Really need help on this asset management question

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Question 5 You are consultant to a large institutional investor and are reviewing their asset allocation which is shown in the table below. Asset Class Domestic equities Global equities Overseas equities Global fixed income Overseas fixed income Domestic fixed income Alternatives Policy Portfolio 30% 10% 35% 15% 10% (a) Explain the term 'policy portfolio' and how important it is in determining the performance of the portfolio. (20 marks) (b) You are investigating whether the policy portfolio optimises the return and risk trade-off for the client. Explain how an optimisation model could be used to establish the optimal portfolio for the client. (25 marks) (c) The benchmark is made up of 50% global equities and 50% global fixed income. Over the last year the return from global equities has been a fall of 15% and from global fixed income has been a rise of 3%. Alternatives rose by 8% over the year. All returns are stated in the domestic currency. Use performance attribution analysis to calculate the contribution to return of the asset allocation of the policy portfolio over the year. (20 marks) (d) The client's Alternatives investments are principally invested in private equity, identify and explain four key characteristics of private equity investment from the investor viewpoint. (20 marks) (e) Briefly explain three main exit routes for private equity investors in a company. (15 marks) (Total: 100 marks) See Next Page