NO.PZ202207040100000406
问题如下：
Which of Shaw’s comments about the MFC Value Fund in Exhibit 1 is most accurate? The comment concerning:
选项：
A.alpha.
small-cap tilt.
value being out of favor.
解释：
B is correct. Shaw’s comment about a small-cap tilt is correct. Additional exposure to smaller firms resulted in a positive performance of 0.02% for the Size factor.
A is incorrect. Alpha is defined here to include performance unexplained by the factors and matches that of the benchmark.
C is incorrect. Although the value style does appear to be out of favor as shown by the lower return than that of the market (0.66% versus 0.71%), the Value factor has a positive contribution to the return (0.08%).
A is incorrect. Alpha is defined here to include performance unexplained by the factors and matches that of the benchmark.【alpha一般不是指porfolio return 超出benchmark 的部分么？原来的表述没有错，怎么理解这里的解析？】
C is incorrect. Although the value style does appear to be out of favor as shown by the lower return than that of the market (0.66% versus 0.71%), the Value factor has a positive contribution to the return (0.08%).【这里对比的数据都是用russle benchmark 那栏数据，和market那栏数据，没有用value fund, 这里怎么理解呢？】
