这三个选项的区别是什么

问题如下：

Alexander’s risk management policy for the multi-asset fund is least likely an example of:

选项：

A.stop-loss limits. B.risk budgeting. C.scenario limits.

解释：

A is incorrect. The initiation of hedges above a certain loss level is an alternative form of a stop-loss limit called drawdown control or portfolio insurance.

B is incorrect. The five-day, 1% VaR limit of $10 million is an example of risk budgeting.

C is correct. Alexander’s policy does not incorporate a scenario limit, which establishes a limit on the estimated loss for a given scenario that, if exceeded, would require corrective action in the portfolio. An example of a scenario limit would be a policy describing an action to take if interest rates increased by 100 bps. The five-day, 1% VaR limit of $10 million is an example of risk budgeting. The initiation of hedges above a certain loss level is an alternative form of a stop-loss limit called drawdown control or portfolio insurance.