The following two quotes are from the website for the FTIF Franklin High Yield Fund dated December 31, 2009
a. “Portfolio risk is controlled primarily through our extensive bottom-up, fundamental analysis process, as well as through security and industry diversification.” What does this mean?
b. “The overall volatility of the product (i.e., standard deviation) and tracking error versus its benchmark and peer group is monitored and projected from a top-down quantitative approach.”
What is meant by a top down approach? (In the next chapter, the quantitative approach and tracking error will be discussed.)

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