GIPS补充资料：投资政策声明（打印版）.docx

《GIPS补充资料：投资政策声明（打印版）.docx》由会员分享，可在线阅读，更多相关《GIPS补充资料：投资政策声明（打印版）.docx（52页珍藏版）》请在优知文库上搜索。

1、Exhibit5SampleInvestmentPolicyStatementInvestmentPolicyStatementPreparedforDavidandAmeliaKingBackgroundandInvestmeritObjectivesThiSInvestmentPolicyStatement(IPS)isdesignedtoassistDavidandAmeliainmeetingtheirfinancialobjectives.Itcontainsasummationoftheirobjectivesandexpectations,setsforthaninvestmen

2、tstructureforattainingtheseobjectives,andoutlinesongoingresponsibilities.ThepurposeofthisportfolioistosupportthecontinuationofDavidandAmeliascurrentlifestyle,providefortheirfamilysneeds,andfundtheirphilanthropicobjectives.Maintenanceoftheircurrentlifestyleistheirprimaryobjective,followedbysupportfor

3、familymembersandcharitableaspirations,inthatorder.Ibmeettheseobjectives,theyanticipateneedingapproximately$350,000peryearininflation-adjustedportfoliodistributions.Inaddition,theyintendtopurchaseasecondresidencewithinthenexttwoyears.TheyexpectthepurchasepriceforthesecondresidencetobeapproximatelyS1.

4、5million.DavidandAmeliahavenotarticulatedaspecificdollaramountthattheyintendtoleavetotheirchildren,noraspecificdollaramountthattheywishtoleavetocharityattheirdeath.Thewealthmanagerwillcontinuetoworkwiththemtoquantifytheseobjectives.Inestablishingtheirassetallocation,DavidandAmeliahaveconsideredtheir

5、currentassetsandexpectedcashneeds,11eyareseekingtoachieveahigherlongtermrateofreturnandarewillingtoa&sumetheassociatedportfoliovolatility.PortfOlioAccountsTaxablejointaccountforDavidandAmeliaTax-deferredaccountforDavidTax-deferredaccountforAmeliaCurrentCombinedMarketValue$12,250,000InvestmentParamet

6、ersRiskToleranceThwealthmanagerhasdeterminedthatDavidandAmeliaareableandwillingtowithstandshort-andintermediate-termportfoliovolatility.Theyrecognizeandacknowledgetheanticipatedlevelofportfoliovolatilityassociatedwiththeirassetallocation(asillustratedintheModeledPortfolioBehaviorsectionoftheAppendix

7、).InvestmeritTimeHorizonDavidandAmeliahaveaninvestmenttimehorizonthatexceeds15years.AssetClassPreferencesTheKingsandtheirwealthmanagerhaveselectedthefollowingassetclasses:Short-termdebtinvestmentsIntermediate-termbondsUSstocks(continued)Exhibit5(Continued)Non-USstocksGlobalrealestatesecuritiesOtherI

8、nvestmentPteferenCeSTheKingswishtomaintaintheirpositionsinAcmeManufacturing,Inc.,whichAmeliareceivedthroughinheritance,andArtfulPublishing,Ltd.,whichisherformeremployer.Neitherpositionrepresentssignificantconcentrationriskinthecontextoftheirbroaderportfolio.Davidhasaninterestinaprivaterealestatelimi

9、tedpartnershipthatinvestsprimarilyinofficebuildingsthroughoutAsia.1hewealthmanagerhastakenthisexposureintoconsiderationindesigningthebroaderassetallocation.1.iquidityPreferencesDavidandAmeliawishtomaintainwithintheirportfolioaminimumcashbalanceof$50,000.Theytypicallymaintainamoresizablecashbalanceat

10、theirPrimarybank.ConstraintsAmeliaspositioninArtfulPublishing,Ltd.,hassignificantembeddedcapitalgains.PortfolioAssetAllocationLowerRebalancingLimitStrategicAllocationUPPErRebalancingLimitShorttermdebtinvestments8%10%12%Intermediate-termbonds16%20%24%USstocks30%35%40%Non-USstocks20%25%30%Globalreales

11、tatesecurities8%10%12%GlobalReal Estate SecuritiesShot-TimDebtInvest meritsPortfolioManagemeritDiscretionaryAuthorityThewealthmanagerwillimplementdiscretionaryportfoliochangesrelatedtorebalancingtheportfolio,investingnewdeposits,andgeneratingliquiditytomeetwithdrawalrequests.Thewealthmanagerwillrevi

12、ewwiththeclient,priortoimplementation,theadditionofnewpositionsortheeliminationofexistingpositions.RebalancingThewealthmanagerwillreviewtheportfolioonatleastamonthlybasis.RebalancingwillbedeterminedbythelowerandupperassetclasslimitssetforthinthePortfolioAssetAllocationsectionoftheIPS.ImplementationT

13、bimplementtheinvestmentstrategy,thewealthmanagerwillutilizethird-partymoneymanagersviamutualfunds,exchange-tradedfunds(ETFs),andseparateaccountsOfindividualsecurities.Thewealthmanagerconductsaquarterlyduediligenceprocesstoevaluaterecommendedmanagersaswellastheuniverseofotheravailablemanagers.ThiSpro

14、cessinvolvesquantitativeriskandreturncomparisonstoappropriateindexesandpeergroups,aswellasqualitativeassessmentsofotherfactorsthatmayimpactamanagersabilitytoperforminthefuture.Moreinformationaboutthisprocessisavailableattheclientsrequest.DutiesandResponsibilitiesWealthManagerResponsibihtiesThewealth

15、managerisresponsibleforthefollowing：DevelopinganappropriateassetallocationSelectinginvestmentoptionsImplementingtheagreed-uponstrategyMonitoringtheassetallocationandrebalancingwhennecessaryMonitoringthecostsassociatedwithimplementingtheinvestmentStrategyMonitoringtheactivitiesofotherservicevendors(e

16、.g.,custodians)DraftingandmaintainingtheIPSPerformancereportingTaxandAnancialaccountingreportingProxyvotingIPSReviewTheclientwillreviewthisIPSatleastannuallytodeterminewhethertheinvestmentobjectivesarestillaccurate.ThewealthmanagerwillreviewthisIPSatleastannuallytoevaluatethecontinuedfeasibilityofachievingtheclie