问题如下图：
选项：
A. 
B. 
C. 
解释：
maggie_品职助教 · 2021年02月20日
嗨，爱思考的PZer你好：
三个选项分别对应的是组合超额收益的三个来源，1、择时（通过对时机的把握找到一些短期表现好的机会） 2、运气 （Sizing Positions） 3、长期通过承担/调节 rewarded factor的权重（重仓或轻仓rewarded factor）
不选C的原因是：
1. 基金1 不仅关注rewarded factor 还关注unrewarded factor。在三个来源中只有择时是关注unrewarded factor，因为只有在短期，基金经理可以通过专业性找到unrewarded factor的投资机会,
2、题干中没有提及对于rewarded factor权重的调整（选C的关键词是overweight/underweight rewarded factor）
3. 这道题让咱们选“most likely”,最佳选项的话肯定是A
我把讲义截图放在下面，重点用红色框出来供你参考。
-------------------------------加油吧，让我们一起遇见更好的自己！
NO.PZ2019012201000062 问题如下 Fun1 focuses on skillfully timing exposures to factors, both rewaranunrewar anto other asset classes. The funs managers use timing skills to opportunistically shift their portfolio to capture returns from factors sucountry, asset class, ansector. Fun1 prefers to make large tras.The main builng bloof portfolio construction on whiFun1 focuses is most likely: A.alpha skills B.position sizing C.rewarfactor weightings The three mainbuilng blocks of portfolio construction are alpha skills, position sizing,anrewarfactor weightings. Fun1 generates active returns skillfullytiming exposures to factors, both rewaranunrewar anto other assetclasses, whiconstitute a manager’s alpha skills. 她不是在因子上投资吗？为什么不属于rewarfactor weighting?
NO.PZ2019012201000062问题如下 Fun1 focuses on skillfully timing exposures to factors, both rewaranunrewar anto other asset classes. The funs managers use timing skills to opportunistically shift their portfolio to capture returns from factors sucountry, asset class, ansector. Fun1 prefers to make large tras.The main builng bloof portfolio construction on whiFun1 focuses is most likely: A.alpha skills B.position sizing C.rewarfactor weightings The three mainbuilng blocks of portfolio construction are alpha skills, position sizing,anrewarfactor weightings. Fun1 generates active returns skillfullytiming exposures to factors, both rewaranunrewar anto other assetclasses, whiconstitute a manager’s alpha skills. 题目我能做对，但我其实一直对几部分的拆分很迷糊。我觉得这三者是融合并不完全独立诶。能不能用通俗平实的语言一下这三块呢？另外最后一项size是怎么影响的呢？是规模越大越集中残差越大吗？为啥直接对应funmentlaw呢？按道理那个公式是对应整个三部分之和吧
NO.PZ2019012201000062 问题如下 Fun1 focuses on skillfully timing exposures to factors, both rewaranunrewar anto other asset classes. The funs managers use timing skills to opportunistically shift their portfolio to capture returns from factors sucountry, asset class, ansector. Fun1 prefers to make large tras。The main builng bloof portfolio construction on whiFun1 focuses is most likely: A.alpha skills B.position sizing C.rewarfactor weightings The three mainbuilng blocks of portfolio construction are alpha skills, position sizing,anrewarfactor weightings. Fun1 generates active returns skillfullytiming exposures to factors, both rewaranunrewar anto other assetclasses, whiconstitute a manager’s alpha skills. \"Fun1 prefers to make large tras\"这句话放在这里有什么含义吗？是想表达什么？为什么不影响答案？感觉有一点sizing的意味 虽然选对了但是还是被这句话影响到了 犹豫要不要选sizing position
NO.PZ2019012201000062问题如下 Fun1 focuses on skillfully timing exposures to factors, both rewaranunrewar anto other asset classes. The funs managers use timing skills to opportunistically shift their portfolio to capture returns from factors sucountry, asset class, ansector. Fun1 prefers to make large tras。The main builng bloof portfolio construction on whiFun1 focuses is most likely:A.alpha skills B.position sizing C.rewarfactor weightings The three mainbuilng blocks of portfolio construction are alpha skills, position sizing,anrewarfactor weightings. Fun1 generates active returns skillfullytiming exposures to factors, both rewaranunrewar anto other assetclasses, whiconstitute a manager’s alpha skills. 对于rewarfactors，alpha skills中timing和第一个block中的beta多配或少配的区别（First block和seconblock具体解析和区分）
NO.PZ2019012201000062 这道题很难看出哪个为主吧？毕竟两个都提到了。
