Teamwork Advisory, LLC, was recently formed by a group of friends who attended graduate school together. Charlie Godwin and Susan Zhang lead the private client services division of the company. They have several funds under consideration to recommend to clients but want to be more confident about the abilities of the fund managers. Godwin suggests preparing a detailed performance evaluation of each manager.

Ben McNeil works as a senior manager at Chasing Alpha Research (CAR), a boutique investment house that specializes in managing portfolios for endowment funds. For the past year, CAR has been developing a machine learning (ML) algorithm that leverages frequently updated internal data (e.g., security weights, trades, and returns) and external data sources to construct individual stock portfolios within a pre-determined sector allocation range (–5% to +5% of benchmark). The goal of the portfolio is to outperform the benchmark over a 12-month period, and McNeil is reviewing the performance results to evaluate the effectiveness of the big data strategy. 老师您好，为啥根据这个消息，要用transaction base，不能用 holding base

Portfolio不应该选cash drag最低的吗？

我理解这里B是错的，到底什么时候应该开始纳入啊，B错的点是substantially invested吗。因为前面的PPT是说等到external cash flow都投资完了再从临时账户里纳入

long short策略的gross exposure不是应该大于100%吗？

long short策略的gross exposure不是应该大于100%吗？

请问历史业绩不可调整具体是什么意思，是说旧的portfolio的业绩只能留在原组合组中，不能移到新组合组里，新组合组计算业绩只能从移入开始计算对吗

这道题的答案说需要determine the information’s accuracy，为什么选择选项B呢？

第10题计算限制条件中index weight的计算有疑问，老师讲的是用10*0.2%*250m，为啥不是乘3billion呢，文中描述0.2%不是对应的market captalization3billion的吗？

这里B portfolio的-2.5很小，也算是significant cash flow吗？还是做题的时候只要出现在表格上的，都视作重大现金流？