NO.PZ2015122801000023
问题如下:
Which of the statements about the relationship between the performance of mutual fund managers and passive index strategy is correct?
选项:
A.
The performance of mutual fund managers is equal to a passive index strategy.
B.
The performance of mutual fund managers may outperform a passive index strategy.
C.
The performance of mutual fund managers may underperform a passive index strategy.
解释:
C is correct.
Research shows that the passive index strategy is superior to the performance of most mutual fund managers.
C是正确的。
本题考察的知识点是,基金的管理费用会降低基金的有效收益率。实证研究表明,在考虑了基金管理费以后,主动投资基金的业绩会弱于被动投资基金。
我们可以从两个角度理解该考点,首先,实证研究证明主动投资基金的平均表现和大盘是差不多的,但是由于主动投资基金要扣管理费用,所以实际收益率反而低于被动投资。
另外,我们参加的是CFA考试,站的立场是我们是美国人。美国的股票市场是比较接近半强有效市场的,在这样的市场中,确实被动投资和主动投资是差不多的,而且由于主动投资管理费更高,所以收益就低了。
B 选项在weak form下不也是正确的吗?