HF第一课课后题

嗨，爱思考的PZer你好：

看答题方式，理解了，你考试就会回答

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

不背考试碰到了咋办(ಥ_ಥ)

嗨，从没放弃的小努力你好：

不要背，核心是看答题方式，你看第5题，基本都是回答如何条件搭配的。以理解为准

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加油吧，让我们一起遇见更好的自己！

第5题要背那么多吗（惊呆）

嗨，爱思考的PZer你好：

同学你好

第一题大概理解一下就行，A dedicated short bias hedge fund strategy is an example of an equity hedge fund strategy, not an event-driven or relative value strategy.

A merger arbitrage hedge fund strategy is an example of an event-driven strategy, which is permitted under the board’s mandate.

A convertible bond arbitrage hedge fund strategy is an example of a relative value strategy, which is permitted under the board’s mandate

A global macro hedge fund strategy is an example of an opportunistic hedge fund strategy, not an event-driven or relative value strategy.

第2题

证据：A linear factor model can provide insights into the intrinsic characteristics and risks in a hedge fund investment.

解释： A conditional model can show whether hedge fund risk exposures to equities that are insignificant during calm periods become significant during turbulent market periods. 

第3题

结论：Shaindy should employ an equity market-neutral (EMN) equity strategy.

证据：Overall, EMN managers are more useful for portfolio allocation during periods of non-trending or declining markets.

解释EMN hedge fund strategies maintain a near net zero portfolio exposure to the market.

解释 Since these portfolios do not take beta risk and attempt to neutralize many other factor risks,

证据they typically must apply leverage to the long and short positions to achieve a meaningful return profile from their individual stock selections.

第5题

Hedge Fund 2 would be most appropriate for Puten because it follows a global macro strategy, which is consistent with Puten’s preferences. Global macro managers use both fundamental and technical analysis to value markets, and they use discretionary and systematic modes of implementation. The key source of returns in global macro strategies revolves around correctly discerning and capitalizing on trends in global markets.

Global macro strategies are typically top-down and employ a range of macroeconomic and fundamental models to express a view regarding the direction or relative value of a particular asset or asset class.

Hedge Fund 1 follows a relative value strategy with a focus on convertible arbitrage, which is not aligned with Puten’s preferences.

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！