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10232019-07-04 16:27:45

It manages part of the equity portfolio in-house and delegates management of the balance to super trust company.as chief investment officer, you want to review the performance of the in-house and super trust portfolios over the last four quarters. you have arranged for outflows and inflows to the portfolios to be made at the very beginning of the quarter. Table 5 summarizes the inflows and outflows as well as the two portfolios' valuations. In the table, the ending value is the portfolio's value just prior to the cash inflow or outflow at the beginning of the quarter.The amount invested is the amount each portfolio manager is responsible for investing. 题目中最后两句没读懂,每季度的终值是ending value,初值为什么是amount invested而不是beginning value或beginning of period inflow(outflow)?

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Irene2019-07-05 17:48:40

同学你好。
这里其实说的是现金流发生在期初的情况。比如说in-house account在第一季度初。BV=4million,然后立刻发生了1million的现金流入,也就是在期初的时候,除了4 million的期初投资之外,另外又收到1 million,所以第一期期初的PV=4+1=5million 
这里的5 million才是真正投资者投入的钱,所以叫amount invested

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