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Esther🏵🎠🗝招财🐱 · 2022年12月16日

sector rotation


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??


2 个答案

笛子_品职助教 · 2022年12月17日

嗨,努力学习的PZer你好:


sector rotation、style rotation、factor rotation这些都是topdown策略?

是的。做风格的轮动,属于top down策略。

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加油吧,让我们一起遇见更好的自己!

笛子_品职助教 · 2022年12月16日

嗨,从没放弃的小努力你好:


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??


理解正确,风格轮转属于top down策略。至于风格轮转到哪个风格,并不影响top down的判断。

deep value本身是bottom up 策略,但是赌风格轮转到deep value就是top down策略。

sector rotation、style rotation、factor rotation,都是类似的含义。行业和风格本身就是一种因子。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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