NO.PZ2024021801000063
问题如下：
Which of the following statements about thematic investing is most accurate?选项：
A.Water funds underperform during economic cycle expansions B.Clean energy funds outperform during economic cycle contractions C.Thematic investing is not feasible through passive vehicles like ETFs解释：
A. Correct because as an opposite example, water funds have a much more stable, regulatory outlook generally underpinned by strong cash flow and cash conversion. Often used as hedges against inflation, they will underperform during expansions in economic cycles when investors rotate towards growth.
B. Incorrect because clean energy tends to be a pro-cyclical growth sector that underperforms when capital spending and the economic cycle contract.
C. Incorrect because thematic investing targets sustainability-aligned themes as a means to construct a portfolio. While often designed around long-term, resource scarcity-oriented themes, such as water or clean energy, thematic funds may also focus on sustainable sectors like healthcare. This approach may be expressed both fundamentally and quantitatively through active quant strategies or more passive vehicles, such as exchange-traded funds (ETFs).
如果按照A和B选项的逻辑的话，那岂不是thematic investing无论在economic cycle好或者坏的时候，都是underperformance？
因为好的时候，表现可能不如其他增长型资产；坏的时候，不太可能跑赢市场？
如果是这样的话，这种thematic investing在经济好的时候会怎么样？坏的时候会怎么样？
