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一只可爱的猪 · 2021年09月23日

这道题目的原理

NO.PZ2019012201000055

问题如下:

Leeter then uses a firm- generated brochure (Exhibit 1) to inform Clickman about some other potential funds that may interest him.

Exhibit 1 Funds in Brochure

Leeter states that although Altitude Funds and Pioneer Funds both use P/Es in their strategies, both funds incorporate a growth strategy.

Using Exhibit 1, Leeter’s statement about Altitude Funds and Pioneer Funds is most likely:

选项:

A.

correct

B.

incorrect in regard to Altitude Funds

C.

incorrect in regard to Pioneer Funds

解释:

The statement is incorrect in regard to Pioneer Funds but is correct in regard to Altitude Funds. Pioneer Funds uses a relative value strategy (i.e., seeks under-priced securities relative to an industry value benchmark) that has no aspects of a growth strategy.

Altitude Funds uses a hybrid of value strategies (use of P/E) and growth strategies (use of forward EPS) known as GARP (growth at a reasonable price).

A is incorrect. The statement is incorrect in regard to Pioneer Funds but is correct in regard to Altitude Funds. Pioneer Funds uses a relative value strategy (i.e., seeks under-priced securities relative to an industry value benchmark) that has no aspects of a growth strategy.

B is incorrect. The statement is incorrect in regard to Pioneer Funds but is correct in regard to Altitude Funds. Altitude Funds uses a hybrid of value strategies (use of P/E) and growth strategies (use of forward EPS) known as GARP (growth at a reasonable price).

这道题目的原理老师可以详细说一下吗?

这两个fund的策略

以及我们相对应的growth 策略和其他策略

可以麻烦老师总结一下吗

1 个答案

笛子_品职助教 · 2021年09月23日

嗨,爱思考的PZer你好:


Leeter states说 Altitude Funds 和 Pioneer Funds ,都考虑了估值和成长,问这句话对不对。


先看Altitude Funds :运用未来预测的EPS算出来的P/E去选择股票。既然是未来预测的EPS,那自然考虑的是成长了。

再看 Pioneer Funds :比较公司的P/E 和行业的P/E ,决定是否公司被低估,这个描述显然没有考虑成长。


所以是选C,也就是,Leeter states对Altitude Funds 的描述,是对的,对Pioneer Funds的描述,是错的。


知识点如下,对应的Growth策略和其他策略也如下:(强化班讲义12页)


----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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