问题如下图：
选项：
A. 
B. 
C. 
解释：
为什么2是不正确的呢？可以每个答案都解释一下吗？
发亮_品职助教 · 2019年05月24日
这三个Characterisitcs就是对这个Custom benchmark特征的描述，然后根据三个特性来判断这个Custom benchmark是否是一个合格的Benchmark。
我们固收这里对一个合格的Benchmark有以下要求：
In general, the use of an index as a widely accepted benchmark requires clear, transparent rules for security inclusion and weighting, investability, daily valuation and availability of past returns, and turnover.
即：需要有一个清晰、透明的选股、权重规则、具有可投资性、需要Daily valuation，并且Past returns和Turnover数据可得。
那就看题干描述的三个Characteristics是否符合以上要求：
Characteristics 1: The benchmark portfolio invests only in investment-grade bonds of US corporations with a minimum issuance size of $250 million.
明确的说只有美国投资级别的公司债、发行规模在250million以上的，才可以进入Benchmark，是在一个清晰的选股规则
Characteristics 2: Valuation occurs on a weekly basis, because many of the bonds in the index are valued weekly.
每周进行Valuation，显然不符合每日Value的要求，所以Chararcteristics 2 Violates the requirements for benchmark。
Characteristics 3: Historical prices and portfolio turnover are available for review.
符合历史Returns、turnover可得的要求。
NO.PZ201812020100000408 问题如下 Which of the custom benchmark’s characteristiviolates the requirements for an appropriate benchmark portfolio? Characteristic 1 Characteristic 2 Characteristic 3 Bis correct. The use of inx a wily acceptebenchmark requires clear,transparent rules for security inclusion anweighting, investability, ilyvaluation, availability of past returns, anturnover. Because the custombenchmark is valueweekly rather thily, this characteristic woulbeinconsistent with appropriate benchmark. 如题
NO.PZ201812020100000408问题如下 Which of the custom benchmark’s characteristiviolates the requirements for an appropriate benchmark portfolio?Characteristic 1Characteristic 2Characteristic 3 Bis correct. The use of inx a wily acceptebenchmark requires clear,transparent rules for security inclusion anweighting, investability, ilyvaluation, availability of past returns, anturnover. Because the custombenchmark is valueweekly rather thily, this characteristic woulbeinconsistent with appropriate benchmark. 原来的投资既包括公司债也包括政府债,但benchmark里只包括了公司债
NO.PZ201812020100000408问题如下 SRCapit(SR), a globasset management company, specializes in fixeincomeinvestments. Molly, chief investment officer, is meeting with a prospectiveclient, Leof Puy FinanciCompany (C). Leahinforms Molly thC’s previous fixeincome manager focuseon the interestrate sensitivities of assets anliabilities when making asset allocationcisions. Molly explains that, in contrast, SR’s investment process firstanalyzes the size antiming of client liabilities, anthen it buil assetportfolio baseon the interest rate sensitivity of those liabilities. Mollynotes thSR generally uses actively manageportfolios signeto earna return in excess of the benchmark portfolio. For clients interesteinpassive exposure to fixeincome instruments, SR offers two aitionalapproaches.Approa1: Seeks to fully replicate a small range of benchmarks consisting of government bon.Approa2: Follows enhanceinxing process for a subset of the bon incluin the Bloomberg Barclays US Aggregate BonInx. Approa2 malso customizeto refleclient preferences.Toillustrate SR’s immunization approafor controlling portfolio interestrate risk, Molly scusses a hypotheticportfolio composeof two non-callable,investment-gra bon. The portfolio ha weighteaverage yiel to-maturityof 9.55%, a weighteaverage coupon rate of 10.25%, ana cash flow yielof9.85%.Leahinforms Molly thC ha single $500 million liability e in nineyears, anshe wants SR to construa bonportfolio thearns a rateof return sufficient to poff the obligation. Leexpresses concern aboutthe risks associatewith immunization strategy for this obligation. Inresponse, Molly makes the following statements about liability-iveninvesting:Statement 1: Although the amount ante of SR’s liability is known with certainty, measurement errors associatewith key parameters relative to interest rate changes maersely affethe bonportfolios.Statement 2: A cash flow matching strategy will mitigate the risk from non-parallel shifts in the yielcurve.Mollyprovis the four US llar–nominatebonportfolios in Exhibit 1 forconsiration. Molly explains ththe portfolios consist of non-callable,investment-gra corporate angovernment bon of various maturities becausezero-coupon bon are unavailable.The scussion turns to benchmarkselection. C’s previous fixeincome manager usea custom benchmark with thefollowing characteristics:Characteristic 1: The benchmark portfolio invests only in investment-gra bon of US corporations with a minimum issuansize of $250 million.Characteristic 2: Valuation occurs on a weekly basis, because many of the bon in the inx are valueweekly.Characteristic 3: Historicprices anportfolio turnover are available for review.Mollyexplains