passive equity investing 书后第九题factor based 和有效市场假说

McMahon suggests that the board consider following a passive factor-based momentum strategy for the allocation to international stocks.

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Compared with broad-market-cap weighting, the international equity strategy suggested by McMahon is most likely to:

1. concentrate risk exposure.

2. be based on the efficient market hypothesis.

3. overweight stocks that recently experienced large price decreases.

我的问题在b选项，如何理解factor based strategy是符合有效市场假说的？课件讲解认为broad market cap weighting 也符合有效市场假说，我做题时以为factor based strategy与有效市场假说没关系。