NO.PZ2019093001000008
问题如下:
Suppose that the results of a style analysis for an investment manager are not consistent with the stated philosophy of the manager and the manager’s stated investment process. These facts suggest the:
选项:
A.absence of style drift.
investment process may not be repeatable.
manager should be included in the universe of potential managers.
解释:
B is correct.
The results of the returns-based style analysis and the holdings-based style analysis should be consistent with the philosophy of the manager and the investment process. If this is not the case, it may suggest that the process is not repeatable or not consistently implemented. For these results the manager should not be included in the universe of potential managers, whereas if the results track over time they may suggest style drift.
投资过程不可重复?