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fe1fei · 2021年04月18日

c选项读不懂啊

  1. CFA III
  2. Equity

* 问题详情，请 查看题干

NO.PZ201809170400000406

问题如下：

Leonard is looking at the style classification from Asgard as reported by Morningstar and Thomson Reuters Lipper. He is surprised to find that Asgard is classified as a blend fund by Morningstar and a value fund by Lipper. Which of the following statements is correct?

选项：

A.

Although the Morningstar methodology classifies securities as either value, growth, or core, the Lipper methodology assumes a stock can have the characteristics of many styles. This approach can result in a different classification for the same portfolio.

B.

The Lipper methodology can only lead to a value or growth classification. It does not offer a core/blend component.

C.

The Morningstar methodology classifies securities as either value, growth, or core by looking at the difference between their respective growth and value scores. It is possible that the Asgard funds hold a balanced exposure to both value and growth and/or core stocks.

解释：

C is a correct answer. Morningstar calculates a score for value and growth on a scale of 0 to 100 using five proxy measures for each. The value score is subtracted from the growth score. A strongly positive net score leads to a growth classification, and a strongly negative score leads to a value classification. A score relatively close to zero indicates a core classification. To achieve a blend classification, the portfolio must have a balanced exposure to stocks classified as value and growth, a dominant exposure to stocks classified as core, or a combination of both.

A is an incorrect answer. Both Morningstar and Lipper classify individual stocks in a specific style category. Neither assumes a security can belong to several styles in specific proportion.

B is an incorrect answer. The Lipper methodology does have a core classification. It sums the Z-score of six portfolio characteristics over several years to determine an overall Z-score that determines either a value, core, or growth classification.

什么叫It is possible that the Asgard funds hold a balanced exposure to both value and growth and/or core stocks.

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1 个答案

maggie_品职助教 · 2021年04月19日

嗨，努力学习的PZer你好：


C选项后半句是在解释为何晨星公司把A公司分类为混合基金即blend 或 core。

It is possible that the Asgard funds hold a balanced exposure to both value and growth and/or core stocks.这句话以“or”划分，解释了两种可能性的，第一种可能：因为根据打分情况来看，A基金一半的股票属于成长股，一半股票属于价值股，所以A持有的一个平均的风险敞口（balanced exposure），我们没法说他更偏向于哪种风格，所以归类为混合基金。另外一种可能是A基金所持股票就是介于成长和价值之间的股票（ core stocks），所以把它归类为混合基金。

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努力的时光都是限量版，加油！

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