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fionaffff · 2020年06月23日

问一道题:NO.PZ2019103001000022

问题如下:

Compton notes that SD&R generally uses actively managed portfolios designed to earn a return in excess of the benchmark portfolio. For clients interested in passive exposure to fixed-income instruments, SD&R offers two additional approaches.

Approach 1:Seeks to fully replicate the Bloomberg Barclays US Aggregate Bond Index

Approach 2:Follows an enhanced indexing process for a subset of the bonds included in the Bloomberg Barclays US Aggregate Bond Index. Approach 2 may also be customized to reflect client preferences

Relative to Approach 2 of gaining passive exposure, an advantage of Approach 1 is that it:

选项:

A.

reduces the need for frequent rebalancing

B.

limits the need to purchase bonds that are thinly traded

C.

provides a higher degree of portfolio risk diversification

解释:

C is correct.

Approach 1 is a full replication approach, whereas Approach 2 follows an enhanced indexing strategy. Both full replication and enhanced indexing can be used to establish a passive exposure to the bond market. Under full replication, the manager buys or sells bonds when there are changes to the index. The larger number of index constituents associated with full replication provides a higher degree of risk diversification compared with an enhanced indexing strategy

B答案是什么意思?

1 个答案

WallE_品职答疑助手 · 2020年06月24日

对那些不经常交易的股票设置购买的限制。

因为有些股票不常交易,所以它的卖价和买价一般差异较大。所以复制这个很少交易的股票的交易成本往往比那些流动好的股票要高。这就不是full replication的优势了。