问题如下：
Which type of factor model is most directly applicable to an analysis of the style orientation (for example, growth vs. value) of an active equity investment manager? Justify your answer.
选项：
解释：
A fundamental factor model. Such models typically include many factors related to the company (e.g., earnings) and to valuation that are commonly used indicators of a growth orientation. A macroeconomic factor model may provide relevant information as well, but typically indirectly and in less detail.
题目没有显示
