A Primer on Liquidity from an Asset Management and Asset Allocation Perspective
从资产经理和资产配置者的角度，介绍了基金和多资产组合中流动性管理的实践，包括流动性分类、测量监控以及将非流动性资产纳入配置优化的方法。
1. Harshdeep Ahluwalia 1. is head of asset allocation, Americas with The Vanguard Group in Malvern, PA. (harshdeep\_singh\_ahluwalia{at}vanguard.com) 2. Anatoly Shtekhman 1. is head of global advised portfolio construction with The Vanguard Group in Malvern, PA. (anatoly_shtekhman{at}vanguard.com) 3. Venky Venkatesh 1. is head of US multi-asset investment risk, US with The Vanguard Group in Malvern, PA. (venkatachalam_venkatesh{at}vanguard.com) 4. Yu Zhang 1. is an investment strategy analyst with The Vanguard Group in Malvern, PA. (yu_zhang{at}vanguard.com) It’s vital to effectively manage liquidity because its absence can result in significant losses, especially during periods of market turmoil. In this article, the authors discuss the practical aspects of managing liquidity within funds and multiasset portfolios. It complements existing research by providing a primer on the topic of liquidity from the unique perspectives of both asset managers and asset allocators. As it relates to funds, the authors provide an overview of the importance of managing liquidity and regulations surrounding it; liquidity classification of broad assets and subasset categories; and liquidity measurement, monitoring, and management programs. For asset allocators, the article discusses important elements such as 1) incorporating liquidity assumptions of illiquid assets into an asset allocation optimization approach and 2) a rebalance method selection framework and liquidity considerations.