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粉红豹 · 2020年03月28日

问一道题:NO.PZ201809170400000101

* 问题详情,请 查看题干

问题如下:

The Barboa Fund can be best described as a fund segmented by:

选项:

A.

size/style.

B.

geography.

C.

economic activity.

解释:

C is correct. The Barboa Fund invests solely in the equity of companies in the oil production and transportation industries in many countries. The fund’s description is consistent with the production-oriented approach, which groups companies that manufacture similar products or use similar inputs in their manufacturing processes.

A is incorrect because the fund description does not mention the firms’ size or style (i.e., value, growth, or blend). Size is typically measured by market capitalization and often categorized as large cap, mid-cap, or small cap. Style is typically classified as value, growth, or a blend of value and growth. In addition, style is often determined through a "scoring" system that incorporates multiple metrics or ratios, such as price-to-book ratios, price-to-earnings ratios, earnings growth, dividend yield, and book value growth. These metrics are then typically "scored" individually for each company, assigned certain weights, and then aggregated.

B is incorrect because the fund is invested across many countries, which indicates that the fund is not segmented by geography. Segmentation by geography is typically based upon the stage of countries’ macroeconomic development and wealth. Common geographic categories are developed markets, emerging markets, and frontier markets.

老师好,能否麻烦老师帮忙解释下答案解析中对于style那一部分?关于scoring system的解释,没有太明白。谢谢老师

1 个答案

袁园_品职助教 · 2020年03月29日

同学你好!

In addition, style is often determined through a "scoring" system that incorporates multiple metrics or ratios, such as price-to-book ratios, price-to-earnings ratios, earnings growth, dividend yield, and book value growth. These metrics are then typically "scored" individually for each company, assigned certain weights, and then aggregated.

这段话是在解释我们可以如何确定一支股票的风格(value or growth or blended?)

我简单翻译+解释一下,如果你不明白可以继续提问。(数字都是我虚构的,为了便于理解)

我们可以从多个角度对一支股票进行打分,例如 PE > 20 得 0 分,PE <=20 得 100 分,同理,对 PB,earning growth,股息率,BV 等分别打分,最后再给各个指标附一个权重,把所有打分相加,根据总得分确定风格,例如得分 500 以上就是 value,200以下就是 growth,200-500 就是 blended

粉红豹 · 2020年03月30日

谢谢老师

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2022-08-13 12:07 1 · 回答

不好意思,想问的是经典题这道题,March的active share最高意味着fee最高,结果active risk最低,为什么是risk-efficient呢?

2019-06-10 01:52 1 · 回答