NO.PZ2020020202000017
问题如下：
An analyst notes that the fixed-income portfolio manager has strong views about the effects of macroeconomic factors on credit markets and follows a top-down investment process. According to this, the most appropriate risk attribution approach for the fixed-income manager is to
选项：
A.decompose historical returns into a top-down factor framework.
B.evaluate the marginal contribution to total risk for each position.
C.attribute tracking risk to relative allocation and selection decisions.
解释：
C is correct.
The portfolio is managed against a benchmark, which indicates a relative-risk type of risk attribution analysis. For a top-down investment approach, the analysis should attribute tracking risk to allocation and selection decisions relative to the benchmark.
has strong views about the effects of macroeconomic factors on credit markets
这句话表明了The portfolio is managed against a benchmark？
