NO.PZ201809170400000402
问题如下：
Which of the following statements about the approaches and styles of either Furlings, Asgard, or Tokra is incorrect?
选项：
A.Furlings is a top-down sector rotator with a value orientation within sectors.
B.Asgard is a bottom-up manager with a GARP (growth at a reasonable price) style.
C.Tokra is a factor-based manager using value, growth, and profitability metrics.
解释：
C is an incorrect statement. Although Tokra is a factor manager, and although it uses a value proxy such as P/B and a profitability proxy such as return on assets, it does not use a growth proxy such as earnings growth over the last 12 or 36 months but rather a price momentum proxy.
A is a correct statement. Furlings is a top-down manager. It makes significant sector bets based on industry and economic indicators derived from the head manager’s experience, and it does select its securities within sectors while considering relative valuation.
B is a correct statement. Asgard favors securities that have reasonable valuations and aboveaverage growth prospects. It has a bottom-up approach and builds its portfolio starting at the security level.
老师能帮忙解释一下，为何C是incorrect？我看到有个解答是说“在本题，Tokra 不是 growth。因为Growth的特征是，盈利高增长，高估值。注意是“成长和估值”两个都要满足。Tokra是盈利增长低，估值高，这不符合成长的特征。” 描述里哪里可以看出“盈利增长低，估值高”？
该解答的出处：https://class.pzacademy.com/qa/101188
