"Portfolio Management":An Overview

来源: 正保会计网校编辑：小鞠橘桔 2020/11/17 09:19:38　字体：大小

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Questions 1:

A 35-year-old financial analyst expects to retire at the age of 65 and is interested in investing to fund her retirement. She describes herself as being financially astute with average risk tolerance. Which asset class is least likely to be suitable for a majority allocation in her portfolio to meet her retirement needs?

A、 Long-term bonds

B、 US Treasury bills

C 、Exchange-listed equities

Questions 2:

Which of the following is least likely true for a separately managed account (SMA) compared with a mutual fund?

A 、Assets are directly owned by the individual.

B、 The minimum investment required to open a SMA is lower than that of a mutual fund.

C 、Transactions can be tailored to the specific tax needs of the investor.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. The investor has a 30-year time horizon and average risk tolerance, so she is able to accept the additional risk associated with exchange-listed equities and long-term bonds compared with US Treasury bills.

A is incorrect because the investor has a 30-year time horizon and average risk tolerance, so she is able to accept the additional risk associated with long-term bonds compared with US Treasury bills.

C is incorrect because the investor has a 30-year time horizon and average risk tolerance, so she is able to accept the additional risk associated with exchange-listed equities compared with US Treasury bills.

【Answer to question 2】B

【analysis】

B is correct. The minimum investment required to open a separately managed account is usually much higher than that to open a mutual fund.

A is incorrect because SMA assets are directly owned by the individual. The investor has control over which assets are bought and sold as well as the timing of the transactions.

C is incorrect because SMA transactions can be tailored to the specific tax needs of the investor.

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