Top Down vs Bottom Up analysis

Example no 4 in CFA curriclum question no 3: “Bocage International is a hedge fund that actively bets on the relative attractiveness of stocks, interest rates, currencies, and commodities. Its investment in equities is limited to futures and options on exchange-traded equity indexes.”

Solution to this question says “Bocage’s situation is very similar to that of MegaCosmos in Question 1, and top-down forecasting is thus appropriate. In Bocage’s case, exposure to individual stocks is not permitted so the analysis need not be carried down to the level of industry groups or market sectors.”

Can anyone explain this to me? How come top down is appropriate, I am fine with the later part of the answer.

Thanks in advance

He invests on the systematic asset class level, so bottom-up does not make sense here.

Like mentioned by MrSmart, only asset classes, not individual securities are the focus. I think the word stocks throws you off, they mean equities as a whole and futures/ETFs are generally index focused. That clarification is there for a reason.

yes Delta you are right i was confused by the word stocks :D. Thanks alot guys… cheers