问题如下：
How many of the following statements about approaches to portfolio construction are correct?
Statement 1: In principle, a systematic top-down manager would emphasize macro factors and factor timing and would have concentrated portfolios
Statement 2: Bottom-up managers first emphasize security-specific factors, whereas top-down managers first emphasize macro factors.
选项：
A.One
B.Two
C.None
解释：
A is correct.
考点：Approaches to portfolio construction
解析：第一个表述是错误的，它错在系统化策略旨在降低非系统性风险，因此通过这种策略构建出来的组合往往分散化非常好。
看了老师的解析没看懂。
我看到讲义上提到 top-down 是：concentrated with macro factor exposures
systematic 是diversified 那么为什么最后还是分散的呢？
