请问factor-based 是active investment下具体的factor-based strategy吗？

NO.PZ201809170400000401问题如下 Which funmanager’s investing approais most consistent with funmental management? Furlings Asgard Tokra A is correct. Furlings combines a top-wn anbottom-up approach, but in both cases, the allocation process is significantly termineaccorng to the managers’ scretion anjuement. There is a strong emphasis on unrstanng financireporting, anthe sector managers focus on a relatively small number for firms. They also extentheir analysis to other areassociatewith funmental management, suvaluation, competitive aantages, angovernance. Finally, Furlings’s top-wn process pen largely on the views anexperienof its hemanager. B is incorrect. Asgarhmany of the attributes associatewith a funmental manager. It invests in a relatively small number of securities anfocuses on the companies’ business mol, valuations, anfuture growth prospects. Because of the scope of the securities coverage eamanager, however, Asgard pen heavily on technology antools to support screening anranking of securities attractiveness. Eamanager cuse his juement to builhis own quantitative mols. Furthermore, the allocation process, although overlaia management team, also pen heavily on technology. Asgarhcharacteristiof both funmentanquantitative managers. C is incorrect. Tokra exhibits the characteristiof a quantitative manager. The firm uses quantitative metrito rank securities baseon valuation, profitability, anmomentum criteria anuses portfolio optimization to termine the finallocation. Tokra hol many positions typicof quantitative approaches. 老师，基本面到底是看什么，不是看pb 这些吗

NO.PZ201809170400000401 问题如下 James Leonaris a funof-fun manager with Future Generation, a large sovereign fun He is consiring whether to pursue more in-pth e ligenprocesses with three large-clong-only fun proposehis analysts. Although the fun emphasize fferent financimetrianuse fferent implementation methologies, they operate in the same market segment anare evaluateagainst the same benchmark. The analysts preparea short scription of eafun presentein Exhibit 1.When Leonars analysts met with Asgar they inquirewhether its managers engage in activist investing because Asgars portfolio frequently hol significant positions, because of their large asset size, anbecause of their emphasis on strong governanantheir ability to mol sources of cash-flow strengths anweaknesses within eabusiness. The manager incatethAsgarengages with companies from a long-term shareholr’s perspective, whiis consistent with the firm’s low portfolio turnover, anuses its voice, anits vote, on matters thcinfluencompanies’ long-term value.Leonarwants to confirm theamanager’s portfolios are consistent with its clarestyle. To this en Exhibit 2 presents key financiinformation associatewith eamanager’s portfolio analso with the inx thall three managers use. Which funmanager’s investing approais most consistent with funmental management? Furlings Asgard Tokra A is correct. Furlings combines a top-wn anbottom-up approach, but in both cases, the allocation process is significantly termineaccorng to the managers’ scretion anjuement. There is a strong emphasis on unrstanng financireporting, anthe sector managers focus on a relatively small number for firms. They also extentheir analysis to other areassociatewith funmental management, suvaluation, competitive aantages, angovernance. Finally, Furlings’s top-wn process pen largely on the views anexperienof its hemanager. B is incorrect. Asgarhmany of the attributes associatewith a funmental manager. It invests in a relatively small number of securities anfocuses on the companies’ business mol, valuations, anfuture growth prospects. Because of the scope of the securities coverage eamanager, however, Asgard pen heavily on technology antools to support screening anranking of securities attractiveness. Eamanager cuse his juement to builhis own quantitative mols. Furthermore, the allocation process, although overlaia management team, also pen heavily on technology. Asgarhcharacteristiof both funmentanquantitative managers. C is incorrect. Tokra exhibits the characteristiof a quantitative manager. The firm uses quantitative metrito rank securities baseon valuation, profitability, anmomentum criteria anuses portfolio optimization to termine the finallocation. Tokra hol many positions typicof quantitative approaches. 基本面分析不是就是聚焦公司的基本面信息，B为什么不选呢，有没有判断基本面分析的题眼

NO.PZ201809170400000401 问题如下 Which funmanager’s investing approais most consistent with funmental management? Furlings Asgard Tokra A is correct. Furlings combines a top-wn anbottom-up approach, but in both cases, the allocation process is significantly termineaccorng to the managers’ scretion anjuement. There is a strong emphasis on unrstanng financireporting, anthe sector managers focus on a relatively small number for firms. They also extentheir analysis to other areassociatewith funmental management, suvaluation, competitive aantages, angovernance. Finally, Furlings’s top-wn process pen largely on the views anexperienof its hemanager. B is incorrect. Asgarhmany of the attributes associatewith a funmental manager. It invests in a relatively small number of securities anfocuses on the companies’ business mol, valuations, anfuture growth prospects. Because of the scope of the securities coverage eamanager, however, Asgard pen heavily on technology antools to support screening anranking of securities attractiveness. Eamanager cuse his juement to builhis own quantitative mols. Furthermore, the allocation process, although overlaia management team, also pen heavily on technology. Asgarhcharacteristiof both funmentanquantitative managers. C is incorrect. Tokra exhibits the characteristiof a quantitative manager. The firm uses quantitative metrito rank securities baseon valuation, profitability, anmomentum criteria anuses portfolio optimization to termine the finallocation. Tokra hol many positions typicof quantitative approaches. 基本面分析完全不能用模型吗

NO.PZ201809170400000401