NO.PZ2019012201000031
问题如下：
Initially, Fund TMT held active positions in two real estate stocks—one was over-weighted by 1 %, and the other was under-weighted by 1%. Fund TMT traded back to benchmark weights on those two stocks. Then, TMT selected two different stocks that were held at benchmark weights, one automobile stock and one technology stock. TMT over-weighted the automobile stock by 1% and underweighted the technology stock by 1%. What was the effect of TMT’s two trades on its active share? TMT’s active share:
选项：
A.decreased.
B.remained unchanged.
C.increased.
解释：
B is correct.
考点：Active Share and Active Risk
解析：只有当投资组合的主动权重绝对值的总和发生变化时，主动份额才会发生变化。在TMT基金的两笔交易中，初始头寸和新头寸都涉及两只股票，一只减持1%，另一只增持1%，因此主动权重绝对值的总和没有变化，所以主动份额并没有改变。
老师好，我想确认一下这道题说的科技类行业的两只股票，是在房地产行业股票的基础上新增的么？因为一共有4支股票，都是benchmark里面的，我理解是最开始有两只，后来又加了两只，不应该和benchmark更像了么？和benchmark更像不就是active share更低了么？
