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A pension plan has liabilities that are due at various periods, for example, every month for the next 10 years. In order to model an

A pension plan has liabilities that are due at various periods, for example, every month for the next 10 years. In order to model an asset allocation problem for this fund, a consultant most likely would:

Maximize its returns.

Use mean-variance analysis.

Maximize its management fee.

Minimize downside risk from each of the amounts the fund is liable for from now until the end of the simulated period.

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