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An asset management firm generated the following annual returns in their US large-cap equity portfolio:
The 2012 return needed to achieve a tuailing five-year feometric mean annualized return of 5% when calculate at the end of 2012 is close st to:
A．27.6%
B．17.9%
C．35.2%
【答案】C
【解析】
Holding period total return(cumulative)factor calculation through 2011:Compound total return (cumulative)factor at 5% per year of5% for five year:
1.055 = 1.2763
Return needed in 2012 to achieve a compound annualized return of 5%:
1.2763/0.9442 = 1.3517 = 35.2%
Check: 0.944 × 1.352 = 1.276*(1/5) = 1.050 = 5% annualized.
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