NO.PZ202207040100000806
问题如下：
The investment process indicated for the Fraser Fund is most likely designed around which of the following?
选项：
A.
A balanced exposure to known rewarded factors
B.
Research-based rules across a broad universe of securities
C.
The inclusion of non-financial variables, such as pricing power
解释：
C is correct. The discretionary investment process searches for active returns from firm-specific factors, such as pricing power and the competitive landscape. This process results in more concentrated portfolios reflecting the depth of the manager’s insights on firm characteristics and the competitive landscape. A systematic investment approach is likely to be designed around extracting premiums from a balanced exposure to known, rewarded factors and typically incorporates research-based rules across a broad universe of securities.
A is incorrect. A systematic investment approach is likely to be designed around extracting premiums from a balanced exposure to known, rewarded factors, whereas a discretionary approach usually searches for active return from firm-specific factors.
B is incorrect. A systematic investment approach is likely to be designed around research-based rules across a broad universe of securities, whereas a discretionary approach will involve managerial judgments on a smaller subset of securities.
中文解析：
这道题考查的是Systematic和 Discretionary策略的辨析。F基金使用的是Discretionary
investment process 基于主观判断的选股策略，而A和B描述的都是Systematic策略的特征，因此答案选C。
Systematic策略是一个系统性策略，它的选股范围更阔，当策略定好，是电脑在很大的范围选股，这样选股策略会使得组合的风险敞口更加的均衡。而Discretionary策略，基于主观判断即用人脑来进行判断分析，劣势是可以分析的股票数量较少，但优势是对于每一只股票都可以进行深入的分析，除了常见的因子分析，Discretionary策略还可以对公司的竞争环境、定价权、商业模型、公司治理等因素建立更深入的理解。
能否解释一下这道题题干和答案，没看懂