"Portfolio Management": An Overview

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來源: 正保會計網校編輯：小鞠橘桔 2020/10/13 09:25:32　字體：大小

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Questions 1:

In the context of strategic asset allocation, adding asset classes with low correlation will most likely improve a portfolio’s risk–return trade-off as long as the stand-alone risk of the added asset class:

A 、does not exceed its diversification effect.

B 、equals its diversification effect.

C、 exceeds its diversification effect.

Questions 2:

Which of the following is most likely a part of the feedback step in the portfolio management process?

A、 Performance measurement

B、 Developing the investment policy statement

C、 Portfolio construction

View answer resolution

【Answer to question 1】A

【analysis】

A is correct. In general, adding assets classes with low correlation improves the risk–return trade-off as long as the stand-alone risk of the added asset class does not exceed its diversification effect.

B is incorrect because adding assets classes with low correlation will only improve the risk–return trade-off if the stand-alone risk of the added asset class does not exceed its diversification effect.

C is incorrect because adding assets classes with low correlation will only improve the risk–return trade-off if the stand-alone risk of the added asset class does not exceed its diversification effect.

【Answer to question 2】A

【analysis】

A is correct. Performance measurement, along with portfolio monitoring and rebalancing, is part of the feedback loop.

B is incorrect. Developing the investment policy statement is part of the planning step.

C is incorrect. Portfolio construction is part of the execution step.

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