"Portfolio Management":asset allocation
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Questions 1:
With respect to the portfolio management process, the execution step most likely includes:
A 、portfolio monitoring.
B 、asset allocation.
C、 developing the investment policy statement.
Questions 2:
If Investor A has a lower risk aversion coefficient than Investor B, on the capital allocation line, will Investor B’s optimal portfolio most likely have a higher expected return?
A 、Yes
B 、No, because Investor B has a higher risk tolerance
C、 No, because Investor B has a lower risk tolerance
B is correct. Asset allocation is part of the execution step of the portfolio management process. The execution step also includes security analysis and portfolio construction.
A is incorrect. Portfolio monitoring is part of the feedback step of the portfolio management process.
C is incorrect. Preparation of an investment policy statement is part of the planning step of the portfolio management process.
C is correct. Investor B has a higher risk aversion coefficient, thus a lower risk tolerance and a lower expected return on the capital allocation line.
A is incorrect. Investor A has a higher expected return on the capital allocation line.
B is incorrect. Investor B has lower risk tolerance.
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