equity active investing strategies 书后第六题

这里涉及到morningstar是怎么来做分类的，可以看一下原版书里面的介绍。对于value/growth会从几个维度来考量，每个维度有权重。计算出来一只股票的value score和growth score, 相减得到net score style，如果接近-100，那么为value style，如果接近于+100，那么为growth style，如果接近0，那么就分在core当中。

The scores are scaled to a range of 0 to 100, and the difference between the stock's growth and value scores is called the net style score. If this net style score is strongly negative, approaching –100, the stock's style is classified as value. If the result is strongly positive, the stock is classified as growth. If the scores for value and growth are similar in strength, the net style score will be close to zero and the stock will be classified as core. On average, value, core, and growth stocks each account for approximately one-third of the total capitalization in a given row of the
Morningstar Style Box.

所以C选项中前半句话说的就是morningstar style是怎么来构建的。The Morningstar methodology classifies securities as either value, growth, or core by looking at the difference between their respective growth and value scores.

而后半句是说，根据morningstar打分得到的index，value/growth/core的持比是balanced均衡的，简单来说就是value/growth/core的percentage是差不多均等的。这个是完全有可能发生的。因为是基于打分系统得到的。

It is possible that the Asgard funds hold a balanced exposure to both value and growth and/or core stocks.

同学你好，关于holding-based approach，我们在课件当中并没有详细讲，Morningstar & Reuters lipper这两种分类的区别，而是把它看为一个整体和return based approach来做对比讲解，主要掌握的也是掌握他们各自的定义和优缺点就可以。

下面再来看这个题目，Morningstar的打分标准respective growth and value scores，是在黑与白之间，有灰色地带，也就是一个股票既有value又有growth特征的时候，就把它放在core，只有非常强烈表现与value，才划分在value，非常强烈表现为growth，才划分在growth。所以C是正确选项。

A之所以不对，是因为不管在哪种分类下，一只股票都会被分到一个style里面，而不会同时存在在两个styles底下。不管是morningstar还是lipper，都是由growth, value, 和core这几个styles的，所以B也是不对的。Lipper的分类标准在原版书 Exhibit 35. Lipper’s Style Classification这里，是有core这个分类的。