为啥 The approach places an emphasis on forecasting the future prospects of underlying companies不是bottom-up approach?

问题如下：

Which of the following asset allocation methods would not likely be used by Nowacki and Knight to select investments for the existing equity fund?

选项：

Sector and industry rotation.

Growth at a reasonable price.

Country and geographic allocation.

解释：

B is correct. The firm currently offers a single equity fund, which uses a top-down investment strategy. Country and geographic allocation and sector and industry rotation are both top-down strategies that begin at the top or macro level and are consistent with the fund’s top-down investment strategy. Growth at a reasonable price (GARP), however—a growth-based approach—is a bottom-up asset selection strategy that begins with data at the company level.Therefore, Nowacki and Knight likely would not use the GARP approach to select investments for the existing equity fund, which uses a top-down investment strategy.

A is incorrect because sector and industry rotation is a top-down strategy, consistent with the fund’s top-down approach.

C is incorrect because country and geography selection is a top-down strategy, consistent with the fund’s top-down approach.