systematic TAA和discretionary TAA有啥区别？

嗨，努力学习的PZer你好：

在基础班讲义的244页。

Discretionary TAA is predicated on the existence of manager skill in predicting and timing short-term market moves away from the expected outcome for each asset class that is embedded in the SAA policy portfolio.

Using signals, systematic TAA attempts to capture asset class level return anomalies that have been shown to have some predictability and persistence

举个栗子

看定义可以判断 statement 2 描述的是 systematic TAA，而不是discretionary TAA

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