NO.PZ201809170400000502
问题如下：
Which fund in Exhibit 1 most likely follows a bottom-up approach?
选项：
A.Fund 1
B.Fund 2
C.Fund 3
解释：
C is correct. Bottom-up managers evaluate the risk and return characteristics of individual securities and build portfolios based on stock-specific forecasts; Fund 3 follows this exact approach. Example views of bottom-up managers include expecting one auto company to outperform another, expecting a pharmaceutical company to outperform an auto company, and expecting a technology company to outperform a pharmaceutical company. Both bottom-up and top-down managers can be either diversified or concentrated in terms of securities.
bottom 要一个一个分析个股，能构建large number of secuity吗？
