it seems more like a market oriented style as the portfolio shows both growth and value features by overweighting those sectors… what’s your thoughts?
page?
The Fund’s growth is less than the market benchmark, P/E, P/B are also lower and dividend yiel is higher than the benchmark. Clear value flavour. I don’t get it why CFAI believes Finance/Utilities are value sectors. In India, Finance/Utilities stocks have been on a tear in 2007. Growth in industries tend to reflect economic patterns in individual countries and trying to bucket whole sectors into growth/value is short sighted.
^That is why holding-based return analysis suffers from the disadvantage of subjective view of the analyst.