NO.PZ202207040100000303
问题如下：
In the analysts’ discussion about Fund B’s potential investments, the point that is most accurate relates to:选项：
A.reorganization opportunities. B.positions in distressed companies. C.acquisitions in a consolidating industry.解释：
Solution
C is correct. Fund B fund seeks to profit from the market inefficiencies that may arise as a result of corporate events. It can hold either long or short positions in the acquiring and target companies as appropriate to produce a profitable position. This would be true even in consolidating industries as long as it believed that a market inefficiency existed.
A is incorrect. Fund B fund seeks to profit from the market inefficiencies that may arise as a result of corporate events. Investing in reorganizations requires skill and expertise but normally involves a long-term investment horizon, which is inconsistent with Fund B’s strategy.
B is incorrect. Fund B fund seeks to profit from the market inefficiencies that may arise as a result of corporate events. A control position in a distressed company would normally involve a long-term investment horizon, which is inconsistent with Fund B’s strategy.
中文解析：
本题考查的是top-down投资策略和bottom-up投资策略的辨析。
Fund B的投资策略是自下而上策略中value-based approach， 利用“Special Situations”导致的短暂mispricing来获利，对目标公司可以持有多头或空头。
选项B说的投资方法是低价控股目前面临困境的企业，这属于Value-Based
Approaches中的另一种策略，通常投资期限很长，跟Fund B抓“短期错误定价机会”这一投资策略不相符，选项B不入选。选项A同样是对发生重组的目标公司进行长期投资，与Fund B的投资策略不相符，选项A不入选。
选项C说的是投资于潜在并购者，即使并购发生在一个在不断整合的行业中。后半句是混淆信息，Fund B抓的就是特殊公司事件——比如并购——带来的暂时mispricing，并购发生在什么行业并不重要，只要它认为并购事件可以带来market inefficiency，不管是股价上涨还是下跌，Fund
B都可以获利，因为Long或Short头寸它都可以持有。选项C的说法是符合Fund B投资策略的，因此选项C 正确。
如题
