问题如下：
Laubach states that that
the board is interested in following a passive approach for some or all of the
equity allocation. In addition, the board is open to approaches that could
generate returns in excess of the benchmark for part of the equity allocation.
McMahon suggests that the board consider following a passive factor-based
momentum strategy for the allocation to international stocks.
The international
strategy suggested by McMahon is most likely characterized as:
选项：
A.risk based
return oriented
diversification oriented
解释：
McMahon suggests
that the foundation follow a passive factor-based momentum strategy, which is
generally defined by the amount of a stock’s excess price return relative to
the market during a specified period. Factor-based momentum strategies are
classified as return oriented.
return-orient 和 momentum fator 可以重叠对吧？并不是并列的factor？
