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Pretzel · 2024年06月26日

这个题书里对应的原文在哪里

  1. ESG
  2. Investment mandates, portfolio analytics and client reporting

NO.PZ2022120703000093

问题如下：

Excluding the tobacco sector in a passive investment strategy most likely tilts the portfolio towards a more:

选项：

A.cyclical, value-oriented profile.

B.cyclical, growth-oriented profile.

C.defensive, growth-oriented profile.

解释：

B is correct because "incorporating any given set of exclusions or ESG datasets into a passive investment strategy potentially carries unintended consequences, notably by limiting one’s ability to diversify. This may result from portfolio distortion to unwanted factor and market exposure. Despite their weight within a given broader index, reducing or eliminating exposure to certain sectors represents a natural re-weight to the remaining sectors and index constituents. Commonly excluded sectors, like tobacco and fossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature and face less pressure to reinvest cash flow into growth-related, capital expenditure programmes. As a result, stable operating margins equate to consistent cash flows and dividend pay-out ratios, which provide defensive, counter-cyclical exposure within portfolios. Indices that exclude or minimize exposure to these sectors will naturally tilt portfolios towards a more cyclical, growth-oriented profile."

A is incorrect because "commonly excluded sectors, like tobacco and fossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature and face less pressure to reinvest cash flow into growth-related, capital expenditure programmes. As a result, stable operating margins equate to consistent cash flows and dividend pay-out ratios characteristics of value-oriented profile, which provide defensive, counter-cyclical exposure within portfolios. Indices that exclude or minimise exposure to these sectors will naturally tilt portfolios towards a more cyclical, growth-oriented not value-oriented since such companies are excluded profile."

C is incorrect because "commonly excluded sectors, like tobacco and fossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature and face less pressure to reinvest cash flow into growth-related, capital expenditure programmes. As a result, stable operating margins equate to consistent cash flows and dividend pay-out ratios, which provide defensive, counter-cyclical exposure within portfolios. Indices that exclude or minimise exposure to these sectors will naturally tilt portfolios towards a more cyclical not defensive since such companies are excluded, growth-oriented profile."

如题 书里好像只讲过清洁能源是顺周期和 水是逆周期 没有提到过烟草

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1 个答案

王岑 · 2024年06月27日

嗨，努力学习的PZer你好：


这个题目对应的原文在原版书的第516页。

“Reducing or eliminating exposure to certain sectors represents a natural re-weight to the remaining sectors and index constituents. Commonly excluded sectors, such tobacco and fossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature and value oriented. Indexes that exclude or minimize exposure to these sectors will naturally tilt portfolios toward the other sectors, such as technology and health care.”当我们减少或消除对某些行业的投资时，我们会自然地把更多资金放到其他行业里。例如，烟草和化石燃料行业通常会被排除在外，因为这些行业的公司通常已经很成熟，而且更注重稳定的价值增长。如果我们不投资这些行业，就会把资金更多地投向其他行业，比如科技和医疗保健。这意味着我们的投资组合会偏向这些行业。

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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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