问一道题：NO.PZ201909300100000306

NO.PZ201909300100000306 问题如下 6 Baseon Exhibit 2, the cision to overweight or unrweight whiof the following regions contributepositively to performanthe overall funlevel? A.North Ameri B.Greater Europe C.velopeAsia anAustralasi C is correct. The cision to unrweight velopeAsia anAustralasia wa gooone because the benchmark for this region unrperformethe totbenchmark (12.85% versus 22.67%). Alternatively, the question canswerecalculating the allocation effects for the three regions, follows:Allocation = (wi – Wi)(– B)North Ameri= (10.84% – 7.67%)(16.47% – 22.67%) = –0.20%Greater Europe = (38.92% – 42.35%)(25.43% – 22.67%) = –0.09%velopeAsia anAustralasia = (29.86% – 31.16%)(12.85% – 22.67%) = 0.13%velopeAsia anAustralasia is the only region of the three thha positive allocation effect. 题目问的是the cision to overweight or unrweight whi，是要决定权重，为什么还要乘以权重看？题目问法感觉不严谨

为何不能用Brinson Mol算呢？结果是A是正的影响。

Greater Europe velopeAsia anAustralasia C is correct. The cision to unrweight velopeAsia anAustralasia wa gooone because the benchmark for this region unrperformethe totbenchmark (12.85% versus 22.67%). Alternatively, the question canswerecalculating the allocation effects for the three regions, follows: Allocation = (wi – Wi)(– North Ameri= (10.84% – 7.67%)(16.47% – 22.67%) = –0.20% Greater Europe = (38.92% – 42.35%)(25.43% – 22.67%) = –0.09% velopeAsia anAustralasia = (29.86% – 31.16%)(12.85% – 22.67%) = 0.13% velopeAsia anAustralasia is the only region of the three thha positive allocation effect. 我个人对这道题的理解是就比较Rp-四个行业总的RB，哪一个大就选哪个factor，为什么还要看weight，weight根据题目的意思是可以随意调增调减的

老师你好，这道题题目中并没有说要从allocation effect角度来看应该增加或减少某类的权重，李老师讲的是和各个类别的benchmark比较（我理解这是从allocation的角度出发）。为什么不能用各个portfolio return和总的benchmark（22.67）做对比呢，这样看更直接能看出因为投资哪一类别（对比总benchmark）对整体的贡献更大，结果就是只能选velopeAsia。