NO.PZ2022120703000089
问题如下：
Which of the following ESG strategies is least likely used by private equity firms?
选项：
A.Positive screening B.Thematic investing C.Negative screening解释：
C is correct because "like other investor types, private equity investors may certainly impose exclusionary screening i.e. negative screening on any number of criteria to restrict investment in certain sectors, either normatively or ethically defined. However, private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria. However, portfolio managers can benchmark segments of the portfolio against smaller investment universes, even including public companies, if data comparability exists. Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter"; and least likely that they would use negative screening.
A is incorrect because "private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria … Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter."
B is incorrect because "private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria … Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter."
感觉A和C的解释非常牵强。A为什么“并不妨碍”，可以举例子吗？C排除性筛选时，为什么一定要用指数和基数，排除性筛选的时候，本身就很大程度上是基于道德或信仰。对于某公司或行业，虽然缺少信息披露，但是就是直接排除呀。否则，那不就是反向的积极筛选。请举例子。
