NO.PZ201710200200000105
问题如下：
5. To address his concern regarding the previous adviser’s asset allocation approach, Raye should assess the Laws’ portfolio using:
选项：
A.a homogeneous and mutually exclusive asset class–based risk analysis.
B.a multifactor risk model to control systematic risk factors in asset allocation.
C.an asset class–based asset allocation approach to construct a diversified portfolio.
解释：
B is correct.
Raye believes the Laws’ previous financial adviser followed an asset allocation approach that resulted in an overlap in risk factors among asset classes. A multifactor risk model approach can be used to address potential risk factor overlaps. Risk factor approaches to asset allocation focus on assigning investments to the investor’s desired exposures to specified risk factors. These methods are premised on the observation that asset classes often exhibit some overlaps in sources of risk.
考点：factor-based approach
解析：Raye担心的是an overlap in risk factors among asset classes for the portfolio。换句话说，风险因子相互重叠是之前基金经理的不足，现在想要改进，应该用什么方法。
想要解决这个问题，可以使用factor-based approach，基于不同的风险因子来投资，这样就避免了在某个风险因子上投的过于集中的问题。
为什么risk factor based方法是控制系统性风险？不能对非系统性风险产生影响吗？
