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1、Question:1Topic:IndividualPMMinutes:20ReadingReferences:10.tfcManagingIndividualInvestorPortfbIioSJCh.2,ManagingInvestmentPortfolios:ADynamicProcess,3rdedition,JamesW.Bronson,MatthewH.Scanlan,andJanR.Squires(CFAInstitute,2007).1.OS:2013-III-4-10-j-m10.tfcManagingIndividualInvestorPortfbliosThecandid
2、ateshouldbeableto:a)discusshowsourceofwealth,measureofwealth,andstageoflifeaffcctanindividualinvestorsrisktolerance;b)explaintheroleofsituationalandpsychologicalprofilinginunderstandinganindividualinvestor;c)comparethetraditionalfinanceandbehavioralfinancemodelsofinvestordecisionmaking;d)explainthei
3、nfluenceofinvestorpsychologyonrisktoleranceandinvestmentchoices;e)explaintheuseofapersonalitytypingquestionnaireforidentifyinganinvestor*spersonalitytype;f)compareriskattitudesanddecision-makingstylesamongdistinctinvestorpersonalitytypes,includingcautious,methodical,spontaneous,andindividualisticinv
4、estors;g)explainthepotentialbenefits,forbothclientsandinvestmentadvisers,ofhavingaformalinvestmentpolicystatement;h)explaintheprocessinvolvedincreatinganinvestmentpolicystatement;i)distinguishbetweenrequiredreturnanddesiredreturnandexplaintheimpactthesehaveontheindividualinvestorsinvestmentpolicy;j)
5、explainhowtosetriskandreturnobjectivesforindividualinvestorportfoliosanddiscusstheimpactthatabilityandwillingnesstotakeriskhaveonrisktolerance;k)discusseachofthemajorconstraintcategoriesincludedinanindividualinvestorsinvestmentpolicystatement;I)formulateandjustifyaninvestmentpolicystatementtoranindi
6、vidualinvestor;m)determinethestrategicassetallocationthatismostappropriateforanindividualinvestorsSPeCifiCinvestmentobjectivesandconstraints;n)compareMontcCarloandtraditionaldeterministicapproachestoretirementplanningandexplaintheadvantagesofaMonteCarloapproach.Question:1Topic:IndividualPMMinutes:20
7、GuidelineAnswer:PartARequiredAfter-taxRateofReturnCalculationCashNeedNeXtYearTotalexpenseslastyear300,000x(1+Inflationrate)L025Totalexpensesnextyear307,500Lessaftcr-taxretirementincome125,000x(1-0.30)87,500Netcashneedincomingyear220,000InvestableAssetsNetfromSaleofBusinessGrossproceedsfromsale10,000
8、,000Taxratedueonsale15%Netfromsaleofbusiness8,500,000CurrentInvestmentPortfolio2,500,000TotalInvestableAssets11,000,000Requiredftcr-taxRateofReturnCashNeed220,000InvestableAssets11,000,000RealRequiredAfter-taxRateofReturn2.00%NominalRequiredAfter-taxRateofReturn(2.0%+Inflationof2.5%)=4.50%Or,geometr
9、icreturnof4.55%(1.02x1.025-1)Question:1Topic:IndividualPMMinutes:20ALTERNATEANSWERRemovetheUSD250,000cashreservefromtheinvestableassetbase,reducingtheinvestableassetbasetoUSD10,750,000.Thisresultsin:RealRequiredAfter-taxRateofReturn(220,000/10,750,000)=2.05%NominalRequiredAfter-taxRateofReturn(2.05%
10、+Inflationof2.5%)=4.55%Or,geometricreturnof4.60%(1.0205x1.025-1)PartBFactorsthatindicatetheVoorts*abilitytoassumeriskisaboveaverage:Theyarerelativelyyoungandhavealongtimehorizon,sotheyarelikelytohavetimetorecoverfromanyunanticipatedadversefinancialevent.Theyhaveasubstantialassetbaserelativetotheirsp
11、endingneeds.Thecouplehasrelativelystablespendinghabitsanddoesnotexpectanysignificantcashoutflowsinthefuture.Theyownahomeandhavenodebt,sothehomecouldbesoldorborrowedagainstifcashisneeded.Theyarerelativelyyoungandhavetheabilitytoseekemploymentifnecessary.PartCTheliquidityrequirementfortheVoortsintheco
12、mingyearhastwocomponents:netcashneedsforlivingexpensesandanemergencyreserve.Thcirannualexpensesarcestimatedtoincreasebyinflationof2.5%(USD300,000lastyearX1.025=USD307,500).Retirementincomeisreducedbytaxesof30%(USD125,000x(1-0.30)=USD87,500).ThenetcashneedforexpensesisthusUSD220,000.Inaddition,theVoo
13、rtswanttoestablishandmaintainacashreserveofUSD250,000.Therefore,theVoorts,totalliquidityrequirementforthenextyearisUSD470,000(USD220,000+USD250,000).PartDThenvtappropriateportfoliofortheVoortsmustmeetthefollowingrequirements:1.Realafter-taxreturnof3.5%ormore(pre-taxreturn(1-taxrate)-inflationrate)2.
14、Shortfallriskofnolowerthan-10%inanyoneyear(equaltonominalpre-taxexpectedreturnminustwotimesstandarddeviation)Question:1Topic:IndividualPMMinutes:20Thefollowinganalysisshowswhethereachportfoliomeets(pass/fail)thespecifiedreturnandriskrequirements:PortfolioXReturnObjective:Realafter-taxreturn:9.3%X(I-
15、30%)-2.5%=4.0%3.5%;passShortfallriskconstraint:Shortfallrisk:9.3%-(211.0%)=-12.7%-10.0%;failPortfolioYReturnObjective:Realafter-taxreturn:8.4%(1-30%)-2.5%=3.4%3.5%;failShortfallriskconstraint:Shortfallrisk:8.4%-(28.7%)=-9.0%3.5;passShortfallriskconstraint:Shortfallrisk:8.8%-(29.3%)=9.8%-10.0%;passPorfolioXdoesnotmeettheshortfallriskconstraintandPortfolioYdoesnotmeetthereturnobjective.PortfolioZistheonlyoneofthethreeproposedportfoliosthatmeetsboththereturnobjectivea
