NO.PZ2019012201000063
问题如下：
Which fund in Exhibit 1
most likely follows a bottom-up approach?
选项：
A.Fund 1
Fund 2
Fund 3
解释：
Bottom-up managers
evaluate the risk and return characteristics of individual securities and build
portfolios based on stock-specific forecasts; Fund 3 follows this exact
approach. Example views of bottom-up managers include expecting one auto
company to outperform another, expecting a pharmaceutical company to outperform
an auto company, and expecting a technology company to outperform a
pharmaceutical company. Both bottom-up and top-down managers can be either diversified
or concentrated in terms of securities.
看了很多解答，老师的讲解是：
fund 2里，基金经理摆出了一个观点，然后按照这个观点来配置股票，所有的股票配置，都不是基于股票自身微观特征，而只是为这个观点服务。这里隐含了一个逻辑，股票不是基于自身，而是基于观点，而bottom up 必须基于股票自身，而不能基于其他因素，这就否定掉了bottom up，用排除法就只有Top down。
可是基础班讲义P133关于bottom-up的描述就是Embrace styles as Value, Growth at Reasonable Price, Momentum, Quality，那么按照fund 2的描述，选择这样一个factor就可以认为是bottom-up了呀。这样判断又错在哪里呢？
老师的讲解说也是来自原版书的，那么我认为这两处是有矛盾的，很疑惑。麻烦详细解答，多谢。