单选题
The manager of the Fullen Balanced Fund is putting together a report that breaks out the percentage of portfolio return that is explained by the target asset allocation, security selection, and tactical variations from the target, respectively. Which of the following sets of numbers was the most likely conclusion for the report?
【正确答案】
A
【答案解析】Several studies support the idea that approximately 90 percent of a portfolio's returns can be explained by its target asset allocations, with security selection and tactical variations from the target (market timing) playing a much less significant role. In fact, for actively managed funds, actual portfolio returns are slightly less than those that would have been achieved if the manager strictly maintained the target allocation, thus illustrating the difficultly of improving returns through security selection or market timing.