这道题里的momentum factor和conatrarian

问题如下：

In his response to Yusuf, Cerra’s characterization of the portfolio manager’s investment style, using Exhibit 1, is most likely correct with respect to having a:

选项：

A.growth bias.

B.contrarian strategy.

C.large-cap orientation.

解释：

A is correct. Cerra is correct regarding the growth bias. The factor sensitivity for the Value factor is –0.6, which signifies a growth bias. Cerra is incorrect regarding a large-cap orientation and a contrarian strategy. The portfolio factor sensitivity for the Small-Cap factor is 0.5, indicating a small-cap orientation. For the Momentum factor, the factor sensitivity of 0.5 indicates a momentum bias, not a contrarian strategy, which would be true if the factor sensitivity for the Momentum factor were negative and not close to zero.

B is incorrect. Cerra is incorrect with regard to the contrarian strategy. For the Momentum factor, the factor sensitivity is 0.5, which indicates a momentum bias.

C is incorrect. Cerra is incorrect with regard to a large-cap orientation. The portfolio factor sensitivity for the Small-Cap factor is 0.5, indicating a small-cap orientation.