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RhettRay · 2024年03月30日

A选项怎么就正确了?

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NO.PZ201809170400000402

问题如下:

Which of the following statements about the approaches and styles of either Furlings, Asgard, or Tokra is incorrect?

选项:

A.

Furlings is a top-down sector rotator with a value orientation within sectors.

B.

Asgard is a bottom-up manager with a GARP (growth at a reasonable price) style.

C.

Tokra is a factor-based manager using value, growth, and profitability metrics.

解释:

C is an incorrect statement. Although Tokra is a factor manager, and although it uses a value proxy such as P/B and a profitability proxy such as return on assets, it does not use a growth proxy such as earnings growth over the last 12 or 36 months but rather a price momentum proxy.

A is a correct statement. Furlings is a top-down manager. It makes significant sector bets based on industry and economic indicators derived from the head manager’s experience, and it does select its securities within sectors while considering relative valuation.

B is a correct statement. Asgard favors securities that have reasonable valuations and aboveaverage growth prospects. It has a bottom-up approach and builds its portfolio starting at the security level.

有一个growth potential,所以我判断不属于value 而是属于growth based

2 个答案
已采纳答案

笛子_品职助教 · 2024年03月31日

嗨,从没放弃的小努力你好:


现在的市场预期EPS,属于现在市场的共识。现在的市场一致性共识预期,依然是现在的信息。

同学体会一下这句话的含义。


growth based是value因子的反面。是指,挑选目前市场一致性共识预期里增长快,且市盈率比同行业高的股票。

现在市场共识的预期EPS,是有数据的。这使得growth因子,可以用计算机来执行选股。


而growth potential,投资者是考虑未来的公司潜力,一个例子是考虑使用DCF估值模型,预测企业未来现金流,并折现。

所以说:growth potential 不等于 growth based。同学不能把两者画等号。


这是协会的出题。

协会的出题,确实会有少数题目,出现不严谨的地方,但本题无论是出题和答案,都是严谨的,正确的。

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笛子_品职助教 · 2024年03月31日

嗨,努力学习的PZer你好:


有一个growth potential,所以我判断不属于value 而是属于growth based


Hello,亲爱的同学~


这道题的答案是正确的,同学认为Growth potential=growth based,同学的这个判断和理解并不正确。


Growth based是指公司过去和现在的历史业绩增长率高于同行业,并且过去和现在的市盈率高于同行业。


至于未来,这家公司的业绩增长率是否延续历史上的优秀表现,Growth based并不考虑。


Growth potential是指这家公司的未来业绩增长有潜力,至于历史上和现在,这家公司业绩增长是否比同行业高,并不关心。


因为growth potential考虑的是未来增长,而grwoth based衡量过去与现在的增长。时间不同,两者不可划等号。

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