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luckhyr · 2020年02月08日

问一道题: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).

请问B选项为什么错误?

1 个答案

maggie_品职助教 · 2020年02月11日

如果我们单看PE ratio,使用乘数法估值相当于我们用自己的PE和和某个基准平均来做比较找到被低估或高估的股票,这是确实基于价值的分析策略。但是A基金用的是forward PE这个指标,forward PE的分子时E1,E1是我们的预测,相当于我们要预测盈利的成长性。因此综合来看A基金使用的是混合的指标(既包含价值又包含成长),并非单纯的growth strategy。


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