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Ausilio · 2024年05月29日

关于这道题对应的知识点

  1. CFA III
  2. Trading&Performance

* 问题详情，请 查看题干

NO.PZ202110280100000201

问题如下：

Determine, based on Beamon’s description of the Ogive Fund’s characteristics, his likely inclination to aggressively implement the fund’s strategy. Justify your response.

选项：

解释：

Beamon is likely to take a measured approach in implementing the Ogive Fund’s strategy. In particular, trade urgency, which refers to how quickly or slowly an order is executed over the trading time horizon, is likely to be low for the Ogive Fund. Greater trade urgency is associated with executing over shorter horizons, whereas lower trade urgency is associated with executing over longer horizons. To capitalize on views related to mispricing, the Ogive Fund’s individual positions may be held for several years. Minimal trading is required, and any necessary trading can often be carried out in a more patient manner. Additionally, the return payoffs associated with the Ogive Fund’s long-term investment views and value orientation are not likely to be rapidly acted on by other market participants. Thus, the rate or level of expected alpha decay, which refers to the erosion or deterioration in short-term alpha once an investment decision is made, is low.

老师好，我没有太看懂这道题想问什么以及对应的知识点，老师可以帮忙分析一下么？

感觉好像就是给了你3条fund进行资产配置的方式，然后问你这个投资策略是什么，我答的是bottom up，但是觉得不是他想问的东西。

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1 个答案

吴昊_品职助教 · 2024年05月29日

嗨，爱思考的PZer你好：


问题：his likely inclination to aggressively implement the fund’s strategy，让我们分析一下：他激进执行策略的倾向性。换句话说，分析出其是否激进。

题干中：long-term、persistent mispricing opportunities、three-year这些关键词都表明交易不紧急，所以这道题只要能分析出trade urgency低，alpha decay慢，就可以了。

同学可以回听一下李老师在课后题班中对于这道题的解释。答题时把李老师画红线的部分写上就可以了。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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