NO.PZ202212270100001803
问题如下：
Based on Exhibit 1, the manager could have delivered more value to the portfolio during the investment period by weighting more toward:
选项：
A.
value stocks.
B.
small-cap stocks.
C.
momentum stocks.
解释：
Correct Answer: C
Had the manager weighted more toward momentum stocks during the period, the momentum factor (WML) return of 3.38% would have contributed positively to the portfolio.
A is incorrect because the HML factor return was –9.60%; thus, weighting more toward value stocks would have detracted from portfolio returns.
B is incorrect because the SMB factor return was –3.25%; thus, weighting more toward small-cap stocks would have detracted from portfolio returns.
HML 的 return 是正的话，value 和 growth 哪个更好？
