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yx9881 · 2020年01月01日

问一道题：NO.PZ2019012201000063

  1. CFA III
  2. Equity

问题如下：

Which fund in Exhibit 1 most likely follows a bottom-up approach?

选项：

A.

Fund 1

B.

Fund 2

C.

Fund 3

解释：

Bottom-up managers evaluate the risk and return characteristics of individual securities and build portfolios based on stock-specific forecasts; Fund 3 follows this exact approach. Example views of bottom-up managers include expecting one auto company to outperform another, expecting a pharmaceutical company to outperform an auto company, and expecting a technology company to outperform a pharmaceutical company. Both bottom-up and top-down managers can be either diversified or concentrated in terms of securities.

怎么排除fund1 和 fund2的?

是否要考虑条件: 个股的数目?

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1 个答案

maggie_品职助教 · 2020年01月02日

1、这道题其实排除法，FUND1是很明显的top down,表格中明确告知我们该基金从国家、大类资产类别、以及行业出发，所以首先排除A。FUND2的信息告诉我们选择股票是通过选择style factor来做决策。单光从选择因子上来我们并不能说它是自上而下还是自下而上，因为两种方法都可以是factor based。那咱们继续看FUND3，这里fund 3的描述就很明显是bottom up ,它基于个股自身特殊的情况来做预测。因此选C.

2、因为这道题是从一道大的case中截取的，表格中给的个股数量是用于其它小题的,对于这道题来说前三栏不用看。

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