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张莹莹 · 2024年02月21日

解释答案

NO.PZ2022120703000089

问题如下:

Which of the following ESG strategies is least likely used by private equity firms?

选项:

A.Positive screening

B.Thematic investing

C.Negative screening

解释:

C is correct because "like other investor types, private equity investors may certainly impose exclusionary screening i.e. negative screening on any number of criteria to restrict investment in certain sectors, either normatively or ethically defined. However, private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria. However, portfolio managers can benchmark segments of the portfolio against smaller investment universes, even including public companies, if data comparability exists. Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter"; and least likely that they would use negative screening.

A is incorrect because "private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria … Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter."

B is incorrect because "private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria … Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter."

本题为什么不能选A?未上市股票公司为什么不能用负面筛选投资策略?

2 个答案

王岑 · 2024年02月23日

嗨,从没放弃的小努力你好:


题目问的是:以下哪一种ESG策略最不可能被私募股权公司采用?

这道题目选C,因为私募股权公司在选择投资时,通常更偏好两种方式:一种是正面筛选,即选投那些在ESG方面表现好的公司;另一种是主题投资,即投资于某个特定ESG主题相关的公司,如可再生能源。而负面筛选,即不投资于某些特定领域(如烟草或武器制造)的公司,在私募股权中使用得相对较少,因为私募股权公司通常更专注于积极的选择,而不是排除一些选择。简单来说,私募股权更倾向于找那些做得好的投,而不是光避开做得不好的。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

王岑 · 2024年02月21日

嗨,努力学习的PZer你好:


针对这道题目,选项A(正面筛选)并不是私募股权公司最不可能使用的ESG策略。原因在于,虽然私募股权投资者没有上市公司那样广泛多样的指数和基准可供比较分析和ESG标准下的投资组合优化,但他们更有可能采用某种形式的正面筛选或主题投资作为他们的投资宪章的一部分。这是因为私募股权投资者可以在更细分的投资领域内,针对符合特定ESG标准或主题的公司进行投资,即使在数据可比性存在的情况下,也可以将投资组合的一部分与公开公司进行基准比较。因此,与负面筛选相比,正面筛选和主题投资更符合私募股权公司的实际操作情况。

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努力的时光都是限量版,加油!

张莹莹 · 2024年02月22日

此题选择C,为什么?

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