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Stux (1994) describes a country allocation strategy across five major equity markets: the United States, the United Kingdom, Germany, France, and Japan. In this strategy, a measure of relative attractiveness among the five equity markets is used as a factor in determining the weights of the five equity markets in the overall portfolio. The investment in each country, however, whatever the country’s weight, is an indexed investment in the equity market of that country. The weights of the five equity markets in the overall portfolio generally are expected to differ from benchmark weights (the weights of the countries in an appropriate benchmark for the international equity market), within limits.
問題1：Characterize the two components (portfolio weights and within-country investments) of the country allocation strategy using the text’s framework for classifying investment strategies.
問題2：Characterize the country allocation strategy overall.
答案1：The country allocation strategy as described mixes elements of active and passive investment approaches. The portfolio weights are actively determined and differ from benchmark weights, within limits. However, the investments in individual countries are passive, indexed investments.
解析：在單獨(dú)國家內(nèi)的投資是被動投資，即指數(shù)投資。在不同國家股權(quán)投資的權(quán)重依于不同國家股權(quán)市場的吸引力而定的，和基準(zhǔn)的權(quán)重不同，因此是主動管理的。
答案2：Overall, we can classify the country allocation strategy as a semiactive or controlled-active investment approach.
解析：總體來說，該資產(chǎn)配置的策略是半主動型的投資方式。
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