NO.PZ202301280100000803
问题如下：
Adding domestic small-cap equities to TEF’s portfolio will most likely result in:
选项：
A.overlapping asset classes.
duplicating risk exposures already present.
diminished opportunities for applying active strategies.
解释：
Asset classes should be diversifying. For risk control purposes, an included asset class should not have extremely high expected correlations with other asset classes or with a linear combination of other asset classes. Otherwise, the included asset class will be effectively redundant in a portfolio because it will duplicate risk exposures already present. In general, a pairwise correlation above 0.95 is undesirable.
Asset classes should be mutually exclusive. Overlapping asset classes will reduce the effectiveness of strategic asset allocation in controlling risk and could introduce problems in developing asset class return expectations.
Asset classes as a group should make up a preponderance of world investable wealth. From the perspective of portfolio theory, selecting an asset allocation from a group of asset classes satisfying this criterion should tend to increase expected return for a givenlevel of risk.
The inclusion of more markets expands—not diminishes—the opportunities for applying active investment strategies.
看了解析也没看明白
