"Portfolio Management": the stand-alone risk

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來源: 正保會計網校編輯：大耳朵圖圖 2020/09/10 13:52:38　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:

You are preparing an investment policy statement for a client who manages her own successful marketing consultancy. Her annual income is approximately $500,000. She describes herself as a finance novice. Most of her savings are invested in bank term deposits and short-term government securities. In her responses to the standard risk assessment questionnaire, she strongly agrees with the statements that she "feels more comfortable putting money in a bank account than in the stock market." Also, she "thinks of the word 'risk' as being a 'loss'". Based on this information, your client's ability and willingness to take risk can best be described as:

A. high ability and low willingness.

B. high ability and willingness.

C. low ability and high willingness.

View answer resolution

【Answer to question 1】（A）

【analysis】

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.

【Answer to question 2】（A）

【analysis】

Although the client owns a successful business and has a high income, she exhibits above-average risk aversion, indicating that her ability to take risk is high but her willingness to take risk is low.

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