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wishwind · 2023年11月25日

PE用impose exclusionary screening,这不就等于negative screening么?就等于C选项

NO.PZ2022120703000089

问题如下:

Which of the following ESG strategies is least likely used by private equity firms?

选项:

A.Positive screening B.Thematic investing C.Negative screening

解释:

C is correct because "like other investor types, private equity investors may certainly impose exclusionary screening i.e. negative screening on any number of criteria to restrict investment in certain sectors, either normatively or ethically defined. However, private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria. However, portfolio managers can benchmark segments of the portfolio against smaller investment universes, even including public companies, if data comparability exists. Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter"; and least likely that they would use negative screening.

A is incorrect because "private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria … Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter."

B is incorrect because "private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria … Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter."



1 个答案

pzqa38 · 2023年11月25日

嗨,努力学习的PZer你好:


这段话的意思是,虽然负面筛查很容易,但是有弊端,比如然私募投资者无法从上市股票领域指数和基准的广度和多样性中获益,这限制了同行可比性分析或围绕ESG标准进行投资组合优化的机会。如果存在数据可比性,投资组合经理可以将投资组合的各个部分与较小的投资领域(甚至包括上市公司)进行比较。因此,普通合伙人更有可能在各自的投资章程中采用某种形式的积极筛选或专题投资。”他们最不可能使用负面筛查。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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