NO.PZ202207040100000103
问题如下:
Using Exhibit 1, Leeter’s statement about Altitude Funds and Pioneer Funds is most likely:选项:
A.correct. B.incorrect in regard to Altitude Funds. C.incorrect in regard to Pioneer Funds.解释:
SolutionC is correct. The statement is incorrect in regard to Pioneer Funds but is correct in regard to Altitude Funds. Pioneer Funds uses a relative value strategy (i.e., seeks under-priced securities relative to an industry value benchmark) that has no aspects of a growth strategy. Altitude Funds uses a hybrid of value strategies (use of P/E) and growth strategies (use of forward EPS) known as GARP (growth at a reasonable price).
A is incorrect. The statement is incorrect in regard to Pioneer Funds but is correct in regard to Altitude Funds. Pioneer Funds uses a relative value strategy (i.e., seeks under-priced securities relative to an industry value benchmark) that has no aspects of a growth strategy.
B is incorrect. The statement is incorrect in regard to Pioneer Funds but is correct in regard to Altitude Funds. Altitude Funds uses a hybrid of value strategies (use of P/E) and growth strategies (use of forward EPS) known as GARP (growth at a reasonable price).
Altitude Funds uses a hybrid of value strategies (use of P/E) and growth strategies (use of forward EPS) known as GARP (growth at a reasonable price).不理解这句话,GARP一般指估值相对合理,且盈利增速比行业平均要快,测量指标可以是PEG ratio (P/E 除以g)。题干说Altitude Funds P/E的E用的是 forward EPSforward ,并没有反映盈利增速的高低,怎么能说他用GARP?再说Garp是growth based strategy ,并不是hybird