问题如下:
In a quarter, an investment manager’s upside capture is 75% and downside capture is 125%. We can conclude that the manager underperforms the benchmark:
选项:
A. only when the benchmark return is positive.
B. only when the benchmark return is negative.
C. when the benchmark return is either positive or negative.
解释:
C is correct.
Upside capture of 75% suggests that the manager only gained 75% of benchmark increase when the benchmark return was positive. Downside capture of 125% suggests that the manager lost 125% as much as the benchmark when the benchmark return was negative. Therefore, the manager underperformed the benchmark in both scenarios.
怎么理解答案呢?不是很理解数字部分的解释