还是不懂

NO.PZ202207040100000803 问题如下 In Lazare anWarrack’s comments about Active Share anactive risk, the comment this least accurate is the one concerning: A.portfolio versification. B.neutralizing factor exposure. C.increasing iosyncratic volatility. SolutionB is correct. The comment concerning neutralizing factor exposure is incorrect: In a single-factor mol, if the factor exposure is neutralize the active risk will entirely attributable to the Active Share—a consequenof the manager viating from benchmark weights. The active risk attributeto Active Share will smaller for more versifieportfolios with lower iosyncratic risk. Active risk es rise with increase in factor aniosyncratic volatility.A is incorrect. The active risk attributeto Active Share will smaller for more versifieportfolios with lower iosyncratic risk. C is incorrect. Active risk es rise with increase in factor aniosyncratic volatility. 中文解析本题考查的是大家对于Active Share anctive Risk的理解。需要特别注意的是的顺序和题干小点的顺序不一致。三个描述中的第三个小点（即B）的说法有误，正确的说法应该是Ifthe factor exposure is fully neutralize the active risk will entirelyattributeto the active Share. 它错在active Share和active Risk写反了。这句话描述的是因子的full neutralize即组合在承担因子这个层面已经是充分分散化了（风险因子的attribution和benchmark几乎一样），但此时还有activeRisk说明组合的return依然和benchmark不一样，那就只有一种可能，就是基金经理买的股票 和benchmark不同但行业选的和benchmark是类似的即那这种情况下产生AR只可能源于activeshare。打个比方，组合和benchmark都看好房地产，但组合投金地，而benchmark投万科。The level of active risk will rise with anincrease in factor aniosyncratic volatility。当组合的因子更加集中（非系统性风险上升），组合与benchmark更不像，activerisk也就跟着上升。这个描述是正确的。The active risk attributeto Active Sharewill smaller in more versifieportfolios. 如果组合的分散化非常好，说明它包含股票数量很多，非系统性风险很小。此时组合和benchmark应该很像，如果仍存在差别（只要有差别就有activerisk）, 而组合已经包含了大量的股票，那么由于AS带来的activerisk就非常小了。这个描述也是正确的。 The active risk attributeto Active Share will smaller in more versifieportfolios.英语问题，为什么我读成了active risk对active share的贡献小，是这么翻译吧？而答案却在说active share对active risk的贡献

NO.PZ202207040100000803 问题如下 In Lazare anWarrack’s comments about Active Share anactive risk, the comment this least accurate is the one concerning: A.portfolio versification. B.neutralizing factor exposure. C.increasing iosyncratic volatility. SolutionB is correct. The comment concerning neutralizing factor exposure is incorrect: In a single-factor mol, if the factor exposure is neutralize the active risk will entirely attributable to the Active Share—a consequenof the manager viating from benchmark weights. The active risk attributeto Active Share will smaller for more versifieportfolios with lower iosyncratic risk. Active risk es rise with increase in factor aniosyncratic volatility.A is incorrect. The active risk attributeto Active Share will smaller for more versifieportfolios with lower iosyncratic risk. C is incorrect. Active risk es rise with increase in factor aniosyncratic volatility. 中文解析本题考查的是大家对于Active Share anctive Risk的理解。需要特别注意的是的顺序和题干小点的顺序不一致。三个描述中的第三个小点（即B）的说法有误，正确的说法应该是Ifthe factor exposure is fully neutralize the active risk will entirelyattributeto the active Share. 它错在active Share和active Risk写反了。这句话描述的是因子的full neutralize即组合在承担因子这个层面已经是充分分散化了（风险因子的attribution和benchmark几乎一样），但此时还有activeRisk说明组合的return依然和benchmark不一样，那就只有一种可能，就是基金经理买的股票 和benchmark不同但行业选的和benchmark是类似的即那这种情况下产生AR只可能源于activeshare。打个比方，组合和benchmark都看好房地产，但组合投金地，而benchmark投万科。The level of active risk will rise with anincrease in factor aniosyncratic volatility。当组合的因子更加集中（非系统性风险上升），组合与benchmark更不像，activerisk也就跟着上升。这个描述是正确的。The active risk attributeto Active Sharewill smaller in more versifieportfolios. 如果组合的分散化非常好，说明它包含股票数量很多，非系统性风险很小。此时组合和benchmark应该很像，如果仍存在差别（只要有差别就有activerisk）, 而组合已经包含了大量的股票，那么由于AS带来的activerisk就非常小了。这个描述也是正确的。 为什么portfolio越是 versifieactive share越小？AR不是衡量portfolio和BM之间像不像吗？如果BM非常concentrate？看到老师有回复默认BM分散化效果好，为什么会这么默认呢？

NO.PZ202207040100000803 问题如下 In Lazare anWarrack’s comments about Active Share anactive risk, the comment this least accurate is the one concerning: A.portfolio versification. B.neutralizing factor exposure. C.increasing iosyncratic volatility. SolutionB is correct. The comment concerning neutralizing factor exposure is incorrect: In a single-factor mol, if the factor exposure is neutralize the active risk will entirely attributable to the Active Share—a consequenof the manager viating from benchmark weights. The active risk attributeto Active Share will smaller for more versifieportfolios with lower iosyncratic risk. Active risk es rise with increase in factor aniosyncratic volatility.A is incorrect. The active risk attributeto Active Share will smaller for more versifieportfolios with lower iosyncratic risk. C is incorrect. Active risk es rise with increase in factor aniosyncratic volatility. 我的理解是active risk 包含了active shares（portfolio和BenMar的weight不同） 和 correlation （portfolio和BenMarch）这么理解对吗 If the factor exposure is fully neutralize the Active Share will entirely attributeto the active risk. 这句的理解是 correlation 很高，所以如果还有active risk，那么就是weight 不同=active share 的原因， 这么理解对吗？The active risk attributeto Active Share will smaller in more versifieportfolios. 这句话要如何理解？

NO.PZ202207040100000803 问题如下 In Lazare anWarrack’s comments about Active Share anactive risk, the comment this least accurate is the one concerning: A.portfolio versification. B.neutralizing factor exposure. C.increasing iosyncratic volatility. SolutionB is correct. The comment concerning neutralizing factor exposure is incorrect: In a single-factor mol, if the factor exposure is neutralize the active risk will entirely attributable to the Active Share—a consequenof the manager viating from benchmark weights. The active risk attributeto Active Share will smaller for more versifieportfolios with lower iosyncratic risk. Active risk es rise with increase in factor aniosyncratic volatility.A is incorrect. The active risk attributeto Active Share will smaller for more versifieportfolios with lower iosyncratic risk. C is incorrect. Active risk es rise with increase in factor aniosyncratic volatility. high active risk- portfolio concentrateow active risk- portfolio versifie样没错吧？能不能一下这题？