第1页共35页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第1页共35页更多资料请访问.(.....)证券投资组合课后题及答案1、9.CFAExaminationLevelIIIMr.Franklinis70yearsofage,isinexcellenthealth,pursuesasimplebutactivelifestyle,andhasnochildren.Hehasinterestinaprivatecompanyfor$90millionandhasdecidedthatamedicalresearchfoundationwillreceivehalftheproceedsnow;itwillalsobetheprimarybeneficiaryofhisestateuponhisdeath.Mr.Frankliniscommittedtothefoundation’swell-beingbecausehebelievesstronglythat,throughit,acurewillbefoundforthediseasethatkilledhiswife.Henowrealizesthatanappropriateinvestmentpolicyandassetallocationsarerequiredifhisgoalsaretobemetthroughinvestmentofhisconsiderableassets.Currently,thefollowingassetsareavailableforuseinbuildinganappropriateportfolio:$45.0millioncash(fromsaleoftheprivatecompanyinterest,netofpending$45milliongifttothefoundation)10.0millionstocksandbonds($5millioneach)9.0millionwarehouseproperty(nowfullyleased)1.0millionFranklinresidence（住宅）$65.0milliontotalavailableassetsa.Formulateandjustifyaninvestmentpolicystatementsettingforththeappropriateguidelineswithinwhichfutureinvestmentactionsshouldtakeplace.Yourpolicystatementmustencompassallrelevantobjectiveandconstraintconsiderations.b.Recommendandjustifyalong-termassetallocationthatisconsistentwiththeinvestmentpolicystatementyoucreatedinParta.Brieflyexplainthekeyassumptionsyoumadeingeneratingyourallocation.答案Atthispointweknow(orcanreasonablyinfer)thatMr.Franklinis:•unmarried(arecentwidower)•childless•70yearsofage•ingoodhealth•possessedofalargeamountof(relatively)liquidwealthintendingtoleavehisestatetoataxexemptmedicalresearchfoundation,towhomheisalsogivingalargecurrentcashgift•freeofdebt(notexplicitlystated,butneitheristheopposite)•inthehighesttaxbrackets(notexplicitlystated,butapparent)•notskilledinthemanagementofalargeinvestmentportfolio,butalsonotacompletenovicesinceheownedsignificantassetsofhisownpriortohiswife’sdeath•notburdenedbylargeorspecificneedsforcurrentincome•notinneedoflargeorspecificamountsofcurrentliquidityTakingthisknowledgeintoaccount,hisInvestmentPolicyStatement此资料来自：.（....）联系电话：020-.值班手机：13726808999提供50万份管理资料下载3万集企业管理资料下载1300GB高清管理讲座硬盘拷贝第2页共35页第1页共35页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第2页共35页willreflectthesespecifics:Objectives:ReturnRequirements:Theincidentalthrow-offofincomefromMr.Franklin’slargeassetpoolshouldprovideamorethansufficientflowofnetspendableincome.Ifnot,suchaneedcaneasilybemetbyminorportfolioadjustments.Thus,aninflation-adjustedenhancementofthecapitalbaseforthebenefitofthefoundationwillbetheprimaryreturngoal(i.e.,realgrowthofcapital).Taxminimizationwillbeacontinuingcollateralgoal.RiskTolerance:Accountcircumstancesandthelong-termreturngoalsuggestthattheportfoliocantakesomewhataboveaveragerisk.Mr.Franklinisacquaintedwiththenatureofinvestmentriskfromhispriorownershipofstocksandbonds,hehasastilllongactuariallifeexpectancyandisingoodcurrenthealth,andhisheir-thefoundation,thankstohisgenerosity-isalreadypossessedofalargeassetbase.Constraints:TimeHorizon:EvendisregardingMr.Franklin’sstill-longactuariallifeexpectancy,thehorizonislong-termbecausetheremainderofhisestate,thefoundation,hasavirtuallyperpetuallifespan.LiquidityRequirement:Givenwhatweknowandtheexpectat...
