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lz523 · 2025年06月12日

A fund考虑的不是未来EPS吗,为什么也包含成长策略?

NO.PZ2019012201000055

问题如下:

Leeter then uses a firm- generated brochure (Exhibit 1) to inform Clickman about some other potential funds that may interest him.

Exhibit 1 Funds in Brochure

Leeter states that although Altitude Funds and Pioneer Funds both use P/Es in their strategies, both funds incorporate a growth strategy.

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:

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).

如题,A fund考虑的是未来EPS而不是g,怎么能判断是包含了成长策略呢?

1 个答案

笛子_品职助教 · 2025年06月13日

嗨,爱思考的PZer你好:


如题,A fund考虑的是未来EPS而不是g,怎么能判断是包含了成长策略呢?

Hello,亲爱的同学~

严格来说,是有点牵强。

但目前CFA出题人是这个意思,同学可以根据这道题,记忆一下这种解题思路。


GAPR考虑:PE / g。

Altitude Fund考虑未来EPS,未来EPS与现在EPS对比,就可以算出EPS的g。


所以解析里有这样的说法:

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).




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