NO.PZ202207040100000402
问题如下:
In regard to Shaw’s comments about Fund A and Fund B, the one that is most accurate concerns:选项:
A.Fund A’s fees. B.Fund A’s dispersion. C.Fund B’s sector bets.解释:
SolutionB is correct. Shaw’s comment about Fund A’s dispersion is correct. With a higher active risk (tracking error), Fund A has a greater likelihood of having results dispersed more broadly (both positive and negative) around benchmark results than Fund B has. Investors are more likely to be willing to pay higher fees for higher Active Share as an indicator of greater active management, but Active Share is identical for Fund A and Fund B. Sector bets are likely to affect active risk; therefore, Fund A is more likely to be using sector bets, not Fund B.
A is incorrect. Investors are more likely to be willing to pay higher fees for higher Active Share as an indicator of greater active management, but Active Share is identical for Fund A and Fund B.
C is incorrect. Sector bets are likely to affect active risk; therefore, it is Fund A that is more likely to be using sector bets, not Fund B.
Fund A is more likely to be using sector bets,因为A的 active risk 大;
因为 fundA 与 fundB的 active share 一样,所以费用应该一样,投资者只愿意为 高的 active share 支付 费用;
不理解的是: A的风险高,为啥 A的dispersion反而大? dispersion 是否 可以是 diversification?