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开开2023-08-20 10:30:21
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Returns-based style analysis
优点
1）Although RBSA adds the additional analytical step of estimating the risk factors, the analysis is straightforward and typically does not require a large amount of additional, or difficult to acquire, data. 虽然RBSA增加了额外的分析步骤来估计风险因素，但是分析是直观的，通常不需要大量的额外数据，或者很难获得数据
2）It can be estimated even for complicated strategies and is comparable across managers and through time. 即使对于复杂的投资策略，它也可以被估计出来，并且可以在不同的基金经理和不同的时期之间进行比较
缺点
1）The disadvantage is that RBSA is an imprecise tool, attributing performance to a static portfolio during the period that might not reflect the current or future portfolio exposures. 缺点是，RBSA是一个不精确的工具，它将业绩归因于一个静态的投资组合，而这个静态的投资组合可能无法反映投资组合当前或未来的风险
2）The portfolio being analyzed might not reflect the current or future portfolio exposures. 所分析的投资组合可能不能反映投资组合当前或未来的风险
3）If the portfolio contains illiquid securities, stale prices may understate the risk exposure of the strategy. 如果投资组合中包含流动性差的证券，过时的价格可能低估了该策略的风险敞口
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Holdings-based style analysis
优点
1)HBSA allows for the estimation of current risk factors and should identify all important drivers of return and risk factors, be comparable across managers and through time, and provide an accurate view of the manager’s risk exposures. HBSA考虑到对当前风险因素的估计，并确定所有收益和风险因素的重要驱动，在不同的基金经理之间和不同时期之间进行比较，并提供基金经理风险敞口的准确视角
缺点
1）The disadvantages are the additional computational effort, dependence on the degree of transparency provided by the manager, and the possibility that accuracy may be compromised by stale pricing and window dressing. 缺点是额外的计算工作量，依赖于基金经理提供的（数据）透明程度，以及准确性可能会受到陈旧的定价和财务粉饰的影响
2）HBSA uses a point in time analysis format that may not be useful in projecting into the future or if the portfolio has high turnover. HBSA使用时间点分析风格（基于某一时点的持仓进行分析），这在预测未来或投资组合周转率较高时可能无用（即某一时点的情况无法代表未来的动态变化）
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