请问这题怎么理解？？

NO.PZ2023010903000020 问题如下 The Cherry Street Fountion is a nonprofit institution who hexperiencea significant increase in nations over the last severyears. Consequently, Ellie Blumenstock, CFCherry Street's founr, recently concluththe time hcome to hire a professionchief investment officer(CIO) to manage this large pool of assets. Toy, Blumenstois interviewing A.J. Gelormini,a portfolio manager with over two cas of experience, for the CIO role.Gelormini respon suggesting thCherry Street invest in a hanul of factor-basestrategies thtrathe S P 500. He states ththese strategies have the potentito improve returns while limiting tracking error versus the benchmark. He then presents Blumenstowith a one-page comparison of seversufun, a summary of whiis proviin Exhibit 1. Note ththe values proviin Exhibit 1 represent the average quarterly values for eaof the unrlying holngs in FunFunFunC aneaof the constituents in the S P 500, calculateon a trailing five-yebasis. All ta on the unrlying holngs aninx constituents is sourcefrom their SEC filings anpublicly available market ta.Exhibit 1Factor-BaseFunSummary ta (Trailing Five-YeWeighteAverages)Whiof the factor-basefun in Exhibit 1 best provis exposure to the factors of size, value anquality? （ A.Fun B.Fun C.Fun Given the information provi the potentifactors we cassess are size(market cap), value(P/E), yielvinyiel, growth(EPS growth), momentum(prireturn) anquality(bt-to-equity ratio).A small relative market cap, low relative P/E anlow relative bt-to-equity ratio suggest thFunC focuses on the size, value anquality factors.A high relative P/E anEPS growth suggests thFunA focuses on the growth factor. FunA es not appeto have exposure to the size, yiel momentum or quality factors.A high relative P/E anEPS growth, small relative market canhigh trailing twelve-month prireturn suggest thFunB focuses on the size, growth anmomentum factors. 题中讲了组合需要trathe S P 500，而标普500基本都为大盘股，意思在比较组合时，市值越大的组合和标普500越像，size factor才配置的约好。那为什么在做题时size factor要选小的呢？

NO.PZ2023010903000020 问题如下 The Cherry Street Fountion is a nonprofit institution who hexperiencea significant increase in nations over the last severyears. Consequently, Ellie Blumenstock, CFCherry Street's founr, recently concluththe time hcome to hire a professionchief investment officer(CIO) to manage this large pool of assets. Toy, Blumenstois interviewing A.J. Gelormini,a portfolio manager with over two cas of experience, for the CIO role.Gelormini respon suggesting thCherry Street invest in a hanul of factor-basestrategies thtrathe S P 500. He states ththese strategies have the potentito improve returns while limiting tracking error versus the benchmark. He then presents Blumenstowith a one-page comparison of seversufun, a summary of whiis proviin Exhibit 1. Note ththe values proviin Exhibit 1 represent the average quarterly values for eaof the unrlying holngs in FunFunFunC aneaof the constituents in the S P 500, calculateon a trailing five-yebasis. All ta on the unrlying holngs aninx constituents is sourcefrom their SEC filings anpublicly available market ta.Exhibit 1Factor-BaseFunSummary ta (Trailing Five-YeWeighteAverages)Whiof the factor-basefun in Exhibit 1 best provis exposure to the factors of size, value anquality? （ A.Fun B.Fun C.Fun Given the information provi the potentifactors we cassess are size(market cap), value(P/E), yielvinyiel, growth(EPS growth), momentum(prireturn) anquality(bt-to-equity ratio).A small relative market cap, low relative P/E anlow relative bt-to-equity ratio suggest thFunC focuses on the size, value anquality factors.A high relative P/E anEPS growth suggests thFunA focuses on the growth factor. FunA es not appeto have exposure to the size, yiel momentum or quality factors.A high relative P/E anEPS growth, small relative market canhigh trailing twelve-month prireturn suggest thFunB focuses on the size, growth anmomentum factors. 解析讲的不是很清楚，我不知道我理解的对不对就是说这题问的size,value, quality。也就是说要我们根据SMHML, leverage来选，虽然题目没有明说要选size大的还是小的，value高的还是低的，但是由于common factor默认是SMB而不是BMS, 是HML而不是LMH； 所以咱们默认选small size(low mkt cap), high BV/MV (value型的，P/E小，growth小的)?

