老师，请问risk budgeting具体有哪几种方式呢？

问题如下：

Which of the following is not an example of risk budgeting?

选项：

A.

Giving a foreign exchange trading desk a VaR limit of $10 million

B.

Allowing a portfolio manager to have an ex ante tracking error up to 5% in a given portfolio

C.

Reducing the positions in a portfolio after a loss of a 5% of capital has occurred in a single month

解释：

C is correct. This is an example of a stop-loss limit, not risk budgeting. The other choices are both examples of risk budgeting.