In early 2000, a risk manager calculates VaR for a technology stock fund based on the last three years of data.
The strategy of the fund is to buy stocks and write out of the money puts. The manager needs to compute Var.
Which of the following methods would yield results that are least representative of the risks inherent in the portfolio?



a. Historical simulation with full repricing
b delta normal VaR  assuming zero drift
c Monte Carlo style Var assuming zero drift with full repricing
d historical simulation using delta-equivalents for all positions

答案是d, 我ac 没问题，就是b,d不知道怎么选。
谢谢！