NO.PZ202209060200004405
问题如下：
An implication of Choate’s investment strategy is that relative to the benchmark, the portfolio most likely would have:
选项：
A.lower credit quality and a higher concentration in commodities.
B.lower credit quality but higher recovery rates.
C.low diversification benefit because of high credit cycle correlation.
解释：
SolutionA is correct. Emerging market credit is characterized by a concentration in commodities and banking and government ownership of some entities. Additionally, uncertainty in creditor rights can lead to lower recovery rates and lower credit quality. Even though Choate has a diversified portfolio, the emerging market credits are outside their performance benchmark, which would lead to lower credit quality and a higher concentration in commodities.
B is incorrect because emerging market debts face uncertainty in contractual rights and lower recovery rates.
C is incorrect because there are some differences across regions in the credit cycle providing diversification.
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