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玛卡巴卡 · 2021年09月18日

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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.

这道题我选了B,因为B的方法提到了很多种,不只是看growth这一个,描述不够完整,C选项我认为正确的原因是问题几乎复原了题目里的一句话,我没有看懂解释,是说growth不代表价格的增长而是利润的增长么?那都用growth也没错啊?请老师解答,谢谢

1 个答案

笛子_品职助教 · 2021年09月22日

嗨,从没放弃的小努力你好:


C选项是明显不对的:Growth仅指earning的增长;价格的增长不用growth,用的是Momentum。


B讲了很多维度,其中提到了reasonable valuation,以及above-average expected earnings growth for the next three years,就是GARP。虽然还有其他角度,但是总体看下来依然是GARP。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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