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茜子🎀 · 2023年07月27日

rule-based和principal-based

  1. ESG
  2. ESG integrated portfolio construction and management

NO.PZ2022120701000076

问题如下：

Which of the following statements best describes discretionary ESG investment strategies?

选项：

A.Discretionary investment strategies impose a custom index with ESG exclusion criteria B.Discretionary investment strategies complement bottom-up financial analysis with consideration of ESG factors C.Discretionary investment strategies are rules-based approaches to drive securities selection in ESG integrated portfolio construction

解释：

Discretionary ESG investment strategies most commonly take the form of a fundamental portfolio approach A portfolio manager would work to complement bottom-up financial analysis alongside the consideration of ESG factors to reinforce the investment thesis of a particular holding

老师，

我记得听课的时候有讲到rule based和principal based这两个概念，请问这个principal based是哪个地方的知识点？

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2 个答案

王岑 · 2024年02月05日

嗨，努力学习的PZer你好：


Discretionary和Quantitative是两种投资策略，Issue-Based和Company-Focused是属于engagement styles。

Discretionary：

  • Discretionary投资管理是一种依赖于投资经理的判断和直觉来做出投资决策的方法。
  • 这通常涉及对市场趋势、财务报表、企业治理、宏观经济因素等多种因素的定性分析。
  • 在Discretionary方法中，投资经理可能会基于他们对某个公司或行业未来表现的信念来买卖股票或其他证券。
  • 这种方法较为灵活，允许投资经理在面对新信息时迅速调整其投资组合。

Quantitative：

  • Quantitative投资管理是一种基于数学模型和算法来做出投资决策的方法。
  • 它依赖于定量分析，如统计分析、历史数据模型、计量经济学模型等来预测市场趋势和资产价格。
  • Quantitative方法减少了人为情感的干扰，试图通过系统化的方式来捕捉市场中的规律性。
  • 这种方法通常需要大量的历史数据和计算能力，以及对模型假设的精确理解和管理。

Issue-Based：

这种方法以特定的问题或主题为出发点，通常是由投资团队从新闻、广泛的分析或通过筛选工具识别出来的。接着，投资者会联系所有受这一问题影响的公司进行讨论和干预。例如，如果一个行业普遍存在劳工权利问题，投资者可能会向该行业的所有公司发送信件，要求它们改善劳工条件。这种策略的目标是通过集体行动对特定的问题产生影响，推动整个行业或领域的改进。

Company-Focused：

与基于问题的方法不同，公司为焦点的方法是从单个公司的具体业务问题出发，为每家公司定制一套接触策略。这种策略通常由那些业绩表现不佳或在财务或ESG指标上有问题的公司触发。投资者通常会直接与这些公司的高层管理团队或董事会进行对话，以解决问题并改进公司在ESG领域的实践。这种方法的目标是在具体公司层面产生变化，最终提升整个投资组合的绩效。


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加油吧，让我们一起遇见更好的自己！

王岑 · 2023年07月28日

嗨，从没放弃的小努力你好：


第八章提过这个知识点：Discretionary VS Quantitative

Discretionary其实就是principal based，quantitative就是rule-based。

  1. Principal-based（基于原则）：这种方法依赖于投资者根据一系列基本原则和价值观对投资进行评估和决策。投资者会考虑公司的长期价值、可持续发展、道德责任和社会影响等因素，并基于这些原则选择投资对象。这种方法更加灵活，允许投资者根据自身的原则和判断做出决策，而不受具体规则和指标的限制。
  2. Rule-based（基于规则）：这种方法则依赖于明确的规则和指标来指导投资决策。投资者会使用一系列预定的规则和策略，如技术指标、财务指标、估值方法等，来评估和选择投资对象。这种方法更加系统化和可量化，投资者会根据特定的规则和准则进行投资决策，而不依赖于主观判断。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

Su · 2024年02月02日

这两个和 issue-based 和 company based是什么关系？有些混

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