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1、Question:1Topic:PortfolioManagement-IndividualMinutes:26Questions1and2relatetoPatriciaandAlexanderTracy.Atotalof35minutesisallocatedtothesequestions.Candidatesshouldanswerthesequestions加theorderpresented.QUESTION1HASFOURPARTS(A,B,C,D)FORATOTALOF26MINUTES.PatriciaandAlexanderTracy,bothage59,arereside
2、ntsofCanada.Theyhavetwinsonswhowillenterafour-yearuniversityprograminoneyear.Patriciaisalong-timeemployeeofatelecommunicationscompany.Alexanderisaself-employedsalesconsultant.Alexandersannualincomeisnowsteadyafteryearsofextremehighsandlows.TheTracyshavebuiltaninvestmentportfoliothroughsavinginAlexan
3、dershighincomeyears.TheTracys,currentannualincomeisequaltotheirtotalexpenses;asaresult,theycannotaddtosavingscurrently.Theyexpectthatboththeirexpensesandincomewillgrowattheinflationrate.Allmedicalcosts,nowandinthefuture,arefullycoveredthroughgovernmentprograms.TheTracysworryaboutwhethertheyhavesaved
4、enoughforretirement,andwhethertheywillbeabletomaintaintherealvalueoftheirportfolio.Inflationisexpectedtoaverage4%fortheforeseeablefuture.TheTracyshaveapproachedDancnBriscoctohelpthemanalyzetheirinvestmentstrategyandretirementchoices.TheTracysdisagreeabouttheappropriateinvestmentstrategy.Patriciapref
5、ersnotlosingmoneyovermakingahighreturn.Thisispartlyaresultofcontinuingregretforalossexperiencedinanequitymutualfundseveralyearsago.AlexandershistoryofmakingfrequentchangesintheirportfoliogreatlyannoyedPatricia.ShethinksAlexanderfocusedonlyonpotentialreturnandpaidlittleattentiontorisk.TheTracyscurren
6、tlyhavealltheirassetsininflation-indexed,short-tenbondsthatareexpectedtocontinuetoearnareturnthatwouldmatchtheinflationrateaftertaxes.Afterretirement,theyarewillingtoconsiderchangingtheirinvestmentstrategyifnecessarytomaintaintheirlifestyle.TheTracysarceligibletoretirenextyearatage60.Iftheydo,Patric
7、iawillreceiveannualpaymentsfromhercotnpany,sdefined-benefitpensionplanandbothPatriciaandAlexanderwillreceivepaymentsfromtheCanadiangovernmentpensionplan.Alexanderdoesnotparticipateinanycompanyorindividualretirementplan.BriscoehascompiledfinancialdataandmarketexpectationsfortheTracys,retirement,shown
8、inExhibit1.Currently,BriscoeestimatesthattheTracys,investmentportfoliowillgrowto1,100,000Canadiandollars(CAD)bytheirretirementdatenextyear.Question:Topic:Minutes:1PortfolioManagement-Individual26Exhibit1FinancialDataandMarketExpectationsPatriciaandAlexanderTracyRetirementatAge60(2010)Expectedannuale
9、xpensesCAD125,000Annualpensionincome(after-tax)PatriciascompanyplanCAD40,000CombinedgovernmentpensionCAD40,000TotalannualpensionincomeCAD80,000Expectedannualinflation4.0%Expectedannualafter-taxportfolioreturn4.0%PensionincomefrombothPatricia,scompanyplanandthegovernmentpensionplanisfullyindexedforin
10、flation.Briscocexpectsataxrateof20%toapplytotheTracys,withdrawalsfromtheinvestmentaccount.TheTracysexpecttoearnnoemploymentincomeafterretirement.TheTracys,residenceisnotconsideredpartoftheirinvestableassets.TheTracyshavetheoptiontodelayretirementuntilage65.TheTracysintendtoretiretogether,whetheritis
11、in2010atage60orin2015atage65.BriscoedeterminesthatiftheTracysretireatage60,theirrisktoleranceisbelowaverage.Iftheyretireatage60,theyplantopayofftheirmortgageandassociatedtaxesbywithdrawingCAD100,000fromtheirportfoliouponretirement.AnotherconsiderationfortheTracysrelatestofundinguniversityexpensesfor
12、theirsons.IftheTracysretireatage60,eachsonwillreceiveascholarshipavailabletoretireefamiliesfromPatricia,scompanythatwillcoveralluniversitycosts.IftheTracysretireatage65,allpensionincomewouldincreaseandwouldalmostmeettheirannualspendingneeds.Iftheyretireatage65,theTracyswouldpayalluniversityexpensesf
13、romtheirinvestmentportfoliothroughanarrangementwiththeuniversity.Thearrangement,coveringbothsons,wouldrequiretheTracystomakeasinglepaymentofCAD200,000atage60.Question:1Topic:PortfolioManagement-IndividualMinutes:26A.i.PreparethereturnobjectivesportionoftheTracys,investmentpolicystatement(IPS)thatwil
14、lapplyiftheyretireatage60.ii.Calculatethepre-taxnominalrateofreturnthatisrequiredfortheTracys,firstyearofretirementiftheyretireatage60.Showyourcalculations*(12minutes)B.IndicatespecificfactorsfortheTracys,foreachofthefollowing,whichsupportBriscoe,sconclusionthattheTracys,risktoleranceisbelowaverage:
15、i.Abilitytotakerisk.Indicatehwfactors.ii.Willingnesstotakerisk.Indicateonefactor.(6minutes)C.Preparethecurrent(2009)liquidityconstraintfortheTracys,IPS:i.iftheyretireatage60.ii.iftheyretireatage65.(4minutes)D.Preparethecurrent(2009)timehorizonconstraintfortheTracys,IPS:i.iftheyretireatage60.ii.ifthe
16、yretireatage65.(4minutes)Question:1Topic:PortfolioManagement-IndividualMinutes:26ReadingReferences:8.uFrameDependence:TheSecondThemejCh.3,BeyondGreedandFear:UnderstandingBehavioralFinanceandthePsychologyofInvesting,HershShefrin(OxfordUniversitySchoolPress,2002)14.ManagingIndividualInvestorPortfblios,ManagingInvestfnentPortfolios:ADynamicProcess
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