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必过50 · 2023年02月11日

基本面分析的判断的关键点

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NO.PZ201809170400000401

问题如下:

James Leonard is a fund-of-funds manager with Future Generation, a large sovereign fund. He is considering whether to pursue more in-depth due diligence processes with three large-cap long-only funds proposed by his analysts. Although the funds emphasize different financial metrics and use different implementation methodologies, they operate in the same market segment and are evaluated against the same benchmark. The analysts prepared a short description of each fund, presented in Exhibit 1.

When Leonard’s analysts met with Asgard, they inquired whether its managers engage in activist investing because Asgard’s portfolio frequently holds significant positions, because of their large asset size, and because of their emphasis on strong governance and their ability to model sources of cash-flow strengths and weaknesses within each business. The manager indicated that Asgard engages with companies from a long-term shareholder’s perspective, which is consistent with the firm’s low portfolio turnover, and uses its voice, and its vote, on matters that can influence companies’ long-term value.

Leonard wants to confirm that each manager’s portfolios are consistent with its declared style. To this end, Exhibit 2 presents key financial information associated with each manager’s portfolio and also with the index that all three managers use.


Which fund manager’s investing approach is most consistent with fundamental management?

选项:

A.

Furlings

B.

Asgard

C.

Tokra

解释:

A is correct. Furlings combines a top-down and bottom-up approach, but in both cases, the allocation process is significantly determined according to the managers’ discretion and judgement. There is a strong emphasis on understanding financial reporting, and the sector managers focus on a relatively small number for firms. They also extend their analysis to other areas associated with fundamental management, such as valuation, competitive advantages, and governance. Finally, Furlings’s top-down process depends largely on the views and experience of its head manager.

B is incorrect. Asgard has many of the attributes associated with a fundamental manager. It invests in a relatively small number of securities and focuses on the companies’ business model, valuations, and future growth prospects. Because of the scope of the securities coverage by each manager, however, Asgard depends heavily on technology and tools to support screening and ranking of securities attractiveness. Each manager can use his judgement to build his own quantitative models. Furthermore, the allocation process, although overlaid by a management team, also depends heavily on technology. Asgard has characteristics of both fundamental and quantitative managers.

C is incorrect. Tokra exhibits the characteristics of a quantitative manager. The firm uses quantitative metrics to rank securities based on valuation, profitability, and momentum criteria and uses portfolio optimization to determine the final allocation. Tokra holds many positions typical of quantitative approaches.

基本面分析不是就是聚焦公司的基本面信息,B选项为什么不选呢,有没有判断基本面分析的题眼

1 个答案

笛子_品职助教 · 2023年02月12日

嗨,爱思考的PZer你好:


基本面分析不是就是聚焦公司的基本面信息,B选项为什么不选呢,有没有判断基本面分析的题眼


Hello,亲爱的同学!

Asgard具有许多与基本管理者相关的属性。它投资的证券数量相对较少,专注于公司的商业模式、估值和未来增长前景。然而,由于每个经理的证券覆盖范围,Asgard严重依赖技术和工具来支持证券吸引力的筛选和排名。每个经理都可以利用自己的判断建立自己的量化模型。此外,分配过程虽然由管理团队覆盖,但也严重依赖于技术。阿斯加德既有基本管理者的特点,也有定量管理者的特征。


B既有基本面,又有量化,不如A好。A是纯粹基本面。

如果没有A,那么B也可以选。

2个都对时,选最好的选项。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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