NO.PZ201909280100001101
问题如下：
Which asset class would best satisfy the Fund’s
diversification strategy?
选项：
A.
Private equity
B.
Private real estate
C.
Absolute return hedge fund
解释：
C is correct. An
absolute return hedge fund has a greater potential to diversify the fund’s dominant
public equity risk than either private equity or private real estate. Absolute
return hedge funds exhibit an equity beta that is often less than that of
private equity or private real estate. Also, absolute return hedge funds tend
to exhibit a high potential to diversify public equities, whereas equity
long/short hedge funds exhibit a moderate potential to fulfill this role.
A is incorrect
because although private equity provides moderate diversification against
public equity, an absolute return hedge fund has a greater potential to do so.
The primary advantage of private equity is capital growth.
B is incorrect
because private real estate provides only moderate diversification against
public equity, whereas absolute return hedge funds have a greater potential to
do so. The primary advantage of private real estate is income generation.
C是正确的。 与私募股权或私人房地产相比，An absolute return hedge fund在分散基金主要公共股权风险方面具有更大的潜力。 An absolute return hedge fund的股票贝塔系数通常低于私募股权或私人房地产的贝塔系数。 此外，An absolute return hedge fund在分散公开股票方面往往表现出很高的潜力，而股票多头/空头对冲基金则表现出适度的潜力来发挥这一作用。
A 是不正确的，因为尽管私募股权相对于公共股权提供适度的多元化，但An absolute return hedge fund有更大的潜力这样做。 私募股权的主要优势是资本增长。
B 是不正确的，因为私人房地产仅提供相对于公共股票的适度多元化，而An absolute return hedge fund有更大的潜力这样做。 私人房地产的主要优势是创收。
由于私人房地产和二级市场上的上市公司一样会受到一些宏观因素的影响（例如利率），所以只是部分的分散化的效果，但是分散化更好的主要还是Absolute return hedge fund，其β对冲掉了，基本只剩α的影响了，所以不受宏观因素的影响，使得其分散化更好。
这里说绝对收益策略和权益资产的分散度很高，那绝对收益策略也是和中性策略一样去除乐贝塔 只留下阿尔法吗
