问题如下图：
选项：
A. 
B. 
C. 
解释：
A的dividend/price较index为低，是否可以说明其不是value型的呢？
maggie_品职助教 · 2020年01月15日
嗨，爱思考的PZer你好：
1、首先这个章节的后课题不是很好（特别是这个case），不好表现在解题思路有很多，但是协会只认准它认为的答案是正确的，所以我们在处理这个章节的题目时不需要太纠结。（这个问题在接下来的课后题讲解中李老师也会说）
2、你的提问正好印证了这一点，答案选取的指标是PE、PB和net income/sales,而忽略了 dividend/price ，我们只能理解是 dividend/price 只是偏低，主要指标更加偏向价值型。
-------------------------------虽然现在很辛苦，但努力过的感觉真的很好，加油！
NO.PZ201809170400000405 问题如下 Baseon the information proviin Exhibits 1 an2, whimanager’s portfolio characteristiis most likely os with its clarestyle? Furlings Asgard Tokra C is the correanswer. Tokra incates thit emphasizes three metrics: P/12-month primomentum, anreturn on assets. Although the portfolio consists of securities thhave stronger momentum ththose of the inx on average, and although the ratio of net income to assets is also favorable, the average P/B is somehow higher ththof the inx. Although this scenario coulnormally be explaineemphasis on specific sectors with a higher P/B thother sectors, the low level of sector viation toleratewithin the strategy weakens that explanation. This shoulexplorewith Tokra’s managers. A is an incorreanswer. Furlings is a top-wn sector rotator with a value orientation within sectors. The lower P/B anP/E anhigher net income over assets are consistent with a relative value orientation. Because Furlings can take significant positions in specific sectors, however, there coulother circumstances in whithe portfolio woulhave a higher P/B anor P/E anor a lower net income /assets ththe inx if the funwere to emphasize sectors having sucharacteristics. Yet, this woulnot necessarily imply ththe firm es not favor the most attractive relative valuations within sectors. B is an incorreanswer. Asgarinvests in firms thoffer reasonable valuations and above average expectecash flow growth ring the next three years. The ta, suP/B anaverage expectethree-yeprofit growth, are consistent with its clarestyle. Again, it is not necessarily inconsistent to emphasize these aspects while investing in a portfolio thha lower vinyiel slightly higher P/E, anlower primomentum. 第二个不是GARP? exhibit 1说above-average growth, 那么exhibit2: P/E, P/momentum不是应该比average更高吗？那比average低了，不是os了吗？我有miss掉什么别的信息吗？
NO.PZ201809170400000405 问题如下 Baseon the information proviin Exhibits 1 an2, whimanager’s portfolio characteristiis most likely os with its clarestyle? Furlings Asgard Tokra C is the correanswer. Tokra incates thit emphasizes three metrics: P/12-month primomentum, anreturn on assets. Although the portfolio consists of securities thhave stronger momentum ththose of the inx on average, and although the ratio of net income to assets is also favorable, the average P/B is somehow higher ththof the inx. Although this scenario coulnormally be explaineemphasis on specific sectors with a higher P/B thother sectors, the low level of sector viation toleratewithin the strategy weakens that explanation. This shoulexplorewith Tokra’s managers. A is an incorreanswer. Furlings is a top-wn sector rotator with a value orientation within sectors. The lower P/B anP/E anhigher net income over assets are consistent with a relative value orientation. Because Furlings can take significant positions in specific sectors, however, there coulother circumstances in whithe portfolio woulhave a higher P/B anor P/E anor a lower net income /assets ththe inx if the funwere to emphasize sectors having sucharacteristics. Yet, this woulnot necessarily imply ththe firm es not favor the most attractive relative valuations within sectors. B is an incorreanswer. Asgarinvests in firms thoffer reasonable valuations and above average expectecash flow growth ring the next three years. The ta, suP/B anaverage expectethree-yeprofit growth, are consistent with its clarestyle. Again, it is not necessarily inconsistent to emphasize these aspects while investing in a portfolio thha lower vinyiel slightly higher P/E, anlower primomentum. 它的earning g=11%，比inx还低，而且是未来3-5年的forwarg，凭什么就说不是对未来g的一个期望？
NO.PZ201809170400000405问题如下 Baseon the information proviin Exhibits 1 an2, whimanager’s portfolio characteristiis most likely os with its clarestyle? Furlings Asgard Tokra C is the correanswer. Tokra incates thit emphasizes three metrics: P/12-month primomentum, anreturn on assets. Although the portfolio consists of securities thhave stronger momentum ththose of the inx on average, and although the ratio of net income to assets is also favorable, the average P/B is somehow higher ththof the inx. Although this scenario coulnormally be explaineemphasis on specific sectors with a higher P/B thother sectors, the low level of sector viation toleratewithin the strategy weakens that explanation. This shoulexplorewith Tokra’s managers. A is an incorreanswer. Furlings is a top-wn sector rotator with a value orientation within sectors. The lower P/B anP/E anhigher net income over assets are consistent with a relative value orientation. Because Furlings can take significant positions in specific sectors, however, there coulother circumstances in whithe portfolio woulhave a higher P/B anor P/E anor a lower net income /assets ththe inx if the funwere to emphasize sectors having sucharacteristics. Yet, this woulnot necessarily imply ththe firm es not favor the most attractive relative valuations within sectors. B is an incorreanswer. Asgarinvests in firms thoffer reasonable valuations and above average expectecash flow growth ring the next three years. The ta, suP/B anaverage expectethree-yeprofit growth, are consistent with its clarestyle. Again, it is not necessarily inconsistent to emphasize these aspects while investing in a portfolio thha lower vinyiel slightly higher P/E, anlower primomentum. 能否中文下，没太理解
NO.PZ201809170400000405 AsgarTokra C is the correanswer. Tokra incates thit emphasizes three metrics: P/12-month primomentum, anreturn on assets. Although the portfolio consists of securities thhave stronger momentum ththose of the inx on average, analthough the ratio of net income to assets is also favorable, the average P/B is somehow higher ththof the inx. Although this scenario coulnormally explaineemphasis on specific sectors with a higher P/B thother sectors, the low level of sector viation toleratewithin the strategy weakens thexplanation. This shoulexplorewith Tokra’s managers. A is incorreanswer. Furlings is a top-wn sector rotator with a value orientation within sectors. The lower P/B anP/E anhigher net income over assets are consistent with a relative value orientation. Because Furlings ctake significant positions in specific sectors, however, there coulother circumstances in whithe portfolio woulhave a higher P/B anor P/E anor a lower net income /assets ththe inx if the funwere to emphasize sectors having sucharacteristics. Yet, this woulnot necessarily imply ththe firm es not favor the most attractive relative valuations within sectors. B is incorreanswer. Asgarinvests in firms thoffer reasonable valuations anabove average expectecash flow growth ring the next three years. The tsuP/B anaverage expectethree-yeprofit growth, are consistent with its clarestyle. Again, it is not necessarily inconsistent to emphasize these aspects while investing in a portfolio thha lower vinyiel slightly higher P/E, anlower primomentum. Torka怎么就和自己宣称的风格不一致了？
问一道题：NO.PZ201809170400000405