NO.PZ202212270100001902
问题如下:
Based on Exhibit 2, the decision to overweight or underweight which of the following regions contributed positively to performance at the overall fund level?
选项:
A.North America
Greater Europe
Developed Asia and Australasia
解释:
Correct Answer: C
The decision to
underweight developed Asia and Australasia was a good one because the benchmark
for this region underperformed the total benchmark (12.85% versus 22.67%).
Alternatively, the question can be answered by calculating the allocation
effects for the three regions, as follows:
Allocation = (wi –
Wi)(Bi – B)
North America =
(10.84% – 7.67%)(16.47% – 22.67%) = –0.20%
Greater Europe =
(38.92% – 42.35%)(25.43% – 22.67%) = –0.09%
Developed Asia and
Australasia = (29.86% – 31.16%)(12.85% – 22.67%) = 0.13%
Developed Asia and
Australasia is the only region of the three that had a positive allocation
effect.
老师,为什么这个是看allocation是正的呢?怎么理解?
因为我想的是,应该去投资portfolio return大于total return的那一个呀,那这样多加权重,不就return增加了吗?
而且这道题里面的overweight or underweight这里我也不是很懂,是啥意思?不管增加还是减少,都能增加return的意思吗?感觉不应该呀。