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pseudonym · 2024年01月17日

怎么看出这题是从style rotation的角度回答?

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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.

怎么看出这题是从style rotation的角度回答?题目和原文里没有提到啊。。

1 个答案

笛子_品职助教 · 2024年01月18日

嗨,努力学习的PZer你好:


怎么看出这题是从style rotation的角度回答?题目和原文里没有提到啊。。


Hello,亲爱的同学~

同学说题目和原文没有提到style rotation,不是这样的。

题目里的原文实际上是提示到了,要从“style roration”来解答。


老师把原文摘抄如下,同学看黑体字:

Digging deeper into another one of Lunnar’s funds, Popkirk’s analysts review and discuss the Lunnar fund’s annual reports for the last six years. One of the reports noted, “During the last recession, we rotated into deep-value companies likely to deliver superior returns as a risk-on environment returned.”


出现了rotated这个词。

rotated into deep value companies,意思是,轮动到了深度价值公司。

同学注意:深度价值是一种风格,轮动到了“深度价值”这个风格,说明这道题是从“风格轮动”(style rotation)的角度来回答的。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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