问题如下：
Which fund manager’s investing approach is most consistent with fundamental management?
选项：
A.Furlings
B.Asgard
C.Tokra
解释：
A is correct. Furlings combines a top-down and bottom-up approach, but in both cases, the allocation process is significantly determined according to the managers’ discretion and judgement. There is a strong emphasis on understanding financial reporting, and the sector managers focus on a relatively small number for firms. They also extend their analysis to other areas associated with fundamental management, such as valuation, competitive advantages, and governance. Finally, Furlings’s top-down process depends largely on the views and experience of its head manager.
B is incorrect. Asgard has many of the attributes associated with a fundamental manager. It invests in a relatively small number of securities and focuses on the companies’ business model, valuations, and future growth prospects. Because of the scope of the securities coverage by each manager, however, Asgard depends heavily on technology and tools to support screening and ranking of securities attractiveness. Each manager can use his judgement to build his own quantitative models. Furthermore, the allocation process, although overlaid by a management team, also depends heavily on technology. Asgard has characteristics of both fundamental and quantitative managers.
C is incorrect. Tokra exhibits the characteristics of a quantitative manager. The firm uses quantitative metrics to rank securities based on valuation, profitability, and momentum criteria and uses portfolio optimization to determine the final allocation. Tokra holds many positions typical of quantitative approaches.
老师，做这道题的时候，我突然想到一个知识小点，但翻讲义咋都找不到。[捂脸]Equity里面有个大意是两种方法，一种是原始值构建，但是好像说受较大值的影响，另一种方法就是打分，按照分数，排序构建。这是啥知识点来的，在哪一章呢？
