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IanZQ · 2023年07月30日

为什么NOTE5不对

  1. CFA III
  2. Equity

NO.PZ2023010903000005

问题如下：

Hans Smith, an Albright portfolio manager, makes the following notes after examining these funds:

Note 4 Of the four funds, the Elmer Fund is most likely to appeal to investors who want to minimize fees and believe that the market is efficient.

Note 5 Adding investment-grade bonds to the Elmer Fund will decrease the portfolio’s short-term risk.

Which of the notes regarding the Elmer Fund is correct?

选项：

A.

Only Note 4

B.

Only Note 5

C.

Both Note 4 and Note 5

解释：

For passively managed portfolios, management fees are typically low because of lower direct costs of research and portfolio management relative to actively managed portfolios. Therefore, Note 4 is correct.

Note 5 is incorrect because the predictability of correlations is uncertain.

为什么NOTE5不对

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1 个答案

笛子_品职助教 · 2023年07月31日

嗨，爱思考的PZer你好：


为什么NOTE5不对

Hello，亲爱的同学~

我们看Note5的阐述：

Note 5 Adding investment-grade bonds to the Elmer Fund will decrease the portfolio’s short-term risk.


根据知识点，在股票里加入债券，短期并不一定会降低风险。例如在金融危机里，股债会同向变化，相关性短期会变得很高。

考基础讲义，红框里这段话：


因此Note5的说法不正确，与Equity知识点不符合。

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