这题没懂。。。

NO.PZ201809170400000507 问题如下 Whwthe effeof Fun3’s two tras on its active share? Fun3’s active share: crease remaineunchange increase B is correct. Active share changes only if the totof the absolute values of the portfolio’s active weights changes. For the two tras in Fun3, both the initiposition anthe new position involvetwo stocks suthone w1pp unrweighteanthe other w1pp overweighte Although the active weights of particulsecurities change between the initiposition anthe new position, the totabsolute active weights not change. Therefore, the portfolio’s active share not change. Tra 1是一个多买1%，一个少买1%，Tra 2 也是 一个多买1%，另一个少买1%题目的问题是比较这两种情况，他们的active share 是否有变化？如果是tra 1和tra 2 的情况下的对吧，那么active share 是不变的，都是1%。还是问的是两个tra都做完后的的active share 的变化？如果两个都做完，那么active share 变化是1%，因为题目中说做完tra 1 后，我们trabato benmarke。那么active share =0

NO.PZ201809170400000507 问题如下 Monongahela is equity funanalyst. His manager asks him to evaluate three actively manageequity fun from a single sponsor, Chiyosenko Investment Corp. Ap’s assessments of the fun baseon assets unr management (AUM), the three main builng blocks of portfolio construction, anthe fun’ approaches to portfolio management are presentein Exhibit 1. Selecteta for Fun1 is presentein Exhibit 2.learns thChiyosenko hinitiatea new equity fun It is similto Fun1 but scales up active risk ubling all of the active weights relative to Fun1. The new funaims to scale active return linearly with active risk, but implementation is problematiBecause of the cost anfficulty of borrowing some securities, the new funcannot scale up its short positions to the same extent thit cscale up its long positions.reviews quarterly holngs reports for Fun3. In comparing the two most recent quarterly reports, he notices fferences in holngs thincate thFun3 executetwo tras, with eatra involving pairs of stocks. Initially, Fun3 helactive positions in two automobile stocks—one woverweight 1 percentage point (pp), anthe other wunrweight 1pp. Fun3 trabato benchmark weights on those two stocks. In the secontra, Fun3 selectetwo fferent stocks thwere helbenchmark weights, one energy stoanone financistock. Fun3 overweightethe energy sto1pp anunrweightethe financisto1pp.In Fun3’s latest quarterly report, rea thFun3 implementea new formrisk control for its forecasting mol thconstrains the prectereturn stribution so thno more th60% of the viations from the meare negative. Whwthe effeof Fun3’s two tras on its active share? Fun3’s active share: crease remaineunchange increase B is correct. Active share changes only if the totof the absolute values of the portfolio’s active weights changes. For the two tras in Fun3, both the initiposition anthe new position involvetwo stocks suthone w1pp unrweighteanthe other w1pp overweighte Although the active weights of particulsecurities change between the initiposition anthe new position, the totabsolute active weights not change. Therefore, the portfolio’s active share not change. Fun3 helactive positions in two automobile stocks—one woverweight 1 percentage point (pp), anthe other wunrweight 1pp. Fun3 trabato benchmark weights on those two stocks. In the secontra, Fun3 selectetwo fferent stocks thwere helbenchmark weights, one energy stoanone financistock. Fun3 overweightethe energy sto1pp anunrweightethe financisto1pp.（1）根据题目，tra1是把权重调回bechamark【Fun3 trabato benchmark weights on those two stocks. 】，那么active share=0（2）tra 2是把权重偏离bechmark【 Fun3 overweightethe energy sto1pp anunrweightethe financisto1pp.】，那么AS=1%所以AS是上升了

NO.PZ201809170400000507