NO.PZ2023040601000017
问题如下：
Wilson explains that the information ratio of the endowment’s domestic equity portfolio is used to measure its performance. She states, “The information ratio is simply the ratio of the active return of the portfolio divided by the tracking error of its return, with both components measured relative to the performance of the agreed-on benchmark. The active return is the sum of each factor return multiplied by the difference between the portfolio’s sensitivity to that factor and the benchmark’s sensitivity. The tracking error is the standard deviation of active returns over time and can be decomposed into the total factor risk and the active specific risk.”
In her description of how the endowment portfolio’s performance is measured, Wilson is least likely accurate regarding the:
选项：
A.tracking error
information ratio.
active return.
解释：
The active return consists of two parts: (1) the sum of each factor return multiplied by the difference between the portfolio’s sensitivity to that factor and the benchmark’s sensitivity and (2) the active return resulting from security selection. Wilson did not include the effect of security selection.
老师，您好！
The tracking error is the standard deviation of active returns over time and can be decomposed into the total factor risk and the active specific risk. 这句话的前半句就是对active risk（tracking error）的解释，后半句把它拆解为total factor risk和active specific risk，该怎么理解？这两部分分别是什么意思呢？谢谢！
