为什么B不对？

问题如下：

Jack Dewey is managing partner of DC&H,an investment management firm, and Supriya Sardar is an equity analyst with the firm. Dewey recently took over management of the firm’s Purity Fund. He is developing a fundamental active investment process for managing this fund that emphasizes financial strength and demonstrated profitability of portfolio companies. At his previous employer, Dewey managed a fund for which his investment process involved taking active exposures in sectors based on the macroeconomic environment and demographic trends.

In managing the fund at his previous employer, Dewey’s investment process can be best described as:

选项：

an activist strategy

a top-down strategy

a bottom-up strategy

解释：

At his previous firm, Dewey managed a fund for which his investmentprocess involved taking active exposures in sectors based on the macro economicenvironment and demographic trends. An investment process that begins at a top,or macro level, is a top-down strategy. Top-down portfolio strategies studyvariables affecting many companies or whole sectors, such as the macroeconomic environment, demographic trends, and government policies. This approach differs from bottom-up strategies, which focus on individual company variables in making investment decisions. It also differs from activist strategies, which take stakes in listed companies and advocate changes for the purpose of producing a gain on the investment.