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Reference: 2006 Q1 am: The soccer player Serra
The question gives you a portfolio of his personal assets and says that the hired CFA "expects the after-tax nominal annual return for the growth equity portfolio to be 8.5%" (currently, T0, at 40M). (This is the only time it mentions growth of the portfolio)
Serra also has a cash savings and "expects the annual after-tax interest income on his cash savings to be 100,000 at the end of the year."
One of the question asks for to calc the after-tax nominal rate of return that is required during his first year of retirement.
Now after accounting for his cash ins and outs you would divide that net amount by the total investible assets.
1) In regards to the cash savings, I assumed it only happens one time ("at the end of the year") because it is worded like it only happens "that" end of the year. And so it isn't counted as income in T1 (whereas it was calculated as income/cash inflow at T0).
2) Now the growth equity port in the calculation for T0 is 40M and the after-tax return of 8.5% (3.4M) was calculated as a cash inflow for T0. But for T1, it isn't calculated as a cash inflow anymore? Do we assume that the 8.5% growth rate is only for 1 year (T0?) and not yearly? As no where else in the vignette mentions the growth equity port aside from the above statement, is it just standard practice to assume it is only for one year and not ongoing unless otherwise stated?
Or when they are asking you to calculate the return required during his first year of retirement they are asking at the beginning (or during)of the year? and the 8.5% cash inflow from the growth rate is at the end of the year and therefore the "growth" hasn't happened yet whereas as the living and family support expense happens at the beginning/during the year?
Why isn't the growth rate of 8.5% (3.4 M) treated as a income (cash inflow) for T0 and not for T1? |
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发表于 2011-7-11 19:55
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