为什么Portfolio 3 的duration与benchmark完全一致确标为enhanced indexing？

NO.PZ202209060200004302 问题如下 nny Moynahan, CFis a fixeincome portfolio manager ReagInvestment Aisory (Reagan). His wife, Abigail Boyle, is a professor a locuniversity not ffrom their home. She is currently teaching investments class. Over nner one evening, she asks her husbanif he will come antalk to her class about managing fixeincome portfolios. She believes it will a useful experienfor her stunts to hefrom someone working in the investment instry. He agrees, anthey plfor him to make his presentation the following week.The next y his office, with permission from his superior, Tom Gayle, Moynahworks on his presentation to the class. He plans to put together six pages for his scussion. He reviews the presentation materials he previously usea conferento see if any of it wouluseful. He cis page 1 shoulscuss the benefits of inclung fixeincome securities in a portfolio anhighlights the following three points:Point Aing fixeincome securities to a portfolio is effective wof obtaining the benefits of versification, especially because fixeincome correlations with other asset classes are low.Point The regulnature of fixeincome cash flows enables investors to funfuture obligations, unless there is a cret event.Point Fixeincome securities calways provi a hee for inflation, whiresults in superior risk-austereportfolio returns.On page 2, Moynahcis to outline the three totreturn approaches he utilizes to manage Reagan’s fixeincome portfolios. He puts together the following exhibit:Exhibit 1 Features of TotReturn PortfoliosMoynahtitles page 3, “Liquity in the FixeIncome Market.” He wants to ensure ththe class appreciates the fferences in liquity between fixeincome anequity securities. He stresses thliquity across fixeincome securities varies greatly anthcompareto equities, fixeincome markets are generally less liqui Also, liquity influences fixeincome pricing, but illiquity enhances the portfolio’s yielto maturity. Lastly, alers will narrow biask sprea on thinly trasecurities a consequenof their illiquity.Tom Gayle, Moynahan’s superior, stops Moynahan’s office. Moynahshares his presentation with Gayle, who suggests thpage 4 inclu a scussion about expectereturns. They ci to outline example of a recent bontra where they bought a $100 pvalue bona premium. Moynahpresents a composition of the bons expectereturns tailing various components anfocuses on roll wn return. He as the following footnote: “The roll wn return monstrates how the priof a bontypically moves closer to pregaress of yielcurve changes over the strategy horizon.”MoynahanGayle continue their scussion about the presentation anbate severpotentisubjects to inclu on page 5. Gayle suggests assessing the use of leverage in the portfolios. They ci to present a scenario where the portfolio is fully investe but given their outlook for a cline in interest rates, they want to increase the portfolio’s investment exposure. The portfolio anthe benchmark both currently have the same ration.On page 6, the finpage of his presentation, Moynahplans to scuss the timplications of fixeincome investing. He wants the class to unrstanththe management of taxable portfolios is more complicateththof tax-exempt portfolios. He outlines the following key consirations for managing taxable fixeincome portfolios:Minimize interest income relative to capitgains.Minimize capitgains relative to capitlosses.Forego attractive trang opportunity because of timplications.Question How shoulMoynahmost likely label the management approaches for eaof the portfolios scribein Exhibit 1 on page 2 of his presentation? A.Portfolio 1 = Active Management, Portfolio 2 = Pure Inxing, Portfolio 3 = EnhanceInxing B.Portfolio 1 = EnhanceInxing, Portfolio 2 = Pure Inxing, Portfolio 3 = Active Management C.Portfolio 1 = Active Management, Portfolio 2 = EnhanceInxing, Portfolio 3 = Pure Inxing SolutionA is correct. Moynahshoullabel the portfolios on page 2 follows: Portfolio 1 = Active Management, whiallows for larger risk factor mismatto the benchmark. Portfolio 2 = Pure Inxing, whiinvolves attempting to replicate a boninx closely possible. Portfolio 3 = EnhanceInxing, whiis closely linketo the benchmark but attempts to generate a most amount of outperformanversus the benchmark.B is incorrebecause the orring of portfolios given is incorrect. The correorring is: Portfolio 1 = Active Management, Portfolio 2 = Pure Inxing, Portfolio 3 = EnhanceInxing.C is incorrebecause the orring of portfolios given is incorrect. The correorring is: Portfolio 1 = Active Management, Portfolio 2 = Pure Inxing, Portfolio 3 = EnhanceInxing. 这么多选择的标准，是否有优先判断顺序呢？1.我们首先判断的是ration ？然后是是什么是cret rtaion ？ 再看 债券的平级？感觉题目出得很模糊，B和C直接特别的像

NO.PZ202209060200004302 问题如下 How shoulMoynahmost likely label the management approaches for eaof the portfolios scribein Exhibit 1 on page 2 of his presentation? A.Portfolio 1 = Active Management, Portfolio 2 = Pure Inxing, Portfolio 3 = EnhanceInxing B.Portfolio 1 = EnhanceInxing, Portfolio 2 = Pure Inxing, Portfolio 3 = Active Management C.Portfolio 1 = Active Management, Portfolio 2 = EnhanceInxing, Portfolio 3 = Pure Inxing SolutionA is correct. Moynahshoullabel the portfolios on page 2 follows: Portfolio 1 = Active Management, whiallows for larger risk factor mismatto the benchmark. Portfolio 2 = Pure Inxing, whiinvolves attempting to replicate a boninx closely possible. Portfolio 3 = EnhanceInxing, whiis closely linketo the benchmark but attempts to generate a most amount of outperformanversus the benchmark.B is incorrebecause the orring of portfolios given is incorrect. The correorring is: Portfolio 1 = Active Management, Portfolio 2 = Pure Inxing, Portfolio 3 = EnhanceInxing.C is incorrebecause the orring of portfolios given is incorrect. The correorring is: Portfolio 1 = Active Management, Portfolio 2 = Pure Inxing, Portfolio 3 = EnhanceInxing. 请问表格中securities lenng这一行是否影响选择？如何分析