关于policy mix

问题如下：

Which of the following is least accurate with respect to policy-mix risk and active management risk?

选项：

A.

most of the risk is due to the policy mix .

B.

the sum of policy-mix VAR and active-management VAR equal to the total asset VAR.

C.

the active-management VAR is rather small.

D.

diversification can be achieved, reducing the total asset VAR.

解释：

B is correct.

考点：policy-mix risk and active management risk

解析：首先注意题目中要求选出错误选项。选项A说法正确，大部分风险是由于policy-mix risk，因为投资组合的大部分风险可归因于资产类别的选择。选项C说法正确，与policy-mix risk相比， active management risk比较小。选项D说法正确，组合可以实现分散化效应，降低total asset VAR。policy-mix risk 与 active-management risk之间可以实现分散化效应，因此 policy-mix VAR 与 active-management VAR的和不等于total asset VAR， 选项B的说法错误，本题选B。