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