Read the case study and analyze it using research and answer the questions at the end of the Case study. Make sure your answers are not more than 10 Lines for each question. This assignment is all about Portfolio management and Investments. Your answers are to be from a project manager's perspective. Portfolio Management case study: The development of a strategic asset allocation (SAA) for long-horizon institutional investors like university endowments raises special challenges. These include supporting spending policies while ensuring the long-term sustainability of the endowment and establishing optimal exposure to illiquid investment strategies in the context of a diversified portfolio. Large university endowments typically have significant exposure to illiquid asset classes. The exposure to illiquid asset classes impacts the portfolios overall liquidity profile and requires a comprehensive liquidity management approach to ensure liquidity needs can be met in a timely fashion. In addition, capital market conditions and asset prices change, resulting in a need to change asset allocation exposures and/or rebalance the portfolio to maintain a profile close to the strategic asset allocation. Derivatives are often used by institutions to manage liquidity needs and implement asset allocation changes. The cash-efficient nature of derivatives and their high levels of liquidity in many markets make them suitable tools for portfolio rebalancing, tactical exposure changes, and satisfying short-term liquidity needsall while maintaining desired portfolio exposures. This case study explores these issues from the perspective of a large university endowment undertaking a review of its asset allocation and then implementing proposed allocation changes and a tactical overlay program. Rebalancing needs for the endowment arise as market moves result in the drift of the endowments asset allocation. The case is divided into two major sections. The first section addresses issues relating to asset allocation and liquidity management. The case introduces a framework to support management of liquidity and cash needs in an orderly and timely manner while avoiding disruption to underlying managers and potentially capturing an illiquidity premium. Such concepts as time-to-cash tables and liquidity budgets are explored in detail. Aspects relating to rebalancing and maintaining a risk profile similar to the portfolios strategic asset allocation over time are also covered. The second section explores the use of derivatives in portfolio construction from a tactical asset allocation (TAA) overlay and rebalancing perspective. The suitability of futures, total return swaps, and exchange-traded funds (ETFs) are discussed based on their characteristics, associated costs, and desired portfolio objectives. The case also presents a cost-benefit analysis of derivatives and cash markets for implementing rebalancing decisions. Environmental, social, and governance (ESG) considerations arising in the normal course of investing are also explored. Learning Outcomes 1. Discuss the strategies and plans to manage the fund allotted or invested for the project. 2. Discuss the importance of investments in the projects