An investor does research about investment

问题单项选择题

An investor does research about investment return and gathers the following nformation about a portfolio:

If the investor contributed new funds to the portfolio at the beginning of each year, the time-weighted rate of return is m.ost likely:

A. less than the money-weighted rate of return.
B. the same as the money-weighted rate of return.
C. greater than the money-weighted rate of return.

答案

参考答案：C

解析：每年年初该投资组合都会加入新的资金，由于资金流入和流出时间对于货币加权收益率有很大的影响，而且由题意可知，随着资金的不断增加，每年的收益率却在不断减少，因而会造成货币加权收益率小于时间加权收益率。时间加权收益率不受资金流入和流出时间对其的影响。