NO.PZ202207040100000506
问题如下：
Based on the information in Exhibit 1, which of the funds from Lunnar Associates most likely follows a top-down fundamental approach?
选项：
A.
Lunnar A
B.
Lunnar B
C.
Lunnar C
解释：
B is correct. Lunnar B uses a top-down fundamental approach because it requires manager discretion in considering future long-term trends and short-term opportunities in the global economy (i.e., a fundamental approach). The strategy is executed by using different portfolio weightings on indexes rather than individual corporate securities, making it top down rather than bottom up.
A is incorrect. Lunnar A is passively managed because the portfolio weights are set without input from the fund manager’s future beliefs.
C is incorrect. Lunnar C is actively managed but uses a bottom-up strategy focused on the expected future prospects of individual securities.
中文解析：
本题考查的是主动投资策略的辨析。
top-down策略是从国家或是行业出发分析来配置股票，fundamental
approach是基于人脑的基本面分析。B调仓是基于管理人对全球经济未来趋势的判断和抓短期机会，符合top-down fundamental approach。
A属于被动投资，因为组合策略并不是基于基金管理人对未来的判断。
C属于主动投资中的bottom-up策略，它是基于对个股自身情况作出的判断。
题干中哪里看出不是基于基金管理人对未来判断？
