NO.PZ202209060200004401
问题如下：
Based on Choate’s comments regarding the Credit Opportunities Fund, which strategy approach(es) does Ipswich most likely follow?选项：
A.Bottom-up. B.Top-down with ESG considerations. C.Top-down and bottom-up.解释：
SolutionC is correct. Ipswich follows a top-down and bottom-up approach. The top-down approach involves the investor formulating a view on major macroeconomic trends, such as economic growth and corporate default rates, and then selecting the bonds that the investor expects to perform best in a given environment. The bottom-up approach involves selecting the individual bonds or issuers that the investor views as having the best relative value from among a set of bonds or issuers with similar characteristics (usually the same industry and often the same country of domicile).
A is incorrect because Ipswich follows a bottom-up approach but also applies top-down in asset allocation.
B is incorrect because while Ipswich follows a top-down approach, there is no mention of ESG considerations and the description actually states it doesn’t look at business practices.
Relative to high-yield bonds, investment-grade bonds are more sensitive to interest rate changes and credit migration risk；
High-yield bonds are not as sensitive to interest rates。
这个可以作为结论背么~~这个和常理真的有点违背，总感觉HYB对利率变化更敏感。
