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Cindy · 2020年07月05日

问一道题:NO.PZ2019012201000007 [ CFA III ]

问题如下:

TMT fund is a passively managed equity fund. Therefore, compared with an actively traded fund, both of its trading frequency and trading costs are lower. Is it correct on both trading frequency and trading costs?

选项:

A.

Only on trading frequency.

B.

Only on trading costs.

C.

Yes, they are both correct.

解释:

C is correct.

考点:Investment Approaches

解析:被动型管理的基金往往会选择被动地投资指数,因此交易频率显著低于主动型管理的股票投资组合,交易频率低,交易费用少。

交易费用为什么会低呢?是因为交易频率低吗?

1 个答案

maggie_品职助教 · 2020年07月06日

嗨,爱思考的PZer你好:


你的理解正确。第一这是相对来说,被动投资只有调仓换股才调整,而指数调仓换股并不是时时刻刻进行的,而组合为了降低交易费用只在特定日期才调整。第二主动投资的交易频率可高多了,它并非被动的跟着大盘走,只要有机会就会出手,交易频率高,就会产生大量的交易费用。


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