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不负韶华 · 2023年07月01日

A为什么不选

NO.PZ2022120703000089

问题如下:

Which of the following ESG strategies is least likely used by private equity firms?

选项:

A.Positive screening B.Thematic investing C.Negative screening

解释:

C is correct because "like other investor types, private equity investors may certainly impose exclusionary screening i.e. negative screening on any number of criteria to restrict investment in certain sectors, either normatively or ethically defined. However, private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria. However, portfolio managers can benchmark segments of the portfolio against smaller investment universes, even including public companies, if data comparability exists. Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter"; and least likely that they would use negative screening.

A is incorrect because "private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria … Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter."

B is incorrect because "private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria … Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter."

为什么不选A

1 个答案

王岑 · 2023年07月03日

嗨,从没放弃的小努力你好:


这道题来源于教材中的一段原话,解释了私募股权在使用筛选策略时,与其它投资类型的不同之处:“与其他投资者类型一样,私募股权投资者可以根据任意一系列标准对投资进行排除性筛选,以限制在某些行业的投资,无论是从规范性还是伦理性角度来定义。然而,私募股权投资者并没有上市股权领域的指数和基准的广度和多样性,这限制了在ESG标准下进行同业可比性分析或投资组合优化工作的机会。然而,投资组合经理可以将投资组合的某些部分与较小的投资范围进行基准对比,甚至包括上市公司,如果存在数据可比性的话。“因此,更有可能的是,私募股权投资者可能会在各自的投资宪章中应用某种形式的正向筛选主题,而最不可能使用排除性筛选。

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