NO.PZ2023010903000041
问题如下:
Regulas Funds: Invests in a combination of global equity securities from 5–10 different countries. Portfolio weights are adjusted to take advantage of companies that appear to have the best near-term growth prospects.
Clickman asks Leeter how Regulas Funds determines its equity selections. Leeter says that Regulas uses monthly data from non-traditional, but measurable, sources to determine the influence of customer and government attitudes toward a firm and its products. Leeter also notes that Regulas compares its performance relative to an equity benchmark customized to its strategy and that the factors tend to be more volatile than traditional market factors. He also states that the fund does tend to suffer in performance when exchange rates are volatile.
Using Exhibit 1 and the equity selection process of Regulas Funds, the strategy will most likely benefit from:
选项:
A.
a portfolio overlay
B.
a new benchmark
C.
using annual rebalancing
解释:
Regulas Funds will benefit from a portfolio overlay of derivative securities to eliminate exchange rate risk.
B is incorrect. Regulas uses a custom benchmark that is already appropriate for its strategy.
C is incorrect. Annual rebalancing is too infrequent given the volatile nature of the factors used by Regulas.
除了外汇风险以外,题目中第二句话也说这个策略本身是通过近期发展的预期来获利了,所以如果每年rebalance会让benchmark更精确从而更好地根据短期的发展预期来获得利润。
我理解这里需要对冲外汇风险,但是不知道为什么C不对?