郭同学2022-04-27 14:59:42
reading26原版书example9的第一小题,b选项为什么不对? Which of the following portfolios is most likely to use a liability-based benchmark? A A portfolio managed for a private client with a goal of capital appreciation B An intermediate-duration fixed-income portfolio managed for a defined benefit pension fund C The total portfolio for a defined benefit pension fund with an asset allocation of 80% fixed income/20% equity
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开开2022-04-27 16:39:04
这题问哪个组合适合使用liability based benchmark。
liability based benchmark适用于那些未来有现金流支出需求的组合,比如pension fund未来需要给退休人员支付养老金,因此它需要选择一个未来现金流和它未来的liability匹配的benchmark来评判它的表现。
B选项是某个pension fund的中的一个中期固定收益组合,对它自己而言就是asset only的,不存在未来的liability,也不适合。它用中期债券指数作为基准更合适。
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