主观表述1:Contrast fundamental and quantitative在 Constructing the portfolio方面
Fundamental:
Construct the portfolio by overweighting stocks that are expected tooutperform their peers or the market as a whole.
Where necessary for risk reduction, underweight some benchmark stocks that are expected to underperform.
The stocks that fell out in the pre-screening process do not have explicit forecasts and will not be included in the portfolio.
Quantitative:
Construct the portfolio by maximizing the objective function (such as portfolio alpha orinformation ratio) with risk models.
主观表述二：Portfolio construction approaches
Systematic strategies
extract return premiums from a balanced exposure to rewarded factors
research-based rules across a broad universe of securities
Discretionary strategies
search for active returns by building a greater depth of understanding of a firm’s business model, competitive landscape through the development of better factor proxies
through succesful timing strategies
integrate the judgment of the manager, usually on a small subset of securities
特点三（从mindmap截取的）
感觉实务中fundamental （discretionary）和quantitative（systematic）都是通用的，CFA有区分么？快考试了，麻烦帮忙梳理一下，以及如果涉及主观题的话，我按照哪个记忆？
