题干问的是How many.....

问题如下：

How many of following strategies are least likely to involve industry analysis?

I.Top-down fundamental investing strategy.

II.Sector rotation strategy.

III.Tactical asset allocation strategy.

选项：

Only I.

Both II and III.

Only III.

解释：

C is correct.

Tactical asset allocation strategy refers to timing investments and does not use industry analysis.

考点：Classification of Industry

I，自上而下的基本面分析策略，从宏观经济到行业分析再到个股分析，是用到行业分析的。

II Sector rotation：行业轮转策略就指的是根据基本面和经济周期的分析做出及时的投资，简单来说如果能判断好目前所处的经济周期的位置，然后选择适当的行业进行投资并获利的策略，因此这个也是用到行业分析的。

III Tactical asset allocation是CFA三级的内容，可以了解一下。 tactical asset allocation与strategic asset allocation相对，原版书的解释是 The decision to deliberately deviate from the strategic asset allocation in an attempt to add value based on forecasts of the near-term relative performance of asset classes. 就是为了增加收益而短期偏离 战略资产配置方案 的 技术资产配置方案。这里和行业分析无关，所以应该选III。