开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

Betty · 2024年03月23日

bottom up systematic approach，fund has high dispersion的话

  1. CFA III
  2. Equity

* 问题详情，请 查看题干

NO.PZ202207040100000402

问题如下：

In regard to Shaw’s comments about Fund A and Fund B, the one that is most accurate concerns:

选项：

A.Fund A’s fees. B.Fund A’s dispersion. C.Fund B’s sector bets.

解释：

Solution

B is correct. Shaw’s comment about Fund A’s dispersion is correct. With a higher active risk (tracking error), Fund A has a greater likelihood of having results dispersed more broadly (both positive and negative) around benchmark results than Fund B has. Investors are more likely to be willing to pay higher fees for higher Active Share as an indicator of greater active management, but Active Share is identical for Fund A and Fund B. Sector bets are likely to affect active risk; therefore, Fund A is more likely to be using sector bets, not Fund B.

A is incorrect. Investors are more likely to be willing to pay higher fees for higher Active Share as an indicator of greater active management, but Active Share is identical for Fund A and Fund B.

C is incorrect. Sector bets are likely to affect active risk; therefore, it is Fund A that is more likely to be using sector bets, not Fund B.

bottom up systematic approach的话，fund has high dispersion的话，那应该就是low active risk，不好吗？

能不能讲讲这题要怎么理解

添加评论
1 个答案

笛子_品职助教 · 2024年03月24日

嗨，努力学习的PZer你好：


bottom up systematic approach的话，fund has high dispersion的话，那应该就是low active risk，不好吗？

Hello，亲爱的同学~

high dispersion是指离散度高。

而active risk衡量的就是portfolio return - benchmark return的标准差。

标准差本身就是一种衡量离散程度的指标。

因此，如果按照同学所说的，und has high dispersion的话，也就对应了high active risk。


能不能讲讲这题要怎么理解

这题需了解，各个策略对应的active risk大小。

运用sector bets的fund，会有较高的离散程度，较高的active risk。

A fund的离散程度高，因此A基金是sector bets.

本题选B。

----------------------------------------------
加油吧，让我们一起遇见更好的自己！

  • 1

    回答

  • 0

    关注

  • 222

    浏览
相关问题

NO.PZ202207040100000402 问题如下 In regarto Shaw’s comments about FunA anFunthe one this most accurate concerns: A.FunA’s fees. B.FunA’s spersion. C.FunB’s sector bets. SolutionB is correct. Shaw’s comment about FunA’s spersion is correct. With a higher active risk (tracking error), FunA ha greater likelihooof having results spersemore broay (both positive annegative) arounbenchmark results thFunB has. Investors are more likely to willing to phigher fees for higher Active Share incator of greater active management, but Active Share is inticfor FunA anFunSector bets are likely to affeactive risk; therefore, FunA is more likely to using sector bets, not FunB.A is incorrect. Investors are more likely to willing to phigher fees for higher Active Share incator of greater active management, but Active Share is inticfor FunA anFunC is incorrect. Sector bets are likely to affeactive risk; therefore, it is FunA this more likely to using sector bets, not Fun 看了这道题其他的提问里面的里说的是factor bet。而题干里说的是sector bet, 这俩有什么区别？sector bet 我理解是对行业进行bet而不是在因子之间切换？这样理解对不对如果active share一样的情况下active risk高的相对于benchmark的versification就更高，return也就有更高的spersion？

2024-01-23 18:31 1 · 回答

NO.PZ202207040100000402问题如下In regarto Shaw’s comments about FunA anFunthe one this most accurate concerns:A.FunA’s fees.B.FunA’s spersion.C.FunB’s sector bets.SolutionB is correct. Shaw’s comment about FunA’s spersion is correct. With a higher active risk (tracking error), FunA ha greater likelihooof having results spersemore broay (both positive annegative) arounbenchmark results thFunB has. Investors are more likely to willing to phigher fees for higher Active Share incator of greater active management, but Active Share is inticfor FunA anFunSector bets are likely to affeactive risk; therefore, FunA is more likely to using sector bets, not FunB.A is incorrect. Investors are more likely to willing to phigher fees for higher Active Share incator of greater active management, but Active Share is inticfor FunA anFunC is incorrect. Sector bets are likely to affeactive risk; therefore, it is FunA this more likely to using sector bets, not Fun请老师一下C，正是因为B做了factor bet，所以它的active risk才低呀？

2023-11-13 12:58 1 · 回答

NO.PZ202207040100000402 问题如下 In regarto Shaw’s comments about FunA anFunthe one this most accurate concerns: A.FunA’s fees. B.FunA’s spersion. C.FunB’s sector bets. SolutionB is correct. Shaw’s comment about FunA’s spersion is correct. With a higher active risk (tracking error), FunA ha greater likelihooof having results spersemore broay (both positive annegative) arounbenchmark results thFunB has. Investors are more likely to willing to phigher fees for higher Active Share incator of greater active management, but Active Share is inticfor FunA anFunSector bets are likely to affeactive risk; therefore, FunA is more likely to using sector bets, not FunB.A is incorrect. Investors are more likely to willing to phigher fees for higher Active Share incator of greater active management, but Active Share is inticfor FunA anFunC is incorrect. Sector bets are likely to affeactive risk; therefore, it is FunA this more likely to using sector bets, not Fun FunA is more likely to using sector bets，因为active risk 大；因为 fun 与 fun的 active share 一样，所以费用应该一样，投资者只愿意为 高的 active share 支付 费用；不理解的是 A的风险高，为啥 A的spersion反而大? spersion 是否 可以是 versification？

2023-04-28 10:58 1 · 回答

NO.PZ202207040100000402问题如下 In regarto Shaw’s comments about FunA anFunthe one this most accurate concerns:A.FunA’s fees.B.FunA’s spersion.C.FunB’s sector bets.SolutionB is correct. Shaw’s comment about FunA’s spersion is correct. With a higher active risk (tracking error), FunA ha greater likelihooof having results spersemore broay (both positive annegative) arounbenchmark results thFunB has. Investors are more likely to willing to phigher fees for higher Active Share incator of greater active management, but Active Share is inticfor FunA anFunSector bets are likely to affeactive risk; therefore, FunA is more likely to using sector bets, not FunB.A is incorrect. Investors are more likely to willing to phigher fees for higher Active Share incator of greater active management, but Active Share is inticfor FunA anFunC is incorrect. Sector bets are likely to affeactive risk; therefore, it is FunA this more likely to using sector bets, not FunA，为什么fee高低只看active share？

2023-02-01 23:13 1 · 回答