Statement 1 是什么意思？

问题如下：

Kata Rom is an equity analyst working for Gimingham Wealth Partners (GWP), a large investment advisory company. Rom meets with Goran Galic, a Canadian private wealth client, to explain investment strategies used by GWP to generate portfolio alpha for its clients.

Rom states that GWP is recognized in the Canadian investment industry as a leading factor-based value portfolio manager and describes how GWP creates relevant investment strategies and explains GWP’s backtesting process. Rom notes the following:

• Statement 1 Using historical data, backtesting approximates a real-life investment process to illustrate the risk–return tradeoff of a particular proposed investment strategy.

• Statement 2 Backtesting is used almost exclusively by quantitative investment managers and rarely by fundamental investment managers, who are more concerned with information such as forward estimates of company earnings, macroeconomic factors, and intrinsic values.

Which of Rom’s statements concerning backtesting is correct?

选项：

A.

Only Statement 1

B.

Only Statement 2

C.

Both Statement 1 and Statement 2

解释：

A is correct. Statement 1 is correct because the main objective of backtesting is to understand the risk–return tradeoff of an investment strategy by approximating the real-life investment process.

B is incorrect because Statement 2 is inaccurate. Although backtesting fits quantitative and systematic investment styles more naturally, it has also been heavily used by fundamental managers.

C is incorrect because Statement 2 is not accurate. Backtesting, used in quantitative and systematic investment styles, is also heavily used by fundamental managers.