NO.PZ202110280100000703
问题如下：
Identify the conditions under which the adviser would find style analysis most useful.
选项：
解释：
The adviser would find style analysis most useful, whether it be returns-based (RBSA) or holdings-based (HBSA), when applied to strategies that hold publicly-traded securities where pricing is frequent. It can be applied to other strategies (hedge funds and private equity, for example), but the insights drawn from a style analysis of such strategies are more likely to be used for designing additional lines of inquiry in the course of due diligence rather than for confirmation of the investment process.
In addition, style analysis, whether returns-based or holdings-based, must be meaningful, accurate, consistent, and timely in order to be useful. Accordingly, style analysis would be most useful to Connell in understanding most of the asset classes in the funds he is considering, including the equities and bonds. However, it would be less meaningful for evaluating the venture capital assets since they are not traded and are thus illiquid.
The adviser would consider style anaylsis with whether it be return-based(RBSA) or holdings-based(HSBA).
RBSA:RBSA is a top-down analysis、simple and not requiring a large number of data. But it's inaccurate with a static portfolio.
HSBA:HSBA is a bottom-up analysis、accruate and reflect current exposure.But it's easy to window-dressing and can't predict futures.
