NO.PZ2023010903000053
问题如下：
Clickman then asks Leeter how he should determine the style of the funds he is considering. Leeter responds, “The best way to determine the style of the funds is to perform a returns-based analysis by regressing the past returns on the funds against the past returns on a number of style indexes to determine which styles are most prevalent within each fund. Unfortunately, this method tends to not be as easy to perform as holdings-based analysis. However, returns-analysis allows for a deeper level of analysis relative to holdings-analysis.”
Leeter’s reply to Clickman concerning determining the style of funds is most accurate in regard to the:
选项：
A.
description of a returns-based analysis
B.
applicability of returns-analysis versus holding-analysis
C.
comparison of depth of analysis between returns-analysis versus holdings-analysis
解释：
Leeter’s reply is correct in regard to the description of returns-based analysis. Regressing a fund’s past returns against the past returns from a number of style indexes is a returns-style analysis.
B is incorrect. Leeter’s reply is incorrect in regard to the applicability of returns-analysis versus holdings-analysis. Returns-analysis is easier to implement than holdings-analysis because data are more readily available.
C is incorrect. Leeter’s reply is incorrect in regard to the comparison of depth analysis between the two methods. Holdings-based analysis allows for a deeper level of analysis when compared with returns-analysis because holdings-analysis uses the actual portfolio holdings. The analysis is more accurate and generates more information for making style allocation decisions.
题干中“The best way to determine the style of the funds is to perform a returns-based analysi”中的的best way，是否与课件中的“holding-analysis is more accurate than return- based analysis”矛盾
