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常晓磊 · 2023年12月08日

c的后半句

  1. CFA III
  2. Equity

* 问题详情，请 查看题干

NO.PZ202207040100000301

问题如下：

Based on the descriptions in Exhibit 1, which fund is least likely to use a combination of a top-down and a bottom-up strategy?

选项：

A.Fund A

B.Fund B

C.Fund C

解释：

Solution

B is correct. Fund B uses only a bottom-up approach. Searching news sources is used only to identify target companies that are then analyzed by the firm’s analysts.

A is incorrect. Fund A uses a combination of the bottom-up and top-down approaches. The selection of stocks based on company analysis is a bottom-up approach, whereas the use of overlays to control risk is a top-down approach.

C is incorrect. Fund C uses a combination of the top-down and bottom-up approaches. The fund invests globally on the basis of country and sector parameters set by the investment strategist, which is a top-down approach. The subsequent selection of stocks by the portfolio manager based on judgement and experience is a bottom-up approach.

C的后半句只能说明是fundmantal，怎么看出是bottom-up的

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1 个答案

笛子_品职助教 · 2023年12月11日

嗨，从没放弃的小努力你好：


C的后半句只能说明是fundmantal，怎么看出是bottom-up的


Hello，亲爱的同学~

后半句话，确实可以明确看出来是fundamental。

但根据自己的判断和经验选股，这里是否是bottom up呢？

事实上，由于基金是需要选股的，只要涉及到具体选股的流程，则多多少少会涉及到bottom up。


当然这道题出得也不是很好。关键是：自己的判断和经验，具体是什么这里没说。

如果这位基金经理根据自己对管理层能力、企业经营状况、公司在行业的地位等经验，选股，那么这种经验和判断就是bottom up.



总体来说：这道题更适合用排除法。

B很明显只用了bottom up，没用top down。因此选B。选B则不选C。


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