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考拉 · 2024年01月20日

为什么Altitude Fund用的是GARP?

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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:

Solution

C 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



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已采纳答案

笛子_品职助教 · 2024年01月22日

嗨,努力学习的PZer你好:


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?


Hello,亲爱的同学~


我们看这里的描述:


使用未来12个月的P/E,说明考虑了市盈率。

使用foracast earning(即 forward EPS forward),说明考虑了增长率。因为foracast earning / current earning 就是增长率。


既考虑了增长率,又考虑了P/E,这符合GARP的特征。


注意这里并不是传统的GARP出题方式,即给出行业PE,行业G,然后比较。

本题是从,投资决策中,考虑了什么要素的角度,来出题的。


所以Leeter states that although Altitude Funds and Pioneer Funds both use P/Es in their strategies, both funds incorporate a growth strategy.这句话里,关于 Altitude Funds是对的, Altitude Funds确实incorporate a growth strategy。


再说Garp是growth based strategy ,并不是hybird

同学理解正确。现在的GARP也属于growth based strategy

旧考纲里GARP是单独列出的。解析里的这句话,还是老考纲了。

估计协会后续会有勘误。





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