Which of the following is FALSE regarding the value investing style?

A) Usually focuses on stocks with low P/E, low P/BV and high yield.

B) It is more concerned with a stocks growth prospects than its cheapness.

C) It is often used by contrarian investors.

D) It may take a long time for a value stock to reach it full potential.

Sheila works for a large pension plan. She is responsible for tracking the investment performance and style for the small cap manager hired by the plan. When she verifies the style, she typically analyzes the portfolio as a whole to determine the investment style. This method of identifying the investment style of a manager is called the _____.

A) holdings-based approach

B) optimization analysis

C) returns-based approach

D) cash flow matching analysis