Portfolio Factory
正式定义了投资组合工厂的概念，即对大量不同基准和约束的客户组合自动执行主动模型组合，并证明其等价于跟踪误差最小化问题，有助于投资专业人士接受。
The author formalizes the concept of a portfolio factory as the automated implementation of an active model portfolio on a wide range of client portfolios that differ across benchmarks, regulatory constraints, or client-specific constraints. Within this context, the article shows that portfolio factory as an active portfolio optimization problem is equivalent to tracking error minimization between an active model portfolio and active client portfolio. This approach allows well-established portfolio optimization frameworks and creates greater acceptance among investment professionals because portfolio factories create optimal tracking portfolios.