NO.PZ2024010509000014
问题如下：
An asset owner seeking to hire an investment manager believes that ESG factors are most important for risk management. To implement that belief, the asset manager will most likely suggest a strategy that:选项：
A.structures the portfolio to replicate an ESG benchmark fund.
B.excludes some companies, sectors, or geographies based on ESG-related factors.
C.overweights the portfolio with companies that exhibit strong performance on related ESG factors.
解释：
B is correct. If an ESG mandate is to focus on risk management, then a possible strategy would be to exclude companies, sectors, or geographies that the investor sees as particularly risky with respect to ESG factors. If value creation were the focus, then the manager might overweight the portfolio with companies or sectors that exhibit strong performance on ESG-related factors they believe are linked to value creation. (Although companies that have good corporate governance often have good ratings for E&S factors as well, that is not always the case, so focusing on only one of the ESG factors would not necessarily reduce the portfolio’s risk.)没明白，关注ESG，为何要排除？
