CFA论坛 - Powered by Discuz! Board

标题: Reading 28:Managing Institutional Investor Portfolios- LO [打印本页]

作者: wzaina 时间: 2009-3-5 11:17 标题: [2009] Session 5 - Reading 21: Managing Institutional Investor Portfolios- LO

Q25. Erica Turner is a trustee of the Turner Endowment Fund at Newsome College. The fund provides scholarships to students that demonstrate high achievement in the classroom that went to high school in Mississippi. The endowment has assets of $4 million. As the founder of the endowment, Turner would like to insure that at least 10 tuition scholarships are offered annually. Tuition at Newsome College is $18,000 annually, and expected to increase by 4% long-term. Inflation is expected to be 2% into the foreseeable future.

Because Turner is an investment professional, she volunteered to evaluate potential investment policies for the endowment.

Proposed Plan	A	B	C	D
Return Requirement	Endowment objective is to outperform relevant benchmark by 100 bps	Match relevant benchmarks	11%	9%
Risk Tolerance	Very high	Moderate	Low	Very Low
Time Horizon	Infinite	Annual	Turner’s lifetime	4 years
Liquidity	Very high	Low	High	Moderate
Tax Limitations	None	Tax Exempt	Munis	Unrelated Business Income Tax (UBIT)
Regulatory & Legal	ERISA	None	Very Few	Eligible Investments
Unique Circumstances	Not applicable to endowments	Structure of board	Asset/Liability matching	Financial status of college

The current asset allocation of the Turner Endowment for Newsome College is shown below:

Asset Allocation
	Current Allocation	Expected Return	Expected Standard Deviation
Treasury bills (t-bills)	11%	2%	0%
Intermediate bonds	30%	7%	12%
Long-term bonds	14%	9%	15%
High yield bonds	5%	10%	18%
Large cap stocks	20%	12%	20%
Small cap stocks	20%	15%	30%
	100%

Based on Turner’s wishes for the endowment, what college spending rule would best suit her specific needs?

A) Rolling 3-year average spending.

B) Inflation plus.

C) Geometric spending.

Q26. Based on the information provided above, which policy statement has the appropriate language for the endowment’s investment policy statement with respect to liquidity?

A) Plan C.

B) Plan D.

C) Plan B.

[此贴子已经被作者于2009-3-5 11:19:56编辑过]

作者: pundit 时间: 2009-4-23 20:04

a

作者: miguelliu 时间: 2009-4-26 10:55

 s

作者: zhouyp1982 时间: 2009-4-26 19:39

 r

作者: mashanghao 时间: 2009-5-24 15:06

thanks

作者: dandinghe4748 时间: 2009-11-16 09:28

ok

作者: jrxx99 时间: 2009-12-29 10:53

踩踩踩踩踩踩才

作者: 1212jo 时间: 2010-1-3 15:25

V

作者: szg333 时间: 2010-1-17 14:54

K

作者: leeyaoxee 时间: 2010-4-14 08:57 标题: 回复：（wzaina）[2009] Session 5 - Reading 21: Man...

Thanks.

作者: 思霖 时间: 2010-9-27 11:53

Thanks!

作者: maxsimax 时间: 2011-4-25 09:35

tq

作者: suodi 时间: 2011-5-13 16:38

[em50]

作者: deqiang 时间: 2011-5-13 22:44

thanks.

作者: deqiang 时间: 2011-5-20 23:04

thanks.

作者: rawrdinosaur 时间: 2011-5-24 10:49

ty

作者: rawrdinosaur 时间: 2011-5-24 11:02

ty

欢迎光临 CFA论坛 (http://forum.theanalystspace.com/)