第一个reason没有读懂

NO.PZ201601050100001401 问题如下 Intify the most likely approafor Lee to optimally locate Wilson’s portfolio on the currenrisk spectrum, consistent with the IPS. Justify your response with two reasons supporting the approach. Passive heing is not likely because the IPS allows the 3% banarounthe neutrposition. In aition, passive heing is a rules-baseapproach, whiis contrary to Wilson’s preference.Active currenmanagement is not likely because the 3% banarounthe neutrposition is too limitefor thapproach. In many cases, the fferenbetween scretionary heing anactive currenmanagement is more of emphasis thgree. The primary ty of the scretionary heer is to protethe portfolio from currenrisk. Active currenmanagement is supposeto take currenrisks anmanage them for profit. Leaving actuportfolio exposures nezero for extenperio is typically not a viable option.Currenoverlis not likely because the 3% banis too small to incate active currenmanagement in a currenoverlprogram. In aition, currenoverlprograms are often concteexternal, FX-specializesub-aisers to a portfolio, whereLee is a generalist managing a variety of portfolios across asset classes. Finally, currenoverlallows for taking rectionviews on future currenmovements, ana laof market conviction is notehere.中文解析IPS允许有相比于中性头寸上下3%的波动幅度，因此不是被动管理的方法。不是主动管理的方法，因为3%的波动区间对于这种方法来说太有限了。在许多情况下，可自由决定的对冲方法和主动管理的方法之间的区别更多的是重点而不是程度。可自由决定的套期保值者的主要职责是保护投资组合免受货币风险的影响。而主动管理应该是承担货币风险，并以盈利为目的进行管理，因此将实际投资组合的风险敞口长期保持在接近于零的水平，通常不是一个可行的选择。不是currenoverlay的方法，因为在货币覆盖程序中，3%的幅度太小，不足以表示积极的货币管理。此外，货币覆盖程序通常是由外部的、外汇专业的投资组合次级顾问进行的，而Lee是一个多面手，管理各种资产类别的各种投资组合。最后，currenoverlay允许对未来货币走势采取方向性看法，这里指出缺乏市场信念。 关于考试答题策略这块题目问的是选什么策略并陈述两个理由答案只写了另外几种策略不合适的原因，并没有陈述选择scretion这个策略的两个原因，排除另外几种策略不合适也算进这两个理由里面吗？

NO.PZ201601050100001401 问题如下 Intify the most likely approafor Lee to optimally locate Wilson’s portfolio on the currenrisk spectrum, consistent with the IPS. Justify your response with two reasons supporting the approach. Passive heing is not likely because the IPS allows the 3% banarounthe neutrposition. In aition, passive heing is a rules-baseapproach, whiis contrary to Wilson’s preference.Active currenmanagement is not likely because the 3% banarounthe neutrposition is too limitefor thapproach. In many cases, the fferenbetween scretionary heing anactive currenmanagement is more of emphasis thgree. The primary ty of the scretionary heer is to protethe portfolio from currenrisk. Active currenmanagement is supposeto take currenrisks anmanage them for profit. Leaving actuportfolio exposures nezero for extenperio is typically not a viable option.Currenoverlis not likely because the 3% banis too small to incate active currenmanagement in a currenoverlprogram. In aition, currenoverlprograms are often concteexternal, FX-specializesub-aisers to a portfolio, whereLee is a generalist managing a variety of portfolios across asset classes. Finally, currenoverlallows for taking rectionviews on future currenmovements, ana laof market conviction is notehere.中文解析IPS允许有相比于中性头寸上下3%的波动幅度，因此不是被动管理的方法。不是主动管理的方法，因为3%的波动区间对于这种方法来说太有限了。在许多情况下，可自由决定的对冲方法和主动管理的方法之间的区别更多的是重点而不是程度。可自由决定的套期保值者的主要职责是保护投资组合免受货币风险的影响。而主动管理应该是承担货币风险，并以盈利为目的进行管理，因此将实际投资组合的风险敞口长期保持在接近于零的水平，通常不是一个可行的选择。不是currenoverlay的方法，因为在货币覆盖程序中，3%的幅度太小，不足以表示积极的货币管理。此外，货币覆盖程序通常是由外部的、外汇专业的投资组合次级顾问进行的，而Lee是一个多面手，管理各种资产类别的各种投资组合。最后，currenoverlay允许对未来货币走势采取方向性看法，这里指出缺乏市场信念。 scretionary heing is the most suitable currenmanagement approach.1、Wilson prefers a neutrbenchmark over a rules- baseapproach. 2、the IPS with a narrower scretion less 3% anmore 3% to neutrportfolio for aim of protecting against currenrisk. meanwhile，Lee is laof market conviction.另外想问下这个currenoverlay。这个词是专门指外汇管理策略中的一种？还是某几种的统称？ 好像之前的题目背景中出现currenoverlProgame 但是最后也判断为passive heing 之类的？很奇怪

