NO.PZ2018120301000034
问题如下：
The
city also manages a separate, smaller bond portfolio for the Radford School
District. During the next five years, the school district has obligations for
school expansions and renovations. The funds needed for those obligations are
invested in the Bloomberg Barclays US Aggregate Index. Doug asks Hui which
portfolio management strategy would be most efficient in mimicking this index.
Hui’s response to Doug’s question about the most efficient portfolio management strategy should be:
选项：
A.full replication.
B.active management.
C.an enhanced indexing strategy.
解释：
Correct Answer: C
C
is correct. Under an enhanced indexing strategy, the index is replicated with
fewer than the full set of index constituents but still matches the original
index’s primary risk factors. This strategy replicates the index performance
under different market scenarios more efficiently than the full replication of
a pure indexing approach.
怎么判断出来这里的most efficient指的就是cost 有效呢，如果我看效果的话的，肯定是full implication的tracking error最小呢？
整个题目里都没有提到要从cost的角度来考虑是否有效。
