Which of the following is true about the Fama$-$French High$-$Minus$-$Low portfolio, HML$?$

a$.$ The portfolio is that of a strategy that attempts to buy stocks at high prices and sell them at low

prices.

b$.$ None of the statements is true

c$.$ The portfolio is that of a strategy that attempts to buy stocks with high market cap and sell stocks

with low market cap

d$.$ The portfolio is that of a strategy that attempts to buy stocks with high past returns and sell stocks

with low past returns

e$.$ More than one of the above statements is true.