active share和active risk

嗨，努力学习的PZer你好：

Shaw observes that Fund A and Fund B have similar Active Share and a similar number of positions, but Fund A’s realized active risk of 7% is almost three times greater than that of Fund B.Shaw makes the following comments: I think Fund B makes a lot of sector bets. Fund A likely has higher fees than Fund B Fund A should have a greater dispersion of returns about the benchmark.——就是这个是题干对吧？

 I think Fund B makes a lot of sector bets. Fund A likely has higher fees than Fund B Fund A should have a greater dispersion of returns about the benchmark.——这个是三个选项？

答案选这个B. Fund A’s dispersion. ？

如果是的话，我来解答一下。 Fund A’s realized active risk of 7% is almost three times greater than that of Fund B.——这句话就是说fundA的active risk大于fundB。然后评论基本就是回答原因。 Fund A likely has higher fees ——这个一般来说active share更高的 费率更高。（一般情况）。但他们有一样的active share。

Fund A should have a greater dispersion of returns about the benchmark.——因为A有更大的active risk，所以会偏离benchmark的更多。

I think Fund B makes a lot of sector bets.——这块我仔细查了一下原版书，这块的定义是行业偏离。可以简单理解为偏离benchmark。而题干说了是fund A有更大的active risk 所以应该是fundA有更大的sector bets。

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

嗨，努力学习的PZer你好：

Shaw observes that Fund A and Fund B have similar Active Share and a similar number of positions, but Fund A’s realized active risk of 7% is almost three times greater than that of Fund B.——这个是题干？

: I think Fund B makes a lot of sector bets. Fund A likely has higher fees than Fund B Fund A should have a greater dispersion of returns about the benchmark.——这个是三个选项？

答案选这个B. Fund A’s dispersion. ？

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加油吧，让我们一起遇见更好的自己！

嗨，努力学习的PZer你好：

concentrated factor bets的active risk小于concentrated stock picks，但是做官方online题的时候有出现sector bets，这个是stock pick的意思吗？——不是的，这个是就是相当于 factor bets（想了半天不知道怎么翻译合适）。

题干是Fund A’s realized active risk of 7% is almost three times greater than that of Fund B。选项是I think Fund B makes a lot of sector bets判断对错（是错的）——这个之所以是错的，是因为如果Fund B有更多的sector bets说明是分散的（相关于有更多的因子，而不是集中在一个因子上），至于为什么错的，有原题吗？我看看给你解答

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虽然现在很辛苦，但努力过的感觉真的很好，加油！