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."
这是C8的内容吧?归到C9里了啊