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宁静致远 · 2020年03月15日

问一道题：NO.PZ2019012201000063题外话，择时和择机的区别是一个针对topdown；一个针对bottomup么？因为中文听起来都是选择时机所以quant里面有择机么？

  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.

factor timing 是择时；discretionary是择机对吧？

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1 个答案

袁园_品职助教 · 2020年03月16日

同学你好！

1，factor timing 是择时，正确

2，discretionary 是择机，不对，discretionary 是指主观判断，与 systematic 的概念相对应，timing 可以通过主观判断来选择，公司好不好、值不值得投资…这些都可以通过主观判断

3， factor timing = top-down，不对，bottom-up 也可以择时

4，discretionary = bottom-up，不对，systematic VS. discretionary 是一个分类维度，top-down VS. bottom-up 是另一个分类维度

5， quant里面有择机吗？quant 里面可以有择时即factor timing，但没有discretionary，因为 quant 是基于设定规则交易，而不是根据基金经理的每一次的主观判断来交易

如果还是觉得不清不楚，可以试试再去听一听 “Approaches To Portfolio Construction” 这节视频和李老师总结的这张表格，加油！

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