老师 答案里这个表格在哪里有？

问题如下：

Which of Anderson’s three statements regarding hedge fund strategies is correct?

选项：

Statement 1

Statement 2

Statement 3

解释：

C is correct. Global macro investing may introduce natural benefits of asset class and investment approach diversification, but they come with naturally higher volatility in the return profiles typically delivered. The exposures selected in any global macro strategy may not react to the global risks as expected because of either unforeseen contrary factors or global risks that simply do not materialize; thus, macro managers tend to produce somewhat lumpier and more uneven return streams than other hedge fund strategies.

A is incorrect because relative value hedge fund strategies tend to use significant leverage that can be dangerous to limited partner investors, especially during periods of market stress. During normal market conditions, successful relative value strategies can earn credit, liquidity, or volatility premiums over time. However, in crisis periods when excessive leverage, deteriorating credit quality, illiquidity, and volatility spikes come to fruition, relative value strategies can result in losses.

B is incorrect because long/short equity strategies tend to be exposed to some natural equity market beta risk but have less beta exposure than simple long-only beta allocations. Given that equity markets tend to rise over the long run, most long/short equity managers typically hold net long equity positions with some managers maintaining their short positions as a hedge against unexpected market downturns.

C是正确的。 Global macro investing 可能会带来资产类别和投资方法多样化的自然好处，但它们通常会带来的回报情况的更高波动性。由于不可预见的相反的factor或根本没有实现的全球风险，在任何 Global macro strategy 中选择的敞口可能不会对全球风险做出预期的反应；因此，与其他对冲基金策略相比，宏观经理往往会产生更不稳定和更不均匀的回报流。

A 是不正确的，因为相对价值对冲基金策略倾向于使用重大杠杆，危险也是来自杠杆，尤其是在市场压力时期。在正常市场条件下，成功的相对价值策略可以随着时间的推移赚取信用、流动性或波动性溢价。然而，在杠杆过高、信用质量恶化、流动性不足和波动性飙升的危机时期，相对价值策略可能会导致损失。

B 是不正确的，因为long/short equity strategies往往面临一些正常的股票市场贝塔风险，但比简单的only long的策略的贝塔相对小。鉴于股票市场长期趋于上涨，大多数多头/空头股票经理通常持有净多头股票头寸，一些经理保持空头头寸是为了对冲意外的市场低迷。