为什么题目一会儿定位这里一会儿定位那里?

NO.PZ202207040100000806 问题如下 The Epsilon Institute Case ScenarioThe Epsilon Institute of TheoreticPhysiis a non-profit corporation initially funfrom government anprivate sources. MitLazare is the chairmof the Investment Committee, whioversees the institute’s enwment fun of whiabout $750 million is currently unr active management. He is currently taskewith finng two aitioninvestment managers to manage a portion of the actively managefun an along with his assistant, BriWarrack, is reviewing the presentations ma severapplicants.John Fraser’s performanis the first thLazare anWarrareview. Fraser’s funis constructewith a scretionary approausing the four Fama–Frenfactors; he uses the Russell 1000 Value Inx his benchmark. The most recent 10 years of performanta for both the funanthe benchmark are shown in Exhibit 1.Exhibit 1 Fraser FunanBenchmark Average Monthly Performanover the Past 10 years part of his evaluation of the applicants, Warracompiles a recorof the Active Share anactive risk of the fun ththey manage. He observes ththe Mattley Funhrelatively high Active Share but relatively low active risk. Lazare anWarramake the following comments about Active Share anactive risk in the context of a single-factor mol:The level of active risk will rise with increase in iosyncratic volatility.The active risk attributeto Active Share will smaller in more versifieportfolios.If the factor exposure is fully neutralize the Active Share will entirely attributeto the active risk. The manager of the Western Funfocuses on smaller companies in the Russell 1000 Value Inx anuses the following constraints:Size: The capitalization of the average company is $1.8 billion. On average, companies of this size tra 0.90% of their capitalization every y.Liquity: Positions cno larger th7% of average ily trang volume.Allocation: Positions cno larger th1.75% of totassets unr management.versification: The portfolio must contain least 60 securities.If the manager of the Western Funis hireEpsilon, she will have $100 million of Epsilon’s fun to manage. Lazare anWarraturn their attention to the manager of the HerriFun whiis the only funthinvolves substantiinternationexposure. Lazare believes thcurrent politicevents in Country A mresult in greater risk exposure thmight appropriate anwishes to investigate further.The HerriFunmanager provis them with the information in Exhibit 2, whithey use to carry out a risk attribution analysis. Exhibit 2 The HerriFunRisk Analysis Question The investment process incatefor the Fraser Funis most likely signearounwhiof the following? A.A balanceexposure to known rewarfactors B.Research-baserules across a brouniverse of securities C.The inclusion of non-financivariables, supricing power C is correct. The scretionary investment process searches for active returns from firm-specific factors, supricing power anthe competitive lancape. This process results in more concentrateportfolios reflecting the pth of the manager’s insights on firm characteristianthe competitive lancape. A systematic investment approais likely to signearounextracting premiums from a balanceexposure to known, rewarfactors antypically incorporates research-baserules across a brouniverse of securities.A is incorrect. A systematic investment approais likely to signearounextracting premiums from a balanceexposure to known, rewarfactors, wherea scretionary approausually searches for active return from firm-specific factors.B is incorrect. A systematic investment approais likely to signearounresearch-baserules across a brouniverse of securities, wherea scretionary approawill involve managerijuments on a smaller subset of securities. １.是不是主观和量化都可以用factor,区别在于，主观投资的因子用的少，或者主要是某个公司某只股票的单独的因子？量化就是rewarng factor ?2.表格里只用了四个因子，所以不会是量化投资，因为如果是量化投资，因子会使用的更多？所以A选择是错的？

NO.PZ202207040100000806 问题如下 The investment process incatefor the Fraser Funis most likely signearounwhiof the following? A.A balanceexposure to known rewarfactors B.Research-baserules across a brouniverse of securities C.The inclusion of non-financivariables, supricing power C is correct. The scretionary investment process searches for active returns from firm-specific factors, supricing power anthe competitive lancape. This process results in more concentrateportfolios reflecting the pth of the manager’s insights on firm characteristianthe competitive lancape. A systematic investment approais likely to signearounextracting premiums from a balanceexposure to known, rewarfactors antypically incorporates research-baserules across a brouniverse of securities.A is incorrect. A systematic investment approais likely to signearounextracting premiums from a balanceexposure to known, rewarfactors, wherea scretionary approausually searches for active return from firm-specific factors.B is incorrect. A systematic investment approais likely to signearounresearch-baserules across a brouniverse of securities, wherea scretionary approawill involve managerijuments on a smaller subset of securities. 这题是从哪里看出来的

NO.PZ202207040100000806问题如下 The investment process incatefor the Fraser Funis most likely signearounwhiof the following? A.A balanceexposure to known rewarfactorsB.Research-baserules across a brouniverse of securitiesC.The inclusion of non-financivariables, supricing power C is correct. The scretionary investment process searches for active returns from firm-specific factors, supricing power anthe competitive lancape. This process results in more concentrateportfolios reflecting the pth of the manager’s insights on firm characteristianthe competitive lancape. A systematic investment approais likely to signearounextracting premiums from a balanceexposure to known, rewarfactors antypically incorporates research-baserules across a brouniverse of securities.A is incorrect. A systematic investment approais likely to signearounextracting premiums from a balanceexposure to known, rewarfactors, wherea scretionary approausually searches for active return from firm-specific factors.B is incorrect. A systematic investment approais likely to signearounresearch-baserules across a brouniverse of securities, wherea scretionary approawill involve managerijuments on a smaller subset of securities. 虽然说了scretion, 但也提到了four Fama French， 这个不是factor base的吗

NO.PZ202207040100000806 问题如下 The investment process incatefor the Fraser Funis most likely signearounwhiof the following? A.A balanceexposure to known rewarfactors B.Research-baserules across a brouniverse of securities C.The inclusion of non-financivariables, supricing power C is correct. The scretionary investment process searches for active returns from firm-specific factors, supricing power anthe competitive lancape. This process results in more concentrateportfolios reflecting the pth of the manager’s insights on firm characteristianthe competitive lancape. A systematic investment approais likely to signearounextracting premiums from a balanceexposure to known, rewarfactors antypically incorporates research-baserules across a brouniverse of securities.A is incorrect. A systematic investment approais likely to signearounextracting premiums from a balanceexposure to known, rewarfactors, wherea scretionary approausually searches for active return from firm-specific factors.B is incorrect. A systematic investment approais likely to signearounresearch-baserules across a brouniverse of securities, wherea scretionary approawill involve managerijuments on a smaller subset of securities. 请问这一问的原文对应在哪里？谢谢