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."
私募投资者无法享受到上市股票领域指数和基准的广度和多样性带来的好处(可选的投资标的非常少),和负面筛选的相排斥性在哪里?这个逻辑可以帮忙梳理一下吗,感谢!