NO.PZ202207040100000802
问题如下：
The Mattley Fund manager is most likely following which investment style?选项：
A.Sector rotation B.Closet indexing C.Diversified stock picking解释：
SolutionC is correct. The Mattley Fund exhibited relatively high Active Share but relatively low active risk. High Active Share indicates that a manager’s holdings differ substantially from the benchmark, and low active risk indicates low idiosyncratic risk resulting from diversification: This combination indicates that the manager most likely follows a diversified stock picking strategy. A sector rotator typically has high active risk and could have either high or low Active Share, depending on whether a concentrated or diversified portfolio approach was followed. A closet index would exhibit both low Active Share and low active risk, because such funds make few active bets.
A is incorrect. A sector rotator typically has high active risk and could have either high or low Active Share, depending on whether a concentrated or diversified portfolio approach was followed.
B is incorrect. A closet index would exhibit both low Active Share and low active risk, because such funds make few active bets.
请问老师分析一下active share高低与diversification以及concentration的关系如何？是否是一一对应的关系，也即concentration就一定意味着active share高？
active risk高低与diversification以及concentration的关系如何？是否是一一对应的关系？