NO.PZ2023010903000020问题如下 The Cherry Street Fountion is a nonprofit institution who hexperiencea significant increase in nations over the last severyears. Consequently, Ellie Blumenstock, CFCherry Street's founr, recently concluththe time hcome to hire a professionchief investment officer(CIO) to manage this large pool of assets. Toy, Blumenstois interviewing A.J. Gelormini,a portfolio manager with over two cas of experience, for the CIO role.Gelormini respon suggesting thCherry Street invest in a hanul of factor-basestrategies thtrathe S P 500. He states ththese strategies have the potentito improve returns while limiting tracking error versus the benchmark. He then presents Blumenstowith a one-page comparison of seversufun, a summary of whiis proviin Exhibit 1. Note ththe values proviin Exhibit 1 represent the average quarterly values for eaof the unrlying holngs in FunFunFunC aneaof the constituents in the S P 500, calculateon a trailing five-yebasis. All ta on the unrlying holngs aninx constituents is sourcefrom their SEC filings anpublicly available market ta.Exhibit 1Factor-BaseFunSummary ta (Trailing Five-YeWeighteAverages)Whiof the factor-basefun in Exhibit 1 best provis exposure to the factors of size, value anquality? （ A.FunAB.FunBC.FunGiven the information provi the potentifactors we cassess are size(market cap), value(P/E), yielvinyiel, growth(EPS growth), momentum(prireturn) anquality(bt-to-equity ratio).A small relative market cap, low relative P/E anlow relative bt-to-equity ratio suggest thFunC focuses on the size, value anquality factors.A high relative P/E anEPS growth suggests thFunA focuses on the growth factor. FunA es not appeto have exposure to the size, yiel momentum or quality factors.A high relative P/E anEPS growth, small relative market canhigh trailing twelve-month prireturn suggest thFunB focuses on the size, growth anmomentum factors. 如题，size因子和primomentum因子应该如何分析？虽然表格列出了各个fun市值规模大小，但不能说funA是market cap大，就是投资了大盘股吧？这个funAUM很大，但投资的都是小盘股，这样不行吗？另外，关于价格动量因子的分析毫无头绪，希望老师解答一下

NO.PZ2023010903000020 问题如下 The Cherry Street Fountion is a nonprofit institution who hexperiencea significant increase in nations over the last severyears. Consequently, Ellie Blumenstock, CFCherry Street's founr, recently concluththe time hcome to hire a professionchief investment officer(CIO) to manage this large pool of assets. Toy, Blumenstois interviewing A.J. Gelormini,a portfolio manager with over two cas of experience, for the CIO role.Gelormini respon suggesting thCherry Street invest in a hanul of factor-basestrategies thtrathe S P 500. He states ththese strategies have the potentito improve returns while limiting tracking error versus the benchmark. He then presents Blumenstowith a one-page comparison of seversufun, a summary of whiis proviin Exhibit 1. Note ththe values proviin Exhibit 1 represent the average quarterly values for eaof the unrlying holngs in FunFunFunC aneaof the constituents in the S P 500, calculateon a trailing five-yebasis. All ta on the unrlying holngs aninx constituents is sourcefrom their SEC filings anpublicly available market ta.Exhibit 1Factor-BaseFunSummary ta (Trailing Five-YeWeighteAverages)Whiof the factor-basefun in Exhibit 1 best provis exposure to the factors of size, value anquality? （ A.Fun B.Fun C.Fun Given the information provi the potentifactors we cassess are size(market cap), value(P/E), yielvinyiel, growth(EPS growth), momentum(prireturn) anquality(bt-to-equity ratio).A small relative market cap, low relative P/E anlow relative bt-to-equity ratio suggest thFunC focuses on the size, value anquality factors.A high relative P/E anEPS growth suggests thFunA focuses on the growth factor. FunA es not appeto have exposure to the size, yiel momentum or quality factors.A high relative P/E anEPS growth, small relative market canhigh trailing twelve-month prireturn suggest thFunB focuses on the size, growth anmomentum factors. funa的市值明明比benchmark还要大，怎么就没有size factor呢？