NO.PZ202207040100000802
问题如下:
The Mattley Fund manager is most likely following which investment style?
选项:
A.Sector rotation
B.Closet indexing
C.Diversified stock picking
解释:
SolutionC is correct. The Mattley Fund exhibited relatively high Active Share but relatively low active risk. High Active Share indicates that a manager’s holdings differ substantially from the benchmark, and low active risk indicates low idiosyncratic risk resulting from diversification: This combination indicates that the manager most likely follows a diversified stock picking strategy. A sector rotator typically has high active risk and could have either high or low Active Share, depending on whether a concentrated or diversified portfolio approach was followed. A closet index would exhibit both low Active Share and low active risk, because such funds make few active bets.
A is incorrect. A sector rotator typically has high active risk and could have either high or low Active Share, depending on whether a concentrated or diversified portfolio approach was followed.
B is incorrect. A closet index would exhibit both low Active Share and low active risk, because such funds make few active bets.
Sector rotation 应该是active share 高,active risk 可高可低吧?