整理一下这道题，请老师批改。

NO.PZ2023010903000069 问题如下 Another of Langham’s clients, Marianne Quint, sits on the investment committee of the Amity IslanEnwment. The $2 billion equity portion of the Amity funis investeusing a globequity inx approach. Quint hbeen chargewith intifying active equity funto repla20% of the inxeportfolio. Three cante fun with similperformanhistories, benchmarks, anfees have been intifie Baseon the characteristishown in Exhibit 3, Quint asks Langhto recommenthe funthhmonstratethe best risk-efficient livery of results.Exhibit 3 Characteristiof Cantes for Amity Equity PortfolioThe funin Exhibit 3 this most consistent with Quint’s requirements is: A.Ash B.Blue C.Mar The MarFunis the funthis most consistent with Quint’s requirements for the best risk-efficient livery of results. It livers the lowest active risk (3.2%) using ffewer securities (140), incating efficient approach. The higher Active Share (0.75) for the simillevel of fees also supports this cision.A is incorrect. Ash hthe highest active risk, whiincates active return contributions of a greater spersion ththe benchmark anthe competing fun. More securities anlower Active Share are not supportive of this funchoice.B is incorrect. Blue hthe highest number of securities ana relatively low Active Share. Although the overall portfolio volatility is the lowest of the three (procing a higher Sharpe ratio), the more relevant risk is thattributable to active management. Greater active risk spite more securities is not the most efficient metho 答案仅仅关注Cante组合的Active Risk与Active Share感觉不够说明问题。选择一个与原先组合Low Variance的组合，会导致最终组合的Active Risk变大，在这种情况下，为何能直接得出新的组合是Risk-efficient这个结论的呢？很有可能选择High varaince的组合，这样新的组合整体的Active Risk更小，反而使得新的组合More Risk Efficient.

NO.PZ2023010903000069问题如下 Another of Langham’s clients, Marianne Quint, sits on the investment committee of the Amity IslanEnwment. The $2 billion equity portion of the Amity funis investeusing a globequity inx approach. Quint hbeen chargewith intifying active equity funto repla20% of the inxeportfolio. Three cante fun with similperformanhistories, benchmarks, anfees have been intifie Baseon the characteristishown in Exhibit 3, Quint asks Langhto recommenthe funthhmonstratethe best risk-efficient livery of results.Exhibit 3 Characteristiof Cantes for Amity Equity PortfolioThe funin Exhibit 3 this most consistent with Quint’s requirements is: A.AshB.BlueC.March The MarFunis the funthis most consistent with Quint’s requirements for the best risk-efficient livery of results. It livers the lowest active risk (3.2%) using ffewer securities (140), incating efficient approach. The higher Active Share (0.75) for the simillevel of fees also supports this cision.A is incorrect. Ash hthe highest active risk, whiincates active return contributions of a greater spersion ththe benchmark anthe competing fun. More securities anlower Active Share are not supportive of this funchoice.B is incorrect. Blue hthe highest number of securities ana relatively low Active Share. Although the overall portfolio volatility is the lowest of the three (procing a higher Sharpe ratio), the more relevant risk is thattributable to active management. Greater active risk spite more securities is not the most efficient metho 对于active risk一样 active share越大越好 反之 active risk 越小越好怎么理解这件事情呢？

NO.PZ2023010903000069 问题如下 Another of Langham’s clients, Marianne Quint, sits on the investment committee of the Amity IslanEnwment. The $2 billion equity portion of the Amity funis investeusing a globequity inx approach. Quint hbeen chargewith intifying active equity funto repla20% of the inxeportfolio. Three cante fun with similperformanhistories, benchmarks, anfees have been intifie Baseon the characteristishown in Exhibit 3, Quint asks Langhto recommenthe funthhmonstratethe best risk-efficient livery of results.Exhibit 3 Characteristiof Cantes for Amity Equity PortfolioThe funin Exhibit 3 this most consistent with Quint’s requirements is: A.Ash B.Blue C.Mar The MarFunis the funthis most consistent with Quint’s requirements for the best risk-efficient livery of results. It livers the lowest active risk (3.2%) using ffewer securities (140), incating efficient approach. The higher Active Share (0.75) for the simillevel of fees also supports this cision.A is incorrect. Ash hthe highest active risk, whiincates active return contributions of a greater spersion ththe benchmark anthe competing fun. More securities anlower Active Share are not supportive of this funchoice.B is incorrect. Blue hthe highest number of securities ana relatively low Active Share. Although the overall portfolio volatility is the lowest of the three (procing a higher Sharpe ratio), the more relevant risk is thattributable to active management. Greater active risk spite more securities is not the most efficient metho 老师好，之前做这道题说因为原Fun经是risk efficient的了，再加一个和它covariance高的fun可，那次我按照新fun身的risk efficient选的funM，结果错了。这次我按照之前选了covariance高的funA，答案又是按照新fun身的risk efficient选funM。到底哪个是对的？

NO.PZ2023010903000069问题如下 Another of Langham’s clients, Marianne Quint, sits on the investment committee of the Amity IslanEnwment. The $2 billion equity portion of the Amity funis investeusing a globequity inx approach. Quint hbeen chargewith intifying active equity funto repla20% of the inxeportfolio. Three cante fun with similperformanhistories, benchmarks, anfees have been intifie Baseon the characteristishown in Exhibit 3, Quint asks Langhto recommenthe funthhmonstratethe best risk-efficient livery of results.Exhibit 3 Characteristiof Cantes for Amity Equity PortfolioThe funin Exhibit 3 this most consistent with Quint’s requirements is: A.AshB.BlueC.March The MarFunis the funthis most consistent with Quint’s requirements for the best risk-efficient livery of results. It livers the lowest active risk (3.2%) using ffewer securities (140), incating efficient approach. The higher Active Share (0.75) for the simillevel of fees also supports this cision.A is incorrect. Ash hthe highest active risk, whiincates active return contributions of a greater spersion ththe benchmark anthe competing fun. More securities anlower Active Share are not supportive of this funchoice.B is incorrect. Blue hthe highest number of securities ana relatively low Active Share. Although the overall portfolio volatility is the lowest of the three (procing a higher Sharpe ratio), the more relevant risk is thattributable to active management. Greater active risk spite more securities is not the most efficient metho active risk和volatility哪个权重更大？第一个fun是总体volatility更小吗