Among the funds shown in Exhibit 2, which one is most likely managed using a diversified multi-factor investor approach?
答案的解析:
The risk targets for Fund Z are most likely those of a manager using a diversified multi-factor approach. Low single-security risk of 1% and modest overall portfolio risk of 4%, combined with flexibility on sector risk, demonstrate a highly diversified portfolio that primarily emphasizes factor exposures. Fund X has risk targets consistent with an emphasis on stock picking—namely, high active risk, high exposure to risk from a single security, and low sector deviations.
麻烦问下，这里的diversified multi factor的diversified是指行业已经分散了吧？如果是这样，我的思路是现在max sector deviation最小，且不是纯跟指数走的里面找。发现基金X是属于这种情况。但是答案给的是说A属于stock picking，如果是stock picking，根据他的active risk也应该是多因子已经分散后的stock picking吧？否则他的整个risk应该反而是所有情况中最大的。
如果这个思路没有问题，那是不是他也可以算作diversfied multi factor？
