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JYJY · 2022年08月29日

"Fund 1 prefers to make large trades"这句话放在这里有什么含义吗?

NO.PZ2019012201000062

问题如下:

Fund 1 focuses on skillfully timing exposures to factors, both rewarded and unrewarded, and to other asset classes. The fund’s managers use timing skills to opportunistically shift their portfolio to capture returns from factors such as country, asset class, and sector. Fund 1 prefers to make large trades。The main building block of portfolio construction on which Fund 1 focuses is most likely:

选项:

A.

alpha skills

B.

position sizing

C.

rewarded factor weightings

解释:

The three main building blocks of portfolio construction are alpha skills, position sizing, and rewarded factor weightings. Fund 1 generates active returns by skillfully timing exposures to factors, both rewarded and unrewarded, and to other asset classes, which constitute a manager’s alpha skills.

"Fund 1 prefers to make large trades"这句话放在这里有什么含义吗?是想表达什么?为什么不影响答案?

感觉有一点sizing的意味 虽然选对了但是还是被这句话影响到了 犹豫要不要选sizing position

1 个答案
已采纳答案

笛子_品职助教 · 2022年08月29日

嗨,从没放弃的小努力你好:


prefer表示更喜欢做大的投资,也就是基金收益率有一部分来源于size,但是并不表示,基金的核心盈利来源是size。这里的表述是,基金主要投资来源是择时。


注意,main building block,选一个主要的。size虽然也是来源之一,但属于次要来源,不选。


当然这道题有一部分属于语言的艺术,从表述中揣摩出题人的意图。

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