Digging deeper into another one of Lunnar’s funds, Popkirk’s analysts review and discuss the Lunnar fund’s annual reports for the last six years. One of the reports noted, “During the last recession, we rotated into deep-value companies likely to deliver superior returns as a risk-on environment returned.”
The analysts then make the following comments:
- Analyst 1: “The fund is following a top-down approach.”
- Analyst 2: “I disagree. The emphasis on economic analysis is consistent with top down, but because it uses deep-value stocks, the approach is clearly bottom up.”
- Analyst 3: “After reading the reports for all years, I was left thinking that overall they are GARP managers—growth at a reasonable price—which is top down.”
老师,根据老师的讲义,top-down并没有提到style rotation into deep value,这是在sector rotation里面??