NO.PZ2022120703000059
问题如下：
Which of the following strategies are best characterized as a qualitative, rather than a quantitative, approach to ESG?
选项：
A.Rules-based strategies
B.Trend-following strategies
C.Fundamental active strategies
解释：
C is correct because "fundamental active strategies, where human judgment is used, tend to use ESG techniques that have both qualitative and quantitative elements to them, but are typically not considered quantitative investment."
A is incorrect because "Passive and index approaches may tilt towards ESG factors chosen by investors. For instance, the Japanese Government Pension Investment Fund (GPIF) has created, with index providers, gender-tilted rules-based indices to invest in. These could be considered rules-based strategies." "Algorithmic approaches use ESG data; for instance, scraped from internet news articles to adjust company or sector weights after parsing the ESG data through rules-based formulae." "In terms of investment strategies, quantitative (sometimes contracted to ‘quant’) investing can be known as ‘systematic investing’. It can include strategies such as: ... use of algorithms based on news or factors and statistical arbitrage and ... use of beta strategies."
B is incorrect because "in terms of investment strategies, quantitative (sometimes contracted to ‘quant’) investing can be known as ‘systematic investing’. It can include strategies such as: ... trend following."
解析里面说到 rule based包括日本养老金的性别tilt，想请问index/passive算quantitative还是qualitative，还是说这是两组不同的概念呢？希望辨析一下，谢谢。
