NO.PZ2023010903000060
问题如下：
Richard Rizzitano is the new CIO of Big Time Management Company, an investment company established by Big Time University (BTU) to manage the university's endowment. Today, Rizzitano is meeting with Anthony Swanson, the founder of Americana Capital. Americana is a US large-cap equity manager with SI billion in assets under management (AUM). Swanson manages the firm's Legends Fund, one of the best performers in its category over the last ten years. BTU's endowment has committed $25 million to the Legends Fund, and Rizzitano wants to learn more about Swanson's investment philosophy and strategy.
The meeting begins with Rizzitano asking Swanson to explain his investment philosophy and portfolio construction process. Swanson tells Rizzitano he believes strongly that only high-quality companies outperform the benchmark over a long horizon. As such, Swanson's process involves screening the S&P 500 to identify the seventy-five highest-quality companies in the index. This includes research activities such as reviewing historical SEC filings, meeting with company management and interviewing key constituents. To calculate a company's intrinsic value, Swanson then develops a financial model and projects five years of free cash flow for all seventy-five companies. The intrinsic value is compared to the current market price for each company. The forty names trading at the largest discount to their fair value are then included in the portfolio.
Classify Swanson's approach to portfolio construction. Justify your response with two supporting reasons.（
选项：
解释：
Answer:
Swanson's approach should be classified as discretionary and bottom-up.
On the systematic vs. discretionary spectrum, his approach is best described as discretionary, given the concentrated nature of the portfolio, the relatively small subset of securities examined and the focus on developing a greater depth of understanding of company fundamentals.
On the top-down vs. bottom-up spectrum, his approach is best described as bottom-up, given its emphasis on company-specific factors and investment style (quality).
题目里提到了是通过index去筛选75 stocks, 为什么不是top down呢？
