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.
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。 就是除了P/E/g 去分別是不是 garp 方法 還有一般的這個 expected earning growth 嗎 還有沒有其他呢 謝謝