active risk/active share

NO.PZ202207040100000803 问题如下 In Lazare anWarrack’s comments about Active Share anactive risk, the comment this least accurate is the one concerning: A.portfolio versification. B.neutralizing factor exposure. C.increasing iosyncratic volatility. SolutionB is correct. The comment concerning neutralizing factor exposure is incorrect: In a single-factor mol, if the factor exposure is neutralize the active risk will entirely attributable to the Active Share—a consequenof the manager viating from benchmark weights. The active risk attributeto Active Share will smaller for more versifieportfolios with lower iosyncratic risk. Active risk es rise with increase in factor aniosyncratic volatility.A is incorrect. The active risk attributeto Active Share will smaller for more versifieportfolios with lower iosyncratic risk. C is incorrect. Active risk es rise with increase in factor aniosyncratic volatility. 我的理解是active risk 包含了active shares（portfolio和BenMar的weight不同） 和 correlation （portfolio和BenMarch）这么理解对吗 If the factor exposure is fully neutralize the Active Share will entirely attributeto the active risk. 这句的理解是 correlation 很高，所以如果还有active risk，那么就是weight 不同=active share 的原因， 这么理解对吗？The active risk attributeto Active Share will smaller in more versifieportfolios. 这句话要如何理解？

NO.PZ202207040100000803问题如下In Lazare anWarrack’s comments about Active Share anactive risk, the comment this least accurate is the one concerning:A.portfolio versification.B.neutralizing factor exposure.C.increasing iosyncratic volatility.SolutionB is correct. The comment concerning neutralizing factor exposure is incorrect: In a single-factor mol, if the factor exposure is neutralize the active risk will entirely attributable to the Active Share—a consequenof the manager viating from benchmark weights. The active risk attributeto Active Share will smaller for more versifieportfolios with lower iosyncratic risk. Active risk es rise with increase in factor aniosyncratic volatility.A is incorrect. The active risk attributeto Active Share will smaller for more versifieportfolios with lower iosyncratic risk. C is incorrect. Active risk es rise with increase in factor aniosyncratic volatility. 老师，什么叫fully neutralized

NO.PZ202207040100000803问题如下 In Lazare anWarrack’s comments about Active Share anactive risk, the comment this least accurate is the one concerning:A.portfolio versification.B.neutralizing factor exposure.C.increasing iosyncratic volatility.SolutionB is correct. The comment concerning neutralizing factor exposure is incorrect: In a single-factor mol, if the factor exposure is neutralize the active risk will entirely attributable to the Active Share—a consequenof the manager viating from benchmark weights. The active risk attributeto Active Share will smaller for more versifieportfolios with lower iosyncratic risk. Active risk es rise with increase in factor aniosyncratic volatility.A is incorrect. The active risk attributeto Active Share will smaller for more versifieportfolios with lower iosyncratic risk. C is incorrect. Active risk es rise with increase in factor aniosyncratic volatility. ​SolutionB is correct. The comment concerning neutralizing factor exposure is incorrect: In a single-factor mol, if the factor exposure is neutralize the active risk will entirely attributable to the Active Share—a consequenof the manager viating from benchmark weights. The active risk attributeto Active Share will smaller for more versifieportfolios with lower iosyncratic risk. Active risk es rise with increase in factor aniosyncratic volatility.太奇怪，B的说法跟原文就是一样的，为啥就不对呢。意思不就是说如果因子的风险暴露是中性的，然后active risk 全部来自Active share?

NO.PZ202207040100000803 问题如下 In Lazare anWarrack’s comments about Active Share anactive risk, the comment this least accurate is the one concerning: A.portfolio versification. B.neutralizing factor exposure. C.increasing iosyncratic volatility. SolutionB is correct. The comment concerning neutralizing factor exposure is incorrect: In a single-factor mol, if the factor exposure is neutralize the active risk will entirely attributable to the Active Share—a consequenof the manager viating from benchmark weights. The active risk attributeto Active Share will smaller for more versifieportfolios with lower iosyncratic risk. Active risk es rise with increase in factor aniosyncratic volatility.A is incorrect. The active risk attributeto Active Share will smaller for more versifieportfolios with lower iosyncratic risk. C is incorrect. Active risk es rise with increase in factor aniosyncratic volatility. 麻烦老师下这句话含义The active risk attributeto Active Share will smaller in more versifieportfolios，谢谢。