In order to determine the investment manager’s style, we are going to look at certain ratios including P/B ratio, P/E ratio, Div yield and others.
Are we going to compare these ratios to the broad market ratios or to a specific index(large cap index…) given that we know that the portfolio holdings are only large cap stocks. Thanks.
How do we know that portfolio holdings are only large cap stocks? If so, then we probably we would know that manager’s style is large cap growth for example and analysis make not sense. Thus, a broad market index should be a benchmark to determine manager’s style.
Well, in mock 2015, they compared the portfolio ratios to the large cap index and they concluded that the equity investment style is market oriented 
Thanks @Flashback
I cannot find this question, are you