Which of the following statements is true in respect of different approaches to calculating VaR?
I,Linear or parametric VaR does not take correlations into account
II,For large portfolios with little or no optionality or other non-linear attributes, parametric VaR is an efficient approach to calculating VaR
III,For large portfolios with complex sources of risk and embedded optionalities, the full revaluation method of calculating VaR should be preferred
IV. Delta normal local revaluation based VaR is suitable for fixed income and option portfolios only