问题如下：
Monongahela Ap is an equity fund analyst. His manager asks him to evaluate three actively managed equity funds from a single sponsor, Chiyodasenko Investment Corp. Ap’s assessments of the funds based on assets under management (AUM), the three main building blocks of portfolio construction, and the funds’ approaches to portfolio management are presented in Exhibit 1. Selected data for Fund 1 is presented in Exhibit 2.
Ap learns that Chiyodasenko has initiated a new equity fund. It is similar to Fund 1 but scales up active risk by doubling all of the active weights relative to Fund 1. The new fund aims to scale active return linearly with active risk, but implementation is problematic. Because of the cost and difficulty of borrowing some securities, the new fund cannot scale up its short positions to the same extent that it can scale up its long positions.
Ap reviews quarterly holdings reports for Fund 3. In comparing the two most recent quarterly reports, he notices differences in holdings that indicate that Fund 3 executed two trades, with each trade involving pairs of stocks. Initially, Fund 3 held active positions in two automobile stocks—one was overweight by 1 percentage point (pp), and the other was underweight by 1pp. Fund 3 traded back to benchmark weights on those two stocks. In the second trade, Fund 3 selected two different stocks that were held at benchmark weights, one energy stock and one financial stock. Fund 3 overweighted the energy stock by 1pp and underweighted the financial stock by 1pp.
In Fund 3’s latest quarterly report, Ap reads that Fund 3 implemented a new formal risk control for its forecasting model that constrains the predicted return distribution so that no more than 60% of the deviations from the mean are negative.
Which fund in Exhibit 1 most likely follows a bottom-up approach?
选项：
A. Fund 1
B. Fund 2
C. Fund 3
解释：
C is correct. Bottom-up managers evaluate the risk and return characteristics of individual securities and build portfolios based on stock-specific forecasts; Fund 3 follows this exact approach. Example views of bottom-up managers include expecting one auto company to outperform another, expecting a pharmaceutical company to outperform an auto company, and expecting a technology company to outperform a pharmaceutical company. Both bottom-up and top-down managers can be either diversified or concentrated in terms of securities.
这道题还是不清楚为什么专注于个股还可能是top down的方法？就算是因子选股，也是关注micro factor应该也是bottom up的方法啊
