老师，您好，这道题怎么算呀，为啥growth rate乘了这么多次，distribbution是默认基于年末资产来计算吗？谢谢啦/题目内容Calixto reviews the endowment’s future liquidity requirements and analyzes one of its holdings in a private distressed debt fund. He notes the following about the fund: As of the most recent year end: The NAV of the endowment’s investment in the fund was €25,000,000. All capital had been called. At the end of the current year, Calixto expects a distribution of 18% to be paid. Calixto estimates an expected growth rate of 11% for the fund. Q. Calculate the expected NAV of the fund at the end of the current year.

第6题，考虑structural risk情况下，大前提还是Macaulay duration约等于benchmark对吗？如果duration不接近，即使convexity最小也不能选

第3题，债券组合的ytm和irr不应该是相等吗？都是持有到期

老师，您好，怎么理解Risk factor-based 更robust以下是题目，谢谢啦/题目In order to explain the new strategic asset allocation to the investment committee, Kroll asks Park why a risk factor-based approach should be used rather than a mean–variance-optimization technique. Park makes the following statements: Statement 3 Risk factor-based approaches to asset allocation produce more robust asset allocation proposals. Statement 4 A mean–variance optimization typically overallocates to the private alternative asset classes due to stale pricing.

第4问，选项c，shift时两者变化一样，因为相同duration，但twist时B的保护好于C吧？因为B的convexity更小

第3问，1. cash flow yield是什么？2. BPV的定义是MD*P*1bps吗？做题的时候可以近似理解为PVA对吗

第5问，视频解析中说明假设1、2、3分别对应model, credit, counter-party risk，为什么这题只选model risk呢？

考试时，固收和衍生这两章，定量和定性题目哪个占比更高呢？

第一问为什么只获得本国无风险收益率？

老师好，第三题的英文解析中的BBB和BB债券的计算，没有明白。 例如 BBB的 E（excess spread），应该近似于 1.75%-6*0.1%-0.75%=0.4% ， 为什么结果是-0.005%？