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188****4938 · 2024年11月01日

这道题在经典题里讲过吗?在哪一章节?

NO.PZ2022120703000093

问题如下:

Excluding the tobacco sector in a passive investment strategy most likely tilts the portfolio towards a more:

选项:

A.cyclical, value-oriented profile. B.cyclical, growth-oriented profile. C.defensive, growth-oriented profile.

解释:

B is correct because "incorporating any given set of exclusions or ESG datasets into a passive investment strategy potentially carries unintended consequences, notably by limiting one’s ability to diversify. This may result from portfolio distortion to unwanted factor and market exposure. Despite their weight within a given broader index, reducing or eliminating exposure to certain sectors represents a natural re-weight to the remaining sectors and index constituents. Commonly excluded sectors, like tobacco and fossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature and face less pressure to reinvest cash flow into growth-related, capital expenditure programmes. As a result, stable operating margins equate to consistent cash flows and dividend pay-out ratios, which provide defensive, counter-cyclical exposure within portfolios. Indices that exclude or minimize exposure to these sectors will naturally tilt portfolios towards a more cyclical, growth-oriented profile."

A is incorrect because "commonly excluded sectors, like tobacco and fossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature and face less pressure to reinvest cash flow into growth-related, capital expenditure programmes. As a result, stable operating margins equate to consistent cash flows and dividend pay-out ratios characteristics of value-oriented profile, which provide defensive, counter-cyclical exposure within portfolios. Indices that exclude or minimise exposure to these sectors will naturally tilt portfolios towards a more cyclical, growth-oriented not value-oriented since such companies are excluded profile."

C is incorrect because "commonly excluded sectors, like tobacco and fossil fuels, represent a specific profile. Generally speaking, companies in these sectors are more mature and face less pressure to reinvest cash flow into growth-related, capital expenditure programmes. As a result, stable operating margins equate to consistent cash flows and dividend pay-out ratios, which provide defensive, counter-cyclical exposure within portfolios. Indices that exclude or minimise exposure to these sectors will naturally tilt portfolios towards a more cyclical not defensive since such companies are excluded, growth-oriented profile."

这道题在经典题里讲过吗?在哪一章节?如果没有的话请详细解析一下题目和每一个选项以及所对应的知识点吧,谢谢。

1 个答案

王岑 · 2024年11月01日

嗨,努力学习的PZer你好:


同学你好,

这道题的答案是B。烟草和化石燃料行业通常属于防御性、价值导向的行业,具有较为稳定的现金流和分红。剔除这些行业后,投资组合失去了防御性特征,转而向周期性、增长型特征倾斜。烟草和化石燃料公司属于防御性行业,具有以下特征:

  1. 成熟行业:公司通常处于较为成熟的阶段,盈利稳定。
  2. 稳定的现金流和派息:这些公司拥有稳定的经营利润率,能够产生持续的现金流,并且通常支付较高的股息。
  3. 防御性和价值导向:由于其稳定的特性,这些行业对经济周期的敏感度较低,属于防御性、价值导向的行业。

当从指数中剔除这些行业后,投资组合中剩下的行业组成会自然地偏向于周期性和增长型的公司,因为这些防御性公司被排除。

我们来逐一看一下选项:

A. Cyclical, value-oriented profile(周期性、价值导向的特征):烟草等行业本身是防御性、价值导向的,排除它们后,投资组合会倾向于更加周期性的行业。但在排除价值导向行业后,投资组合更可能偏向增长型,而非价值型。也就是说,剔除烟草和化石燃料行业不会使组合偏向价值导向,而是相反,偏向增长导向。

B. Cyclical, growth-oriented profile(周期性、增长导向的特征):排除烟草和化石燃料等防御性行业后,投资组合会倾向于周期性、增长导向的特征。由于被排除的行业通常不需要将现金流投入增长相关的资本支出项目,剔除这些公司后,投资组合更可能聚焦于需要较多资本支出且具有增长潜力的公司。因此,这种组合倾向于周期性、增长型的公司特征。

C. Defensive, growth-oriented profile(防御性、增长导向的特征):剔除烟草行业后,组合不会具有防御性特征,因为烟草行业本身是防御性的。剔除后投资组合会变得更加周期性。同时,防御性和增长导向的特征在实际中较难共存,因为防御性行业往往属于成熟期,增长潜力有限。


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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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