怎么看出b是full replication

NO.PZ202207040100001002 问题如下 Whiof Parker’s statements about Manager B in Exhibit 1 is most appropriate? The statement about: A.tracking errors. B.excess return. C.currenoverlays. SolutionB is correct. The comment about excess return being lurather thskill is correct. Replication managers attempt to create a portfolio thtracks the performananthe volatility of the unrlying inx closely possible. The proper measure of skill is the tracking error: Manager B hthe highest tracking error among the three managers.A is incorrect. Tracking error es not measure volatility of the portfolio; rather, it measures the volatility of the excess return between the inx anthe portfolio. C is incorrect. A currenoverlassists a portfolio manager in heing (not levering) the returns of securities thare helin foreign currenbato the home country’s currency. 为什么high tracking error不能说明market volatile，而是excess return comes from lunot skills?

NO.PZ202207040100001002 问题如下 Whiof Parker’s statements about Manager B in Exhibit 1 is most appropriate? The statement about: A.tracking errors. B.excess return. C.currenoverlays. SolutionB is correct. The comment about excess return being lurather thskill is correct. Replication managers attempt to create a portfolio thtracks the performananthe volatility of the unrlying inx closely possible. The proper measure of skill is the tracking error: Manager B hthe highest tracking error among the three managers.A is incorrect. Tracking error es not measure volatility of the portfolio; rather, it measures the volatility of the excess return between the inx anthe portfolio. C is incorrect. A currenoverlassists a portfolio manager in heing (not levering) the returns of securities thare helin foreign currenbato the home country’s currency. 本题tracking error大不是应该说明excess return来自于skill而不是luck吗？看了其他的答案还是不能理解这一点

NO.PZ202207040100001002问题如下 Whiof Parker’s statements about Manager B in Exhibit 1 is most appropriate? The statement about:A.tracking errors.B.excess return.C.currenoverlays.SolutionB is correct. The comment about excess return being lurather thskill is correct. Replication managers attempt to create a portfolio thtracks the performananthe volatility of the unrlying inx closely possible. The proper measure of skill is the tracking error: Manager B hthe highest tracking error among the three managers.A is incorrect. Tracking error es not measure volatility of the portfolio; rather, it measures the volatility of the excess return between the inx anthe portfolio. C is incorrect. A currenoverlassists a portfolio manager in heing (not levering) the returns of securities thare helin foreign currenbato the home country’s currency. 这道题为什么不选择C呢？

NO.PZ202207040100001002 问题如下 Whiof Parker’s statements about Manager B in Exhibit 1 is most appropriate? The statement about: A.tracking errors. B.excess return. C.currenoverlays. SolutionB is correct. The comment about excess return being lurather thskill is correct. Replication managers attempt to create a portfolio thtracks the performananthe volatility of the unrlying inx closely possible. The proper measure of skill is the tracking error: Manager B hthe highest tracking error among the three managers.A is incorrect. Tracking error es not measure volatility of the portfolio; rather, it measures the volatility of the excess return between the inx anthe portfolio. C is incorrect. A currenoverlassists a portfolio manager in heing (not levering) the returns of securities thare helin foreign currenbato the home country’s currency. 请问老师，tracking error越大， excess return越归因于幸运？