问题如下：
James Leonard is a fund-of-funds manager with Future Generation, a large sovereign fund. He is considering whether to pursue more in-depth due diligence processes with three large-cap long-only funds proposed by his analysts. Although the funds emphasize different financial metrics and use different implementation methodologies, they operate in the same market segment and are evaluated against the same benchmark. The analysts prepared a short description of each fund, presented in Exhibit 1.
When Leonard’s analysts met with Asgard, they inquired whether its managers engage in activist investing because Asgard’s portfolio frequently holds significant positions, because of their large asset size, and because of their emphasis on strong governance and their ability to model sources of cash-flow strengths and weaknesses within each business. The manager indicated that Asgard engages with companies from a long-term shareholder’s perspective, which is consistent with the firm’s low portfolio turnover, and uses its voice, and its vote, on matters that can influence companies’ long-term value.
Leonard wants to confirm that each manager’s portfolios are consistent with its declared style. To this end, Exhibit 2 presents key financial information associated with each manager’s portfolio and also with the index that all three managers use.
Based on the information provided in Exhibits 1 and 2, which manager’s portfolio characteristics is most likely at odds with its declared style?
选项：
A.Furlings
B.Asgard
C.Tokra
解释：
C is the correct answer. Tokra indicates that it emphasizes three metrics: P/B, 12-month price momentum, and return on assets. Although the portfolio consists of securities that have stronger momentum than those of the index on average, and although the ratio of net income to assets is also favorable, the average P/B is somehow higher than that of the index. Although this scenario could normally be explained by an emphasis on specific sectors with a higher P/B than other sectors, the low level of sector deviation tolerated within the strategy weakens that explanation. This should be explored with Tokra’s managers.
A is an incorrect answer. Furlings is a top-down sector rotator with a value orientation within sectors. The lower P/B and P/E and higher net income over assets are consistent with a relative value orientation. Because Furlings can take significant positions in specific sectors, however, there could be other circumstances in which the portfolio would have a higher P/B and/or P/E and or a lower net income /assets than the index if the fund were to emphasize sectors having such characteristics. Yet, this would not necessarily imply that the firm does not favor the most attractive relative valuations within sectors.
B is an incorrect answer. Asgard invests in firms that offer reasonable valuations and above average expected cash flow growth during the next three years. The data, such as P/B and average expected three-year profit growth, are consistent with its declared style. Again, it is not necessarily inconsistent to emphasize these aspects while investing in a portfolio that has a lower dividend yield, slightly higher P/E, and lower price momentum.
找遍了也没找到题干里面哪里有明确说这三种是什么风格啊
