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RichardGuan · 2020年02月15日

问一道题:NO.PZ2019093001000015

问题如下:

A manager has a mandate to be fully invested with a benchmark that is a blend of large-cap stocks and investment-grade bonds. Which of the following is not an indication that style drift has occurred? The manager:

选项:

A.

initiates an allocation to small-cap stocks.

B.

decreases investments in investment-grade corporate bonds.

C.

increases allocation to cash in anticipation of a market decline.

解释:

B is correct.

In the normal course of business, the manager conforms to its style by reducing exposure to some class of investment grade bonds. Increasing allocation to cash and small-cap stocks is in violation of the mandate to be fully invested with equity exposure to large-cap stocks.

这道题的答案没有读懂。在市场波动的时候如果基金经理调整部分股票的仓位,例如部分股票已经涨得过高了,就变现一部分,这能说明是基金经理的投资风格改变了吗?

2 个答案

RichardGuan · 2020年02月16日

谢谢,我大概知道了。但是这道题出的真不好。其实A、B、C都有可能是答案。

星星_品职助教 · 2020年02月15日

同学你好,

这里的Allocation就是专门把cash当做一种资产来配置了,而并不是抛一点股票或者是为了保持流动性而留下一点cash的意思了。

而专门配置cash这种资产就和fully invested in  large-cap stocks and investment-grade bonds违背了

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