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资产配置是资金在各类资产之间的合理分配,可供分配的资产类别不仅包括大类资产,而且包括大类资产的细分类别;不仅包括境内资产,而且包括国际市场上各种可交易的资产类别。资产配置之所以成为养老基金管理的重要内容,是因为世界上没有一种绝对最优的单一资产,即一种收益很高同时风险又较小的资产供投资者选择,单一资产的收益和风险总是沿着同一方向变化,预期收益较高的资产风险也较大。但是,当投资者把不同类别的资产组合在一起时,投资组合的收益和风险特征会得到改善,不同资产之间的弱相关性和负相关性会抵消掉一部分风险,从而使风险较小而收益较高成为可能。
Asset allocation is the rational allocation of funds between various types of assets. The types of assets available for allocation include not only the major categories of assets but also the subdivisions of the major categories of assets. They include not only domestic assets but also various tradables in the international market Asset class. The reason why asset allocation becomes an important part of pension fund management is that there is no absolute optimal single asset in the world, that is, an asset with high yield and low risk for investors to choose, the return and risk of single asset Always change along the same direction, and the expected return on assets is also higher. However, when investors combine different types of assets, the returns and risk characteristics of the portfolio will be improved. Weak and negative correlations between different assets will offset some of the risks and make the risk less significant Higher revenue is possible.