这段话语言很晦涩，怎么理解，另外如何与讲义上Risk attribution 部分联结起来解题？

NO.PZ202206140600000104 问题如下 AutlanQuantitative Case ScenarioTimmon begins asking Richarto explain how anwhen risk enters into the performanevaluation process. Richaranswers thrisk is consireonly within performanappraisal, whitermines the quality of a funmanager’s performance. Timmon then asks Richarwhy holngs-baseattribution cgenerate a resiterm between the portfolio performananbenchmark performance. Richarrespon ththe resiterm cannot explaineaction taken the funmanager, but it coulresult from transactions occurring more frequently ththe holngs assessments for the fun Timmon states thAQI often uses the Brinson mol with interaction term for attribution purposes anasks Richarhow the Brinson mol incorporates funmanager sector weights anbenchmark portfolio sector weights. Next, Timmon scusses how AQI consirs risk allocation baseon sector allocation followewithin-sector security selection. She clarifies ththe risk assessment is relative to a benchmark anstates thAQI is always looking for ways to improve the explanation of the process to potenticlients. Timmon asks Richarto intify circumstances unr whiusing a benchmark for performanassessment woulchallenging. Richarrespon thit is usually fficult to finappropriate benchmark for hee fun. spite hee fun generally holng liquiassets thcrealy value the inviinvestment strategies of fun are unique to the invifun making it fficult to finappropriate peer group. Timmon conclus the interview asking Richarwhether there is a particulappraismeasure thhe prefers. Richarscribes a ratio thcomputes the expectereturn on investment less a target return via stanrviation measurement this baseon performanbelow the target return. Questionimprovement in the explanation of AQI’s risk assessment process to a client is most likely to inclu ththe: A.assessment is a bottom-up approach. B.funmanager’s risk assessment is the tracking risk relative to the benchmark. C.funmanager’s risk assessment incorporates only risk associatewith security selection. SolutionB is correct. AQI consirs risk allocation baseon sector allocation followewithin-sector security selection, whiis a top-wn approach. Because the assessment is relative to a benchmark, tracking risk relative to the benchmark is how the funmanager’s risk assessment is measure A is incorrect. AQI consirs risk allocation baseon sector allocation followewithin-sector security selection, whiis a top-wn approach.C is incorrect. Funmanager sector allocation ansecurity selection both create aitionrisk relative to the benchmark. 通过b过于明显选对了，但是c不太明白对应的考点，c说只在security selection情况下产生了风险，但因为是top wn的方式，在factor之间进行轮转，所以在allocation方面也有风险产生。请问具体靠的是说明考点呢？