個人理財?shù)诙巫鳂I(yè)

1、1. (16 marks). briefly differentiate active and passive fund management styles. answer: active fund management styles typically involve the fund manager undertaking regular trading of assets within the fund in order to maximise investment returns for a given risk protile. typically active fund manag

2、ers will seek to obtain a return at least as high as a benchmark index, with the expectation that the skills of the fund manager should be able to generate excess returns to investors. various different active management methods are used to including. tactical analysis, fundmental analysis, technica

3、l analysis, contrarian analysis, quantitative analysis,valus analysis and growth analysis. the goal of the passive fund management style is to replicate the returns provided by a selected benchmark or index. although this may require some trading in fund assets, the purpose of such trading is simply

4、 to ensure that the fund investment portfolio reflects the selected benchmark or index. due to its less intrusive( 侵入的 ) management style. it may be expected that both the costs of administering a passively managed fund and the level of management fees charged by such a fund would be less than that

5、of an active fund management style. 2. (18 marks). manfred rooney is a librarian who is seeking to invest in a diversified portfolio of shares using a margin loan facility. he seeks to borrow the maximum available from the margin lender, come in spinner financing, on an interest-only basis based on

6、the following proposed share investment portfolio and debt-to-value ratio as agreed by the lender: details purchase value ($) debt-to-value ratio (%) amber mining 10,000 60% hardly normal electrical 40,000 60% newstart corporation 30,000 70% reglan trading 20,000 70% (1) what is the maximum margin l

7、ending loan available to manfred? (2) what is manfred s current gearing ratio assuming he invested using the maximum margin lending loan from come in spinner financing? after a period of 12 months the share portfolio was valued as follows: details purchase value ($) debt-to-value ratio (%) amber min

8、ing 12,500 60% hardly normal electrical 30,700 60% newstart corporation 23,800 70% reglan trading 22,000 70% (3) what is the maximum margin lending loan now available to manfred? (4) assuming that the current margin loan was unchanged, what are the implications for manfred of the reassessed maximum

9、margin lending loan? (5) what options are available to manfred for question in (4)? answer: (1) the maximum margin lending loan available: 10000*60%+40000*60%+30000*70%+20000*70%=65000 (2) current gearing ratio: 65000/(100000-65000)=1.86 (3)the maximum margin lending loan available: 12500*60%-30700*

10、60%+23800*70%+22000*70%=57980 (4) he is now subject to a margin call of $7020(65000-57980). manfred will be expected to take some immediate action in order to reduce the current debt-to-value ratio. (5) paying cash of $7020 to contribute further assets as security for the loan to an equivalent value

11、 of $7020, selling existing assets, e.g, selling hardly normal electrical, with the amount of $175507020/(1-60%). 3. (18 marks) outline the credit risk assessment process typically conducted prior to a loan being granted in relation to the security provided by the prospective borrower and the borrow

12、ers employment and/or business income. answer: the credit risk assessment process undertaken prior to a loan being granted typically revolves around evaluating the borrower s financial standing and their capacity to service debt obligation. a loan-to-valuation ratio is calculated for any security pr

13、ovided to protect the interests of the lender. assets provided as security are valued using a conservative market valuation and lenders are typically only interested in lending against real property or other tangible security that maintains a relatively stable value and can be realized if required.

14、when assessing the prospective borrower s emplyment and or business income, the lender is most interested in the source and stability of the income being assessed from which a debt-to-income ratio can be calculated. such income is the primary source of the borrower s loan repayments and hence the le

15、nder is seeking to ensure that such amount will be available to the borrower on an ongoing basis to meet their debt repayment commitments. most lenders will be hesitant to lend to a prospective borrower who does not have a stable source of income or a debt-to-income ratio that exceeds 40%. 4. (12 ma

16、rks). following your advice a few years ago, justin sandilands took out an income protection insurance policy which provided for indemnity( 賠償 ) cover equivalent to 75% of his earnings payable monthly in arrears ( 拖欠 ). unfortunately, about 3 months ago, justin was injured in a workplace accident an

17、d is only now getting back to full physical fitness. prior to his accident, justins before-tax monthly income was $5,000 ($3,800 after-tax). justin is feeling bored staying at home and is considering going back to work on a part-time basis (3 mornings per week) as long as he is better off financiall

18、y from doing so. his employer has offered him a before-tax monthly salary of $2,500 ($2,100 after-tax) if he goes back to work part-time. (1) calculate justins monthly claim under his income protection insurance cover if he decides not to take up the offer to return to work on a part-time basis. (2)

19、 calculate justins monthly claim under his income protection insurance cover if he decides to take up the offer to return to work on a part-time basis. (3) is justin financially better returning to work on a part-time basis? provide relevant calculations to justify your response. answer: (1) justin

20、s current monthly claim is based on his prior level of before-tax earnings and is calculated as: 5000*75%=$3750 (2) justin s monthly claim if he decideds to take up the offer to return to work on a part-time basis will be: benefit payable=(5000-2500)/5000*3750=1875 (3) justin is financially better r

21、eturning to work on a part-time basis. $2500+$1875-$3750=$625 5. (20 marks) p454 11.24 answer: assessable income superannuation guarantee contridutions (defined under the itaa as assessable income) $400,000 1marks salary sacrifice contributions (defined under the itaa as assessable income ) $185,000

22、 1marks fully franked dividends (the cash received needs to be grossed up)$21,000/(1-company tax rate) $30,000 2marks unfranked dividends $10,000 1marks capital gain from sale of property (210,000-120,000)*2/3rds assessable(defined under the itaa as assessable income) $60,000 2marks total assessable

23、 income $685,000 2marks allowable deductions contributions received to pay for life insurance(defined under the itaa as an allowable deduction) ($20,000) 1marks taxable income $665,000 2marks tax payable(taxed at 15%) $99,750 2marks less franking credits(grossed up amount less cash received)$30,000

24、less $21,000 ($9,000) 2marks less foreign tax credits ($10,000) 2marks net tax payable $80,750 2marks 6. (16 marks) p481 professional advice questions 1: what advice can you provide blanche with respect to longevity risk? given her circumstances how is she likely to be affected by longevity risk? answer: longevity risk is the risk that you will outlive your retirement savings income stream. a fixed term income stream means that longevity risk remains with the individual. if blanche uses all her superannuation to buy a 20 year income stream and ends up living for 30 years then the