NO.PZ2023032703000101
问题如下：
Nicole Goodwin is a fixed income
portfolio manager for XBK Active Asset Management. Goodwin is positive on
trends in the global economy and believes companies with cyclical exposure will
benefit in the coming year. Goodwin believes that the market has overreacted to
recent geopolitical events and expects spreads to tighten over the coming year.
Goodwin reaches out to XBK’s trading desk for some ideas to gain broad credit exposure while limiting transaction costs.
A. Identify the credit strategy approach
Goodwin is most likely using. Justify your response.
选项：
解释：
Correct Answer:
Goodwin is most likely using a top-down approach to credit strategy, given the focus on trends in the global economy and believing the recent spread caused by geopolitical risks was an overreaction.
A top-down approach to credit strategy focuses on a broader set of factors affecting the bond universe in contrast to the more detailed and issuer specific bottom-up approach.
Macro factors critical to credit investors include economic growth, real rates and inflation, changes in expected market volatility and risk appetite, recent credit spread changes, industry trends, geopolitical risk, and currency movements.
Goodwin is likely to use a top-down approach, given the focus on global economy change and believes that the market has overreacted to recent geopolitical events.
A top-down approach focus on macro factor rather than company specific like bottom-up approach.Since Goodwin reaches out to XBK’s trading desk for some ideas to gain broad credit exposure while limiting transaction costs.
这道题我其实有点硬写，麻烦老师帮忙解释下这道题答题思路，以及帮忙进一步区分top-down，bottom up及factor based的区别，谢谢老师
