NO.PZ2019012201000070
问题如下：
For the large-cap US equity portion of Sapphire’s investment portfolio, Cullen believes that there are some existing passive indexed-based funds that track the S&P 500 Index that the foundation should consider. Cullen presents Exhibit 2 to Sapphire’s board.Exhibit 2 S&P 500 Index Funds
Based on Exhibit 2, the portfolio manager most likely to have the largest tracking error is:
选项：
A.
Manager A
B.
Manager C
C.
Manager B
解释：
Tracking errorindicates how closely the portfolio behaves like its benchmark and measures amanager’s ability to replicate the benchmark return. Manager C is most likelyto have the largest tracking error for three reasons:
l The portfolio contains a smaller number of the index holdings thanthe other two portfolios, resulting in a lower level of replication.
l Dividends are reinvested the day following receipt rather than thesame day, which would cause cash drag relative to Manager B.
l The portfolio is reconstituted less frequently than the other twoportfolios.
Although Manager Chas a slightly lower management fee, which would result in a lower trackingerror, the benefit is unlikely to offset the combined higher tracking errorrelated to the other portfolio characteristics.
A and C areincorrect.
B跟踪的股票最多，误差应该是最大啊？ 这道题的解题思路是什么？
