NO.PZ2019012201000062
问题如下：
Fund 1 focuses on skillfully timing exposures to factors, both rewarded and unrewarded, and to other asset classes. The fund’s managers use timing skills to opportunistically shift their portfolio to capture returns from factors such as country, asset class, and sector. Fund 1 prefers to make large trades。The main building block of portfolio construction on which Fund 1 focuses is most likely:
选项：
A.
alpha skills
B.
position sizing
C.
rewarded factor weightings
解释：
The three main
building blocks of portfolio construction are alpha skills, position sizing,
and rewarded factor weightings. Fund 1 generates active returns by skillfully
timing exposures to factors, both rewarded and unrewarded, and to other asset
classes, which constitute a manager’s alpha skills.
对于rewarded factors，alpha skills中timing和第一个block中的beta多配或少配的区别（First block和second block具体解析和区分）
