NO.PZ202207040100000105
问题如下：
Leeter’s reply to Clickman concerning determining the style of funds is most accurate in regard to the:选项：
A.description of a returns-based analysis. B.applicability of returns-based analysis versus holding-based analysis. C.comparison of depth of analysis between returns-based analysis versus holdings-based analysis.解释：
SolutionA is correct. Leeter’s reply is correct in regard to the description of returns-based analysis. Regressing a fund’s past returns against the past returns from a number of style indexes is a returns-based style analysis.
B is incorrect. Leeter’s reply is incorrect in regard to the applicability of returns-based analysis versus holdings-based analysis. Returns-based analysis is easier to implement than holdings-based analysis because data are more readily available.
C is incorrect. Leeter’s reply is incorrect in regard to the comparison of depth analysis between the two methods. Holdings-based analysis allows for a deeper level of analysis when compared with returns-based analysis because holdings-based analysis uses the actual portfolio holdings. The analysis is more accurate and generates more information for making style allocation decisions.
return base是比holding base更好获取数据，但是这个地方说return base更容易我不是很理解，毕竟holding只需要有持仓就可用分析了，而return还要做回归分析，相比起来肯定是有底仓更easy吧。。虽然用定义可以选出a
