NO.PZ2023040601000101
问题如下：
Robbin asks each analyst to make an observation about his or her understanding of the information ratio.
- Marano: The information ratio will change as the active weights deviate from the benchmark weights.
- Gladden: Because TRS's investment policy prohibits short positions, TRS would be unable to take advantage of any optimized portfolios with increased active risk.
- Wert: The information ratio appears to be the best criterion to evaluate the past performance of our active managers.
选项：
A.The observation made by Marano
The observation made by Gladden
The observation made by Wert
解释：
The information ratio is unaffected by the aggressiveness of the active weights (deviations from benchmark weights) because both the active return and the active risk increase proportionally.
关于M的这句话，是不是可以理解为，asset allocation无法改变information ratio？只有security selection可以改变information ratio
Marano: The information ratio will change as the active weights deviate from the benchmark weights.
