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小米 · 2020年02月22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.

第二个基金也说了target specific stock呀，和第三个基金一样啊。况且第三个基金最后一句提到了趋势，不应该也是迷惑点，应该是从上至下才用趋势吗？所以第二个和第三个最致命的区别点怎么考虑做判断？老师之前几个解答说的太笼统

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1 个答案

maggie_品职助教 · 2020年02月23日

嗨，从没放弃的小努力你好：


1、需要注意的是我们不管是自上而下还是自下而上，基金经理分析的目的最终都要落实到选个股上（target individual security），只是分析的角度不同。不要一看到 individual就是自下而上。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。

2、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。fund 3最后一句说的是该基金经理喜欢做大单交易，这个趋势没关系。


-------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！


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