问题如下：
Suppose an active equity manager has earned an active return of 110 basis points, of which 80 basis points is the result of security selection ability. Explain the likely source of the remaining 30 basis points of active return.
选项：
解释：
This remainder of 30 basis points would be attributable to the return from factor tilts. A portfolio manager’s active return is the sum of two components, factor tilts and security selection. Factor tilt is the product of the portfolio manager’s higher or lower factor sensitivities relative to the benchmark’s factor sensitivities and the factor returns. Security selection reflects the manager’s ability to overweight securities that outperform or underweight securities that underperform.
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