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一只可爱的猪 · 2021年09月23日

为什么B不是呢

  1. CFA III
  2. Equity

NO.PZ2019012201000063

问题如下：

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：

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.

为什么B不是呢

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3 个答案

PandaCPA · 2022年03月28日

value vs. growth 是 top-down. 请见上图原版书第一段 B选项虽提到individual stock，但是意思是从一大堆股票中按满足value/growth条件选股，并没有看具体股票的details

笛子_品职助教 · 2022年01月23日

嗨，努力学习的PZer你好：


是的，B也没错的，但是不太准确。有时候一个选项没错，但是不如另一个选项准确，那么也不选。这种情况在CFA里还是比较普遍的。


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虽然现在很辛苦，但努力过的感觉真的很好，加油！

笛子_品职助教 · 2021年09月24日

嗨，努力学习的PZer你好：


B是选因子，描述中说B的头寸会集中于某些因子，基金经理认为成长因子会跑赢价值因子，可以看出，B基金选择的是，符合成长因子的股票。成长因子是一类股票普遍具备的特点，并不符合specific的要求。分析单个公司的specific特征，才更符合Bottom-up。两个选项进行比较的时候，要选最符合的，C更加符合Bottom-up的特征。

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加油吧，让我们一起遇见更好的自己！

猫猫酱 · 2022年01月23日

可是选因子也可以是bottom-up的因子呀，像成长股还是价值股这种，很明显是bottom up的因子呀。这题可能C最合适，但是我觉得B其实也没错吧，感觉这题不太好啊？

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