ShirleyWan
2022-06-06 03:16L3V5, P44. Which fund in general has a longer investment horizon and less liquidity need in the short-term, saving fund or pension reserve fund? If the saving fund has a longer investment horizon, why is it more reserved by investing more in the bond?
所屬：CFA Level III > Portfolio Management for Institutional Investors 視頻位置 相關(guān)試題
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1個(gè)回答
Chris Lan助教
2022-06-06 15:38
該回答已被題主采納
同學(xué)您好
saving fund 和pension reserve fund的投資期限都是長(zhǎng)期。但是流動(dòng)性需求來(lái)說(shuō)，saving fund是最低的，而pension reserve fund流動(dòng)性需求根據(jù)不同階段而定，累積階段較低，提取階段較高。
saving fund投資期限長(zhǎng)，可以投資一些流動(dòng)性差的資產(chǎn)，比如說(shuō)股權(quán)和另類。從這段表述來(lái)看，saving fund不會(huì)大量投資債券。債券相對(duì)來(lái)說(shuō)風(fēng)險(xiǎn)要低于股票和另類，因此投資債券，可以理解為更加厭惡風(fēng)險(xiǎn)，更加保守。
Because of their long-term horizons, savings funds invest in risky and illiquid assets, including equities and a wide range of alternative investments. Of course, savings funds should avoid investing in assets highly correlated with the non-renewable resources from which the government is trying to diversify.
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