NO.PZ2022062601000030
问题如下：
When investor John chose a hedge fund manager, he identified the following characteristics: low to moderate leverage, idiosyncratic alpha, long biased, and not worrying about investing in illiquid strategies. John's investment advisor Bourne recommends hedge funds for him.
Based on the characteristics determined by John, which hedge fund strategy is Bourne most likely to recommend?
选项：
A.Managed futures
Distressed securities
Convertible bond arbitrage
解释：
B is correct. Bourne is looking for a hedge fund with the following characteristics: low to moderate leverage, idiosyncratic alpha, long biased, and not worried about liquidity. Of the strategies listed, the distressed securities strategy meets these desired characteristics most closely.
A is incorrect. Managed futures strategies typically contain a large amount of embedded leverage, which can be long or short biased and typically have liquidity.
C is incorrect. Convertible bond arbitrage strategies often use high levels of leverage and are net neutral.
知识点考察：event-driven strategies。
Brownstein’s
investment committee要求的HF的特点是low to moderate levels of leverage, idiosyncratic alpha, long
biased, and no concerns about investing in an illiquid strategy.
A 不正确。Managed futures strategies通常包含大量嵌入式杠杆，可以偏多或偏空，并且通常具有流动性。
C 不正确。Convertible bond arbitrage经常使用高水平的杠杆并且是net neutral。
B选项是正确的，the distressed securities strategy满足了Brownstein’s investment committee的所有要求。
助教你好：
请问net neutral是啥意思？
我看基础班讲义P.73提到可转债的内容是说delta neutral，net neutral 和 delta neutral 是同一个意思吗？谢谢！
