NO.PZ2023010903000062
问题如下：
Ap reviews quarterly holdings reports for Fund 3. In comparing the two most recent quarterly reports, he notices differences in holdings that indicate that Fund 3 executed two trades, with each trade involving pairs of stocks. Initially, Fund 3 held active positions in two automobile stocks—one was overweight by 1 percentage point (pp), and the other was underweight by 1pp. Fund 3 traded back to benchmark weights on those two stocks. In the second trade, Fund 3 selected two different stocks that were held at benchmark weights, one energy stock and one financial stock. Fund 3 overweighted the energy stock by 1pp and underweighted the financial stock by 1pp.
What was the effect of Fund 3’s two trades on its active share? Fund 3’s active share:
选项：
A.decreased
remained unchanged
increased
解释：
Active share changes only if the total of the absolute values of the portfolio’s active weights changes. For the two trades in Fund 3, both the initial position and the new position involved two stocks such that one was 1pp underweighted and the other was 1pp overweighted. Although the active weights of particular securities did change between the initial position and the new position, the total absolute active weights did not change.
Therefore, the portfolio’s active share did not change.
Activeshare 不是跟 benchmark holding作对比吗？在两个 trade 里面 都有 weighting 的不同， 为啥最后还是没变呢？
