NO.PZ202207040100000806
问题如下:
The investment process indicated for the Fraser Fund is most likely designed around which of the following?
选项:
A.A balanced exposure to known rewarded factors
Research-based rules across a broad universe of securities
The inclusion of non-financial variables, such as pricing power
解释:
C is correct. The discretionary investment process searches for active returns from firm-specific factors, such as pricing power and the competitive landscape. This process results in more concentrated portfolios reflecting the depth of the manager’s insights on firm characteristics and the competitive landscape. A systematic investment approach is likely to be designed around extracting premiums from a balanced exposure to known, rewarded factors and typically incorporates research-based rules across a broad universe of securities.
A is incorrect. A systematic investment approach is likely to be designed around extracting premiums from a balanced exposure to known, rewarded factors, whereas a discretionary approach usually searches for active return from firm-specific factors.
B is incorrect. A systematic investment approach is likely to be designed around research-based rules across a broad universe of securities, whereas a discretionary approach will involve managerial judgments on a smaller subset of securities.
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