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2024-01-23 22:38Canada model 不適合小機(jī)構(gòu)投資者 endowment model 不適合大機(jī)構(gòu)投資者 對(duì)嗎
所屬：CFA Level III > Portfolio Management for Institutional Investors 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個(gè)回答
王蘇云助教
2024-01-25 11:37
該回答已被題主采納
同學(xué)，你好：
The endowment model is difficult to implement for small institutional investors as they might not be
able to access high quality managers. It might also be difficult to implement for very large institutional investors because of their very large footprint.
也就是說，endowment model 對(duì)太小和太大的機(jī)構(gòu)投資者都有一定的實(shí)施缺點(diǎn), 因?yàn)樾⌒蜋C(jī)構(gòu)投資者可能無法獲得高質(zhì)量的管理人員，對(duì)于非常大的機(jī)構(gòu)投資者來說，它也可能很難實(shí)現(xiàn)，因?yàn)樗麄兊馁Y金體量太大了。
canada model由于high allocation to alternatives，對(duì)較小的機(jī)構(gòu)投資者確實(shí)是不適用的。它的缺點(diǎn)主要在于Potentially expensive and difficult to manage.（貴并且難管理）
繼續(xù)加油~
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追問
endowment model 對(duì)太小和太大的機(jī)構(gòu)投資者都有一定的實(shí)施缺點(diǎn), 因?yàn)樾⌒蜋C(jī)構(gòu)投資者可能無法獲得高質(zhì)量的管理人員，這里我有疑問,endowment model 不是outsourcing 的嗎
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追答
同學(xué)，你好：
首先，你說的對(duì)， endowment model 是 外包基金經(jīng)理管理資產(chǎn)。
原版書是這樣描述的：The endowment model is characterized by a high allocation to alternative investments (private investments and hedge funds), significant active management, and externally managed assets.（翻譯一下：另類配置高、主動(dòng)管理、外包）
另外，endowment model 適用于這樣的機(jī)構(gòu)投資者：長期投資，風(fēng)險(xiǎn)容忍度高，相對(duì)較小的流動(dòng)性需求，有能力尋找另類投資。原版書是這樣描述的： The endowment model is appropriate for institutional investors that have a long-term investment horizon, high risk tolerance, relatively small liquidity needs, and skill in sourcing alternative investments (the nature of alternative investments is such that there is large variation between the worst and best performing asset managers, and selecting the right manager is therefore critically important).
你看，如果機(jī)構(gòu)投資者的類型太小，它是很難去找到這樣一個(gè)合適的高質(zhì)量的管理人員的。畢竟找到高質(zhì)量的管理人員，需要時(shí)間、精力、金錢等等因素。所以 endowment model 不適合小型機(jī)構(gòu)投資者。
繼續(xù)加油！
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