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15363567771 · 2023年02月03日

這題怎樣分析

  1. CFA III
  2. Equity

* 问题详情，请 查看题干

NO.PZ202207040100000503

问题如下：

Which of the analysts’ comments regarding the Lunnar fund’s annual report is the most accurate?

选项：

A. Analyst 1

B. Analyst 2

C. Analyst 3

解释：

Solution

A is correct. The comment made by Analyst 1 is correct regarding style rotation into deep value as motivated by the economic cycle. This is a top-down strategy.

B is incorrect. The comment by Analyst 2 ignores that the use of deep value here is a consequence of style rotation driven by economic analysis, which is top down.

C is incorrect. The comment by Analyst 3 is inaccurate because GARP is a bottom-up strategy.

如果看deep value不應該是bottom up嗎
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1 个答案

笛子_品职助教 · 2023年02月05日

嗨，努力学习的PZer你好：


如果看deep value不應該是bottom up嗎

Hello，亲爱的同学！

我们单看deep value这个策略，确实是bottom up，同学理解正确。

但是这道题是说，根据 style rotation，现在应该买deep value这个风格。说明，之所以投deep value是对因子做了择时。

对因子的择时，属于top down。


距离来说，在2022年4月份，我们通过因子择时，认为经济不景气，而且未来景气度还会越来越差，但是光伏因为俄乌战争有大量出口是唯一景气的，因此我们只能投资当下唯一景气的光伏行业。


在2022年11月，我们通过因子择时分析，发现经济已经触底，未来会复苏，于是我们选择买入当下虽然很差，但是未来有复苏预期，同时股价也很低的，具备深度价值折扣，也就是deep value风格的香港互联网平台经济公司。


这就是top down，它是通过对因子的择时做的投资决策。


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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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