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saimeiei · 2020年02月11日

问一道题:NO.PZ201809170400000402

* 问题详情,请 查看题干

问题如下:

Which of the following statements about the approaches and styles of either Furlings, Asgard, or Tokra is incorrect?

选项:

A.

Furlings is a top-down sector rotator with a value orientation within sectors.

B.

Asgard is a bottom-up manager with a GARP (growth at a reasonable price) style.

C.

Tokra is a factor-based manager using value, growth, and profitability metrics.

解释:

C is an incorrect statement. Although Tokra is a factor manager, and although it uses a value proxy such as P/B and a profitability proxy such as return on assets, it does not use a growth proxy such as earnings growth over the last 12 or 36 months but rather a price momentum proxy.

A is a correct statement. Furlings is a top-down manager. It makes significant sector bets based on industry and economic indicators derived from the head manager’s experience, and it does select its securities within sectors while considering relative valuation.

B is a correct statement. Asgard favors securities that have reasonable valuations and aboveaverage growth prospects. It has a bottom-up approach and builds its portfolio starting at the security level.

老师你好,这道题BC理解了,但是A选项中的top down 怎么看出是value导向的呢?

1 个答案

maggie_品职助教 · 2020年02月13日

你看表格一描述的最后一行:它在行业内部选择股票看的是“attractive relativevaluations”。这道题李老师在课后题讲解时也说了,出的非常不好,题干很多信息其实也可以用到,但是协会只选择自己的答案作为唯一解是不合理的。因此这道题看看就好,不用太纠结。考题会很规范的。

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