NO.PZ202207040100000103
问题如下：
Using Exhibit 1, Leeter’s statement about Altitude Funds and Pioneer Funds is most likely:选项：
A.correct. B.incorrect in regard to Altitude Funds. C.incorrect in regard to Pioneer Funds.解释：
SolutionC is correct. The statement is incorrect in regard to Pioneer Funds but is correct in regard to Altitude Funds. Pioneer Funds uses a relative value strategy (i.e., seeks under-priced securities relative to an industry value benchmark) that has no aspects of a growth strategy. Altitude Funds uses a hybrid of value strategies (use of P/E) and growth strategies (use of forward EPS) known as GARP (growth at a reasonable price).
A is incorrect. The statement is incorrect in regard to Pioneer Funds but is correct in regard to Altitude Funds. Pioneer Funds uses a relative value strategy (i.e., seeks under-priced securities relative to an industry value benchmark) that has no aspects of a growth strategy.
B is incorrect. The statement is incorrect in regard to Pioneer Funds but is correct in regard to Altitude Funds. Altitude Funds uses a hybrid of value strategies (use of P/E) and growth strategies (use of forward EPS) known as GARP (growth at a reasonable price).
Altitude Funds uses a hybrid of value strategies (use of P/E) and growth strategies (use of forward EPS) known as GARP (growth at a reasonable price).不理解这句话，GARP一般指估值相对合理，且盈利增速比行业平均要快，测量指标可以是PEG ratio (P/E 除以g)。题干说Altitude Funds P/E的E用的是 forward EPSforward ,并没有反映盈利增速的高低，怎么能说他用GARP？再说Garp是growth based strategy ,并不是hybird
