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小小悟空yu · 2020年10月04日

问一道题:NO.PZ2019012201000022 [ CFA III ]

问题如下:

Which of the following fund manager’s investing approach is most consistent with fundamental management?

Buffett: The Buffett master fund holds approximately 65 securities and performs in depth analysis on each one of them. Buffett use his expertise in analyzing financial statements on individual companies and his understanding of the corporate branding, competitive landscape and governance, within sectors to build equally weighted baskets of securities within sectors.

Matt: Security allocation depends heavily on a quantitative risk model developed by Matt. Matt benefits from software developed by the fund‘s research and technology group that provides access to detailed market and accounting information on 5,000 global firms. Matt can also use the application to back-test strategies and build his own models to rank securities’ attractiveness.

Satyam: Satyam’s objective is to maximize their exposure to the most attractive securities using a total scoring approach subject to limiting single-security concentration below 2%, sector deviations below 3%, active risk below 4%, and annual turnover less than 40%, while having a market beta close to 1. Satyam holds approximately 1000 positions out of a possible universe of more than 5,000 securities evaluated.

选项:

A.

Buffett

B.

Matt

C.

Satyam

解释:

A is correct.

考点:Distinguishing fundamental and quantitative approaches

解析: 只有Buffet的投资方法是基于基本面分析,原因如下:

1、 该基金关注的公司的较少(只有研究65家公司)

2、 对每一家公司都进行深入研究,投资组合的创建过程基于基金经理的自由裁量和判断来决定。

3、 分析基于对财务报告的理解。此外,它们还将分析扩展到与基本面相关的其他领域,如公司品牌、竞争优势和治理。

基本面分析和bottom up分析能同时使用吗?我日觉得第一个选项是bottomup 不是fundamental

1 个答案

maggie_品职助教 · 2020年10月09日

嗨,从没放弃的小努力你好:


公司基本面是指公司财务状况,发展潜力,成长性、公司经营理念策略及竞争地位。通常公司基本面分析都是从财务报表出发,这和自下而上的分析法并不冲突。只是比较对象不同,自上而下的分析法是自下而上的分析作比较的,而基本面是和量化的分析法作比较的。在基本面的分析法里我们经常会用到自下而上的分析方法。建议看下讲义95-100页的讲义。


-------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!


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