老师您好
没看懂这道题，说在第一个trade，同一行业中，portfolio和benchmark更像，在第二个trade，不同行业中，portfolio和benchmark更不像，这里的benchmark指的是什么呢？两个trade的benchmark一样么
No.PZ2023010903000061 (选择题)
来源: 经典题
Ap reviews quarterly holdings reports for Fund 3. In comparing the two most recent quarterly reports, he notices differences in holdings that indicate that Fund 3 executed two trades, with each trade involving pairs of stocks. Initially, Fund 3 held active positions in two automobile stocks—one was overweight by 1 percentage point (pp), and the other was underweight by 1pp. Fund 3 traded back to benchmark weights on those two stocks. In the second trade, Fund 3 selected two different stocks that were held at benchmark weights, one energy stock and one financial stock. Fund 3 overweighted the energy stock by 1pp and underweighted the financial stock by 1pp.
As a result of Fund 3’s two trades, the portfolio’s active risk most likely:
