NO.PZ2019012201000062
问题如下：
Fund 1 focuses on skillfully timing exposures to factors, both rewarded and unrewarded, and to other asset classes. The fund’s managers use timing skills to opportunistically shift their portfolio to capture returns from factors such as country, asset class, and sector. Fund 1 prefers to make large trades.The main building block of portfolio construction on which Fund 1 focuses is most likely:
选项：
A.
alpha skills
B.
position sizing
C.
rewarded factor weightings
解释：
The three mainbuilding blocks of portfolio construction are alpha skills, position sizing,and rewarded factor weightings. Fund 1 generates active returns by skillfullytiming exposures to factors, both rewarded and unrewarded, and to other assetclasses, which constitute a manager’s alpha skills.
题目我能做对，但我其实一直对几部分的拆分很迷糊。我觉得这三者是融合并不完全独立诶。能不能用通俗平实的语言解释一下这三块呢？另外最后一项size是怎么影响的呢？是规模越大越集中残差越大吗？为啥直接对应fundamental law呢？按道理那个公式是对应整个三部分之和吧
