问题如下：
Fund 1 focuses on
skillfully timing exposures to factors, both rewarded and unrewarded, and to
other asset classes. The fund’s managers use timing skills to opportunistically
shift their portfolio to capture returns from factors such as country, asset
class, and sector. Fund 1 prefers to make large trades.
选项：
A.alpha skills
position sizing
rewarded factor weightings
解释：
The three main
building blocks of portfolio construction are alpha skills, position sizing,
and rewarded factor weightings. Fund 1 generates active returns by skillfully
timing exposures to factors, both rewarded and unrewarded, and to other asset
classes, which constitute a manager’s alpha skills.
Exhibit 1 在哪里？
