发现portfolio 2的FI占比低，GE占比很高，虽然diversifying strategy略低于portfolio 3，但是由于投资了大量的股票，所以portfolio 2整体上更有成长空间。

除了解析给的排除法以外，有什么固定的套路吗？

例如优先看cash还是优先看cash和fixed income加一起总会低，发展增值前景大；

再看global equity 和Hedge fund单独还是加一起的综合？

解析给的很模糊，下次做题肯定还错

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lynn_品职助教 · 2022年05月05日

嗨，努力学习的PZer你好：


除了解析给的排除法以外，有什么固定的套路吗？

同学，CFA考试有没有套路呢？我们做多了题，其实确实是能感觉到，CFA是有一套自己的逻辑的，但是三级考察知识点更深入更灵活，它的“套路”不是固定的判断方式，而是一些比较特殊的表述，因此我们一定要从题目中找信息点。

best meets the Laws’ goal to fund an endowment for their alma mater

这道题的重点不再是大学学费支出，我们来看2和3的区别，第一点题目中“Raya concludes that a portfolio of 75% global equities and 25% bonds”，给出了一个75/25的参考。其次这里的Hedge funds虽然一般意义上是高收益，但是分类写的是diversifying strategies，说明是更偏向于分散化风险，上面两点都能解释，GE更高的2明显更适合成立母校基金会的目标。

读题，找到依据，就不会觉得模糊，下一次也能答对。

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