Disbursements
研究信托经理如何在有限次数内最大化可持续的实际支出，通过调整年度支出规模和股票/债券配置，并应对下行风险，帮助受益人管理支出下降。
Suppose a trust manager wants to provide a beneficiary with the largest stream of disbursements that is sustainable in real terms; the number of disbursements is limited, and some tradeoff is possible between the size of the disbursements and their sustainability. To achieve this objective, the manager has discretion over the size of the annual disbursements and how the portfolio should be allocated between stocks and fixed-income issues. This article builds upon earlier studies that developed procedures for determining the size of the disbursement each year. The author modifies those procedures for managing a trust portfolio to make the disbursements as sustainable as is reasonable in the event of possible downside surprises. This article also looks at the best allocation of the portfolio for sustainability and the effect of limiting any annual declines of the disbursements to make declines easier for beneficiaries to manage. <b>TOPICS:</b>Portfolio theory, wealth management