证券投资组合课后题及答案.doc

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1、证券投资组合课后题及答案1、9.CFAExaminationLevelIIIMr.Franklinis70yearsofage,isinexcellenthealth,pursuesasimplebutactivelifestyle,andhasnochildren.Hehasinterestinaprivatecompanyfor$90millionandhasdecidedthatamedicalresearchfoundationwillreceivehalftheproceedsnow;itwillalsobetheprimarybeneficiaryofhisestateuponhi

2、sdeath.Mr.Frankliniscommittedtothefoundation’swell-beingbecausehebelievesstronglythat,throughit,acurewillbefoundforthediseasethatkilledhiswife.Henowrealizesthatanappropriateinvestmentpolicyandassetallocationsarerequiredifhisgoalsaretobemetthroughinvestmentofhisconsiderableassets.Currently,thefollowi

3、ngassetsareavailableforuseinbuildinganappropriateportfolio:$45.0millioncash(fromsaleoftheprivatecompanyinterest,netofpending$45milliongifttothefoundation)10.0millionstocksandbonds($5millioneach)9.0millionwarehouseproperty(nowfullyleased)1.0millionFranklinresidence（住宅）$65.0milliontotalavailableassets

4、a.Formulateandjustifyaninvestmentpolicystatementsettingforththeappropriateguidelineswithinwhichfutureinvestmentactionsshouldtakeplace.Yourpolicystatementmustencompassallrelevantobjectiveandconstraintconsiderations.b.Recommendandjustifyalong-termassetallocationthatisconsistentwiththeinvestmentpolicys

5、tatementyoucreatedinParta.Brieflyexplainthekeyassumptionsyoumadeingeneratingyourallocation.答案Atthispointweknow(orcanreasonablyinfer)thatMr.Franklinis:•unmarried(arecentwidower)•childless•70yearsofage•ingoodhealth•possessedofalargeamountof(relatively)liquidwealthintendingtoleavehisestatetoataxexemptm

6、edicalresearchfoundation,towhomheisalsogivingalargecurrentcashgift•freeofdebt(notexplicitlystated,butneitheristheopposite)•inthehighesttaxbrackets(notexplicitlystated,butapparent)•notskilledinthemanagementofalargeinvestmentportfolio,butalsonotacompletenovicesinceheownedsignificantassetsofhisownprior

7、tohiswife’sdeath•notburdenedbylargeorspecificneedsforcurrentincome•notinneedoflargeorspecificamountsofcurrentliquidityTakingthisknowledgeintoaccount,hisInvestmentPolicyStatementwillreflectthesespecifi