问题如下：
Fund 1 focuses on skillfully timing exposures to factors, both rewarded and unrewarded, and to other asset classes. The fund’s managers use timing skills to opportunistically shift their portfolio to capture returns from factors such as country, asset class, and sector. Fund 1 prefers to make large trades。The main building block of portfolio construction on which Fund 1 focuses is most likely:
选项：
A. alpha skills
B. position sizing
C. rewarded factor weightings
解释：
The three main
building blocks of portfolio construction are alpha skills, position sizing,
and rewarded factor weightings. Fund 1 generates active returns by skillfully
timing exposures to factors, both rewarded and unrewarded, and to other asset
classes, which constitute a manager’s alpha skills.
