NO.PZ2023010903000027
问题如下：
For the international portion of the investment portfolio, Stapleton suggests that Sapphire invest in an MSCI EAFE index portfolio specifically tailored for the foundation rather than investing in an existing index fund. Anne Rowland, Sapphire’s board chair, asks her how this could be accomplished, given that the initial allocation is only $15 million. Stapleton suggests that Sapphire hire a manager to purchase a portfolio of securities that are a mutually exclusive yet comprehensive subgroup of the index designed to track the index return and risk characteristics.
The portfolio method suggested by Stapleton to replicate the MSCI EAFE Index is best described as:
选项：
A.optimization
stratified sampling
a blended approach
解释：
The portfolio method that Stapleton is describing is stratified sampling. In equity indexing, stratified sampling methods are most frequently used when the portfolio manager wants to track indexes that have a large number of constituents or when dealing with a relatively low level of assets under management. In stratified sampling, the portfolio manager holds a limited sample of the index constituents arranged in distinct strata or subgroupings. Arranged correctly, the various strata will be mutually exclusive and also exhaustive and should closely match the characteristics and performance of the index.
A is incorrect. Optimization typically involves maximizing a desirable characteristic or minimizing an undesirable characteristic, subject to one or more constraints.
C is incorrect. An indexed portfolio can be managed using a blended approach consisting of full replication for more liquid issues and stratified sampling or optimization for less liquid issues.
这里提到的MUTUALLY EXCLUSIVE什么意思?