that, in orr to evaluate the asset allocation process, fixeincomeportfolios shoulhave appropriate benchmark. Leasks for benchmark aiceregarng C’s portfolio of short-term anintermeate-term bon, allnominatein US llars. Molly presents three possible benchmarks inExhibit 2. Which of the custom benchmark’s characteristiviolates the requirements for an appropriate benchmark portfolio?Characteristic 1Characteristic 2Characteristic 3 Bis correct. The use of inx a wily acceptebenchmark requires clear,transparent rules for security inclusion anweighting, investability, ilyvaluation, availability of past returns, anturnover. Because the custombenchmark is valueweekly rather thily, this characteristic woulbeinconsistent with appropriate benchmark. 是对于所有的benchmark 还是只针对fixeincome的，在equity中好像并没有提到这个要求，只是说measurment
NO.PZ201812020100000408 问题如下 Which of the custom benchmark’s characteristiviolates the requirements for an appropriate benchmark portfolio? Characteristic 1 Characteristic 2 Characteristic 3 Bis correct. The use of inx a wily acceptebenchmark requires clear,transparent rules for security inclusion anweighting, investability, ilyvaluation, availability of past returns, anturnover. Because the custombenchmark is valueweekly rather thily, this characteristic woulbeinconsistent with appropriate benchmark. 如题
NO.PZ201812020100000408 问题如下 SRCapit(SR), a globasset management company, specializes in fixeincomeinvestments. Molly, chief investment officer, is meeting with a prospectiveclient, Leof Puy FinanciCompany (C). Leahinforms Molly thC’s previous fixeincome manager focuseon the interestrate sensitivities of assets anliabilities when making asset allocationcisions. Molly explains that, in contrast, SR’s investment process firstanalyzes the size antiming of client liabilities, anthen it buil assetportfolio baseon the interest rate sensitivity of those liabilities. Mollynotes thSR generally uses actively manageportfolios signeto earna return in excess of the benchmark portfolio. For clients interesteinpassive exposure to fixeincome instruments, SR offers two aitionalapproaches.Approa1: Seeks to fully replicate a small range of benchmarks consisting of government bon.Approa2: Follows enhanceinxing process for a subset of the bon incluin the Bloomberg Barclays US Aggregate BonInx. Approa2 malso customizeto refleclient preferences.Toillustrate SR’s immunization approafor controlling portfolio interestrate risk, Molly scusses a hypotheticportfolio composeof two non-callable,investment-gra bon. The portfolio ha weighteaverage yiel to-maturityof 9.55%, a weighteaverage coupon rate of 10.25%, ana cash flow yielof9.85%.Leahinforms Molly thC ha single $500 million liability e in nineyears, anshe wants SR to construa bonportfolio thearns a rateof return sufficient to poff the obligation. Leexpresses concern aboutthe risks associatewith immunization strategy for this obligation. Inresponse, Molly makes the following statements about liability-iveninvesting:Statement 1: Although the amount ante of SR’s liability is known with certainty, measurement errors associatewith key parameters relative to interest rate changes maersely affethe bonportfolios.Statement 2: A cash flow matching strategy will mitigate the risk from non-parallel shifts in the yielcurve.Mollyprovis the four US llar–nominatebonportfolios in Exhibit 1 forconsiration. Molly explains ththe portfolios consist of non-callable,investment-gra corporate angovernment bon of various maturities becausezero-coupon bon are unavailable.The scussion turns to benchmarkselection. C’s previous fixeincome manager usea custom benchmark with thefollowing characteristics:Characteristic 1: The benchmark portfolio invests only in investment-gra bon of US corporations with a minimum issuansize of $250 million.Characteristic 2: Valuation occurs on a weekly basis, because many of the bon in the inx are valueweekly.Characteristic 3: Historicprices anportfolio turnover are available for review.Mollyexplains that, in orr to evaluate the asset allocation process, fixeincomeportfolios shoulhave appropriate benchmark. Leasks for benchmark aiceregarng C’s portfolio of short-term anintermeate-term bon, allnominatein US llars. Molly presents three possible benchmarks inExhibit 2. Which of the custom benchmark’s characteristiviolates the requirements for an appropriate benchmark portfolio? Characteristic 1 Characteristic 2 Characteristic 3 Bis correct. The use of inx a wily acceptebenchmark requires clear,transparent rules for security inclusion anweighting, investability, ilyvaluation, availability of past returns, anturnover. Because the custombenchmark is valueweekly rather thily, this characteristic woulbeinconsistent with appropriate benchmark. 知道特点2是错的，但特点1和特点3为什么是对的？