NO.PZ201809170400000104
问题如下：
The Elmer fund’s management strategy is:
选项：
A.active.
B.passive.
C.blended.
解释：
B is correct. The fund is managed assuming that the market is efficient, and investments are selected to mimic an index. Compared with active strategies, passive strategies generally have lower turnover and generate a higher percentage of long-term gains. An index fund that replicates its benchmark can have minimal rebalancing.
其实equity那里不是有4 个universe吗：style&size, geograhy, activity和index. 按照老师的思路，其实这4个即可active又可以passive。不知道是否正确。
