标题: Reading 25: Asset Allocation－LOS d [打印本页]
作者: tycoon 时间: 2008-9-17 10:34 标题: [2008] Session 7－Reading 25: Asset Allocation－LOS d
CFA Institute Area 3-5, 7, 12, 14-18: Portfolio Management
Session 7: Asset Allocation
Reading 25: Asset Allocation
LOS d: Contrast the asset-only and asset/liability management (ALM) approaches to asset allocation.
作者: tycoon 时间: 2008-9-17 10:35
Mark Zedon, a financial consultant prepares a strategic asset allocation for his client based on the clients risk/return preferences. This approach to strategic asset allocation is called the:
| A) | investment policy statement approach. |
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| D) | efficient frontier approach. |
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Answer and Explanation
Because the consultant only takes into account the investors risk and return preferences, he is using the asset only approach to strategic asset allocation.
作者: tycoon 时间: 2008-9-17 10:35
The investment committee of a life insurance company recommends a strategic asset allocation for the company based on the projected policy premium inflows and payouts along with long-term capital market expectations. This approach to strategic asset allocation is known as the:
A) | asset-liability approach. |
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| B) | investment policy statement approach. |
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| D) | efficient frontier approach. |
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Answer and Explanation
Because the committee takes into account the companys inflows and outflows (liabilities), the approach is called the asset-liability approach to strategic asset allocation.
作者: tycoon 时间: 2008-9-17 10:36
Which one of the following most closely matches an advantage of the asset-liability approach over the asset only approach to strategic asset allocation?
| A) | Liabilities and assets are highly correlated. |
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| B) | Foreign exchange risk is minimized. |
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| C) | Asset classes have different systematic risk exposures. |
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D) | Liability funding is more accurately controlled. |
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Answer and Explanation
The asset-liability approach to strategic asset allocation is desirable because liabilities are more accurately controlled.
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