張同學(xué)
2024-08-01 11:41老師，這道題需要答哪些bullet point呢，答案寫的太晦澀了
所屬：CFA Level III > Trading, Performance Evaluation, and Manager Selection 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個回答
開開助教
2024-08-02 10:30
該回答已被題主采納
同學(xué)你好，這題問哪個投資工具最適合C。根據(jù)C的IPS，他對于低流動性有一些容忍度，對管理費有中等敏感度，對closet indexing高度敏感。因此這位投資者最不能接受的是closet indexing，即宣稱是主動基金，但其實只是被動跟蹤指數(shù)。
因為mutual fund的有規(guī)模粘性，只要上了一定AUM后，即使基金收益率下降投資者也不太愿意贖回，因此很可能會導(dǎo)致基金經(jīng)理慢慢疏于主動管理，采用低成本的closet indexing。有業(yè)績激勵的Open-end fund就能有效激勵基金經(jīng)理采取主動管理，提高收益。而沒有激勵費的closed-end fund更有可能采用closet indexing。雖然Open-end fund流動性比closed-end fund稍差，但也是每日可以申贖的，C又對低流動性有一定的容忍度，因此是可以接受的。相比之下，hedge fund流動性是三者中最差的，而且soft lock意味著如果贖回需要支付贖回費，與C的IPS要求不符。因此有業(yè)績激勵的Open-end fund最為合適。
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追答
答案可以寫如下幾點：
Open-end funds with an incentive fee are the most appropriate .
Circue’s IPS indicates some tolerance for lower liquidity, a moderate sensitivity to management fees, and a heightened sensitivity to closet indexing.（這個文中直接復(fù)制即可）
Although open-end fund is less liquid than closed-end fund, it still offers daily liquidity.
Hedge fund with a soft lock is the most illiquid and has the highest fee level among the three investment vehicles, therefore it is not suitable.
An incentive fee can motivate manager to work harder to improve performance rather than to be closet indexing.
Therefore close-end fund without incentive fee are less motivated, and less appropriate than open-end funds with an incentive fee due to Circue's heightened sensitivity to closet indexing.
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