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132****5171 · 2025年03月18日

能否解释一下focused portfolios具体是什么意思?

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问题如下:

Which of the following statements about engagement style is most accurate? Passive investors:

选项:

A.do not have an engagement style. B.start with an issue and seek to engage with all the companies affected by that issue. C.start with the company and its business issues and develop a tailored engagement approach.

解释:

A. Incorrect because passive investors typically start with an issue—identified by the team from news or broader analysis or through a screening or other research provider—and seek to engage with all the companies affected by that issue (which may be a whole sector or even broader).

B. Correct because passive investors typically start with an issue—identified by the team from news or broader analysis or through a screening or other research provider—and seek to engage with all the companies affected by that issue (which may be a whole sector or even broader).

C. Incorrect because active investors, not passive investors, follow this engagement style. Active investors, particularly those with focused portfolios, start with the company itself and its business issues and develop a tailored engagement approach cutting across a range of issues, often with the investment teams taking a leading role. Companies selected for this approach are often identified from among investment underperformers or are firms that trigger other financial or ESG metrics.

理解下来应该是主动投资的一种方式

1 个答案

Carol文_品职助教 · 2025年03月19日

嗨,从没放弃的小努力你好:


是的,focused portfolios(集中投资组合)通常指的是主动投资(Active Investing)的一种策略,具有以下特点:

  • 持仓公司较少:相比于指数基金或广泛分散的投资组合,集中投资组合可能只包含几十家甚至更少的公司
  • 更主动的研究和参与:基金经理会进行深入的个股研究,并主动与公司管理层或董事会沟通,推动治理和业务改进。
  • 较强的影响力:由于投资者在这些公司持有较高的权益比例,他们更有动力和能力进行深度的公司参与(engagement)


为什么 Focused Portfolios 适合“公司导向型” engagement?

在主动投资者的参与风格中,“公司导向型” engagement(Company-focused engagement)关注单个公司的业务问题(business issues),深入研究并量身定制参与策略(tailored engagement approach),可能涉及多方面议题(治理、财务、ESG等)。例如,一家持有某科技公司 5% 股权的主动投资基金,可能会直接与管理层会谈,要求提高资本回报率或改善数据隐私政策。

相比之下,被动投资者(Passive Investors)一般不会主动分析某家公司,而是从一个议题出发(如碳排放、供应链人权等),对整个行业或一批公司进行集体参与。这种方式被称为Issue-based engagement(议题导向型参与)


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