By Schweser Kaplan
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Additional info for Schweser Notes, 2011 CFA Exam, Level 3- Book 2 – Institutional Investors, Capital Market Expectations, Economic Concepts, and Asset Allocation
The plan’s time horizon is long term. Assuming a retirement age of 65 and an average age of 43, the average employee will work another 22 years. Unless stated otherwise, we assume a perpetual life for the plan. Professor’s Note: Visualize passage of each of the next twenty years. As each year passes some employees retire, but it will take over 20 years for half of the currently active employees to do so. 0. For the Exam: Average can be a relative term. In this case, it implies a comparison to pension plans of firms in comparable industries.
The primary objective is earning a positive interest rate spread. As such, the bank could employ an ALM (surplus) efficient frontier as discussed in Study Session 8. ©2010 Kaplan, Inc. k: Contrast investment companies, commodity pools, and hedge funds to other types of institutional investors. For the Exam: Whenever you see an LOS asking you to compare or contrast, be ready for statements on the exam made by analysts, portfolio managers, etc. You will be asked to indicate whether you agree or disagree with the statement and then explain your answer (if you disagree).
A capital gains focus when the fund has low liquidity needs and younger workers. An income focus (duration matching) when there are high liquidity needs and older workers. Private foundations must generate 5% plus management expenses plus inflation. Total return is appropriate. Total return Fixed-income Return is approach. segment: determined The return “spread by the cost objective management” of funds. must be and actuarial Primarily balanced assumptions. concerned Equity between a with earning Surplus segment: grow need for a positive high current segment: capital the surplus/ interest rate gains.
Schweser Notes, 2011 CFA Exam, Level 3- Book 2 – Institutional Investors, Capital Market Expectations, Economic Concepts, and Asset Allocation by Schweser Kaplan