NO.PZ201909280100001105
问题如下：
With respect to liquidity planning relating to the plan’s new real
estate investment, Gension should recommend that the fund set aside appropriate
funds and invest them in:
选项：
A.100% REITs
100% cash equivalents
80% cash equivalents and 20% REITs
解释：
A is correct. REITs
are most appropriate for funds committed to private real estate investments
since they will have the most similar return and risk characteristics and will
help maintain the strategic asset allocation of the plan. Although cash
equivalents have less volatility over a short-term horizon, they are less
likely to meet the plan’s long-term return objectives.
B is incorrect
because the opportunity cost of being out of the markets over the next few
years during the capital call period makes cash equivalents an inappropriate
investment. Although cash equivalents have lower volatility, which is often
desirable over a short-term period, they will not help the plan meet its
long-term return objectives.
C is incorrect
because, although REITs will have the return and risk characteristics most
similar to private real estate, a 20% allocation is not large enough to achieve
the plan’s long-term return objectives. The 80% allocation to cash equivalents
will greatly affect the return, making the plan less likely to meet the
long-term return objectives.
我的理解是，要投资房地产，但是需要分批call进资金，所以要找个地方set aside还没call的资金。
一、我对于题干的理解是否正确？
二、如果正确，并没有出现对return的要求，完全是liquidity的要求，不应该选cash equivalent吗？看了之前问题的回答，老师说考虑return要求选reits，请问哪里能看出return要求？
