NO.PZ2024021802000096
问题如下：
Which of the following approaches are used to integrate ESG factors into the portfolio management process?选项：
A.Rule-based approaches only B.Fundamental portfolio approaches only C.Both rule-based approaches and fundamental portfolio approaches解释：
C. Correct because ESG integration will take different forms based on the types of investment strategy. including both rules-based and fundamental portfolio approaches. Discretionary ESG investment strategies most commonly take the form of a fundamental portfolio approach. Systematic investment strategies are, broadly speaking, rule-based approaches that use the statistical application of financial and/or nonfinancial factors to drive security selection.
书上出现过两个词，一个是portfolio construction，组合的构建，这里其实就是通过各种方法选股，把选择后的股票放到投资组合中。那portfolio management process跟portfolio construction是一个意思，还是说是投资组合构建之后的管理呢（即根据实际的情况调整权重或者剔除加入之类的动作）？
