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qixj · 2023年06月03日

老师这道题不明白为什么选B

NO.PZ2022120703000093

问题如下:

Excluding the tobacco sector in a passive investment strategy most likely tilts the portfolio towards a more:

选项:

A.cyclical, value-oriented profile. B.cyclical, growth-oriented profile. C.defensive, growth-oriented profile.

解释:

B is correct because "incorporating any given set of exclusions or ESG datasets into a passive investment strategy potentially carries unintended consequences, notably by limiting one’s ability to diversify. This may result from portfolio distortion to unwanted factor and market exposure. Despite their weight within a given broader index, reducing or eliminating exposure to certain sectors represents a natural re-weight to the remaining sectors and index constituents. Commonly excluded sectors, like tobacco and fossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature and face less pressure to reinvest cash flow into growth-related, capital expenditure programmes. As a result, stable operating margins equate to consistent cash flows and dividend pay-out ratios, which provide defensive, counter-cyclical exposure within portfolios. Indices that exclude or minimize exposure to these sectors will naturally tilt portfolios towards a more cyclical, growth-oriented profile."

A is incorrect because "commonly excluded sectors, like tobacco and fossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature and face less pressure to reinvest cash flow into growth-related, capital expenditure programmes. As a result, stable operating margins equate to consistent cash flows and dividend pay-out ratios characteristics of value-oriented profile, which provide defensive, counter-cyclical exposure within portfolios. Indices that exclude or minimise exposure to these sectors will naturally tilt portfolios towards a more cyclical, growth-oriented not value-oriented since such companies are excluded profile."

C is incorrect because "commonly excluded sectors, like tobacco and fossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature and face less pressure to reinvest cash flow into growth-related, capital expenditure programmes. As a result, stable operating margins equate to consistent cash flows and dividend pay-out ratios, which provide defensive, counter-cyclical exposure within portfolios. Indices that exclude or minimise exposure to these sectors will naturally tilt portfolios towards a more cyclical not defensive since such companies are excluded, growth-oriented profile."

老师这道题为什么选B?怎么分析的

1 个答案

王岑 · 2023年06月05日

嗨,爱思考的PZer你好:


我们教材中说到 "commonly excluded sectors, like tobacco and fossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature and face less pressure to reinvest cash flow into growth-related, capital expenditure programmes. As a result, stable operating margins equate to consistent cash flows and dividend pay-out ratios, which provide defensive, counter-cyclical exposure within portfolios. Indices that exclude or minimise exposure to these sectors will naturally tilt portfolios towards a more cyclical not defensive since such companies are excluded, growth-oriented profile."也就是说,“普遍被排除在外的行业,如烟草和化石燃料等,具有特定的特征。通常来说,这些行业的公司更加成熟,面临的压力较小,不需要将现金流重新投资于与增长相关的资本支出计划中。因此,稳定的营运利润相当于持续的现金流和股息支付比率,为投资组合提供了防御性、逆周期的暴露。排除或最小限度地暴露于这些行业的指数将自然地倾向于面向更具周期性、成长性的投资组合配置”。

因为烟草和化石燃料等行业,是属于逆周期的行业,一般而言,投资在这些行业中,是看重稳定的现金流,为投资组合提供防御性的保护。如果把这些行业剔除,就代表这个投资策略具有侧重顺周期、增长型的属性。

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