NO.PZ201601050100001401 问题如下 Intify the most likely approafor Lee to optimally locate Wilson’s portfolio on the currenrisk spectrum, consistent with the IPS. Justify your response with two reasons supporting the approach. Passive heing is not likely because the IPS allows the 3% banarounthe neutrposition. In aition, passive heing is a rules-baseapproach, whiis contrary to Wilson’s preference.Active currenmanagement is not likely because the 3% banarounthe neutrposition is too limitefor thapproach. In many cases, the fferenbetween scretionary heing anactive currenmanagement is more of emphasis thgree. The primary ty of the scretionary heer is to protethe portfolio from currenrisk. Active currenmanagement is supposeto take currenrisks anmanage them for profit. Leaving actuportfolio exposures nezero for extenperio is typically not a viable option.Currenoverlis not likely because the 3% banis too small to incate active currenmanagement in a currenoverlprogram. In aition, currenoverlprograms are often concteexternal, FX-specializesub-aisers to a portfolio, whereLee is a generalist managing a variety of portfolios across asset classes. Finally, currenoverlallows for taking rectionviews on future currenmovements, ana laof market conviction is notehere.中文解析IPS允许有相比于中性头寸上下3%的波动幅度，因此不是被动管理的方法。不是主动管理的方法，因为3%的波动区间对于这种方法来说太有限了。在许多情况下，可自由决定的对冲方法和主动管理的方法之间的区别更多的是重点而不是程度。可自由决定的套期保值者的主要职责是保护投资组合免受货币风险的影响。而主动管理应该是承担货币风险，并以盈利为目的进行管理，因此将实际投资组合的风险敞口长期保持在接近于零的水平，通常不是一个可行的选择。不是currenoverlay的方法，因为在货币覆盖程序中，3%的幅度太小，不足以表示积极的货币管理。此外，货币覆盖程序通常是由外部的、外汇专业的投资组合次级顾问进行的，而Lee是一个多面手，管理各种资产类别的各种投资组合。最后，currenoverlay允许对未来货币走势采取方向性看法，这里指出缺乏市场信念。 答案给了2两个选择scretion的理由，理由1是啥意思，怎么理解？ 理由2是说他允许一定偏离

NO.PZ201601050100001401 问题如下 Intify the most likely approafor Lee to optimally locate Wilson’s portfolio on the currenrisk spectrum, consistent with the IPS. Justify your response with two reasons supporting the approach. Passive heing is not likely because the IPS allows the 3% banarounthe neutrposition. In aition, passive heing is a rules-baseapproach, whiis contrary to Wilson’s preference.Active currenmanagement is not likely because the 3% banarounthe neutrposition is too limitefor thapproach. In many cases, the fferenbetween scretionary heing anactive currenmanagement is more of emphasis thgree. The primary ty of the scretionary heer is to protethe portfolio from currenrisk. Active currenmanagement is supposeto take currenrisks anmanage them for profit. Leaving actuportfolio exposures nezero for extenperio is typically not a viable option.Currenoverlis not likely because the 3% banis too small to incate active currenmanagement in a currenoverlprogram. In aition, currenoverlprograms are often concteexternal, FX-specializesub-aisers to a portfolio, whereLee is a generalist managing a variety of portfolios across asset classes. Finally, currenoverlallows for taking rectionviews on future currenmovements, ana laof market conviction is notehere.中文解析IPS允许有相比于中性头寸上下3%的波动幅度，因此不是被动管理的方法。不是主动管理的方法，因为3%的波动区间对于这种方法来说太有限了。在许多情况下，可自由决定的对冲方法和主动管理的方法之间的区别更多的是重点而不是程度。可自由决定的套期保值者的主要职责是保护投资组合免受货币风险的影响。而主动管理应该是承担货币风险，并以盈利为目的进行管理，因此将实际投资组合的风险敞口长期保持在接近于零的水平，通常不是一个可行的选择。不是currenoverlay的方法，因为在货币覆盖程序中，3%的幅度太小，不足以表示积极的货币管理。此外，货币覆盖程序通常是由外部的、外汇专业的投资组合次级顾问进行的，而Lee是一个多面手，管理各种资产类别的各种投资组合。最后，currenoverlay允许对未来货币走势采取方向性看法，这里指出缺乏市场信念。 Wilson prefers a neutrbenchmark over a rules- baseapproach, with its investment polistatement (IPS) requiring a currenhee ratio between 97% an103% to proteagainst currenrisk.这个怎么排除passive Heing，毕竟这个只是有浮动，仍然可以100%heing。

NO.PZ201601050100001401问题如下 Intify the most likely approafor Lee to optimally locate Wilson’s portfolio on the currenrisk spectrum, consistent with the IPS. Justify your response with two reasons supporting the approach. Passive heing is not likely because the IPS allows the 3% banarounthe neutrposition. In aition, passive heing is a rules-baseapproach, whiis contrary to Wilson’s preference.Active currenmanagement is not likely because the 3% banarounthe neutrposition is too limitefor thapproach. In many cases, the fferenbetween scretionary heing anactive currenmanagement is more of emphasis thgree. The primary ty of the scretionary heer is to protethe portfolio from currenrisk. Active currenmanagement is supposeto take currenrisks anmanage them for profit. Leaving actuportfolio exposures nezero for extenperio is typically not a viable option.Currenoverlis not likely because the 3% banis too small to incate active currenmanagement in a currenoverlprogram. In aition, currenoverlprograms are often concteexternal, FX-specializesub-aisers to a portfolio, whereLee is a generalist managing a variety of portfolios across asset classes. Finally, currenoverlallows for taking rectionviews on future currenmovements, ana laof market conviction is notehere.中文解析IPS允许有相比于中性头寸上下3%的波动幅度，因此不是被动管理的方法。不是主动管理的方法，因为3%的波动区间对于这种方法来说太有限了。在许多情况下，可自由决定的对冲方法和主动管理的方法之间的区别更多的是重点而不是程度。可自由决定的套期保值者的主要职责是保护投资组合免受货币风险的影响。而主动管理应该是承担货币风险，并以盈利为目的进行管理，因此将实际投资组合的风险敞口长期保持在接近于零的水平，通常不是一个可行的选择。不是currenoverlay的方法，因为在货币覆盖程序中，3%的幅度太小，不足以表示积极的货币管理。此外，货币覆盖程序通常是由外部的、外汇专业的投资组合次级顾问进行的，而Lee是一个多面手，管理各种资产类别的各种投资组合。最后，currenoverlay允许对未来货币走势采取方向性看法，这里指出缺乏市场信念。 没看懂flnaturneutrposition because of Lee’s laof market conviction和scretionary有啥关系