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Zunniyaki · 2023年02月24日

这道题能否详细讲解一下?

* 问题详情,请 查看题干

NO.PZ202207040100000604

问题如下:

As an indexing technique, the number of holdings in Manager B’s index most likely illustrates:

选项:

A.reconstituting. B.packeting. C.buffering.

解释:

Solution

C is correct. Buffering involves establishing ranges around breakpoints that define whether a stock belongs in one index or another. Some index providers have adopted policies intended to limit stock migration problems and keep trading costs low for investors who replicate indexes. Size rankings may change daily with market price movements, so buffering makes index transitions a more gradual and orderly process. As long as stocks remain within the buffer zone, they stay in the current index, and as a result, the holdings of the fund may exceed the holdings of the index.

A is incorrect. Reconstitution involves deleting names that are no longer in the index and adding names that have been approved as new index members.

B is incorrect. Packeting involves splitting stock positions into multiple parts. For example, if a mid-cap stock’s capitalization increases and breaches the breakpoint between the mid-cap and large-cap indexes, a portion of the total holding is transferred to the large-cap index but the rest stays in the mid-cap index. On the next reconstitution date if the stock value remains large cap and all other qualifications are met, the remainder of the shares are moved out of the mid-cap index into the large-cap index.

老师您好,这道题能否详细讲解一下?答案看不太懂。

2 个答案

笛子_品职助教 · 2023年05月30日

嗨,爱思考的PZer你好:


请问能否解释下上述关于portfolio和benchmark数量比较的结论是如何得出的?不是很明白


首先benchmark股票数量是固定的,标准普尔500指数永远有500只股票。会不一样的是,跟踪benchmark的portfolio。


reconstituting是重构,要求两者股票数量完全一样。

.buffering是缓冲地带,影响是对称的,portfolio和benchmark的股票数量可多可少。

packeting是拆分,因为当benchmark完全剔除一个股票的时候,packeting方法的portfolio只会剔除这个股票的一部分,因此portfolio的股票数量会大于等于benchmark。


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虽然现在很辛苦,但努力过的感觉真的很好,加油!

笛子_品职助教 · 2023年02月27日

嗨,爱思考的PZer你好:


这题有错误,修正一下。


reconstituting是重构,portfolio股票数量和benchmark是一样的。

packeting.是拆分,portfolio股票数量可以和benchmark一样,也可以多于benchmark,但是不会少于benchmark。

.buffering是缓冲地带,portfolio股票数量可以和benchmark一样,也可以多于benchmark,也可以少于benchmark


而B的portfolio有504只股票,benchmark有500只股票,多于。

所以B和C都对。


这题我们应该把most likey改为least likely,选A。

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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!

005 · 2023年05月29日

请问能否解释下上述关于portfolio和benchmark数量比较的结论是如何得出的?不是很明白

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