If you estimate a regression to calculate the components of a three factor model for a hedge fund manager (where the factors include the market, size, and value), and your coefficient on the value factor is negative and statistically significant, this means that _______________

a. the manager likely has exposure to growth stocks.

b. the manager definitely has exposure to growth stocks

c. the manager likely has exposure to value stocks.

d. the manager definitely has exposure to value stocks.