Factor timing

Reading 29 Q15 of EOCs.

I gather factor timing is an attribute of discretionary managers rather than of systematic managers. Seems the question gives the wrong solution, and the errata reinforces it, I mean the mistake.

Has anyone seen this question?


By saying chen does not engage in factor timing, that eliminates the “top down manager choice”.

I am confused about this question, too.

And i think the approach has factor timing is top-down and discretionary one.

I suppose security specific factors points to bottom up, and factor timing points to discretionary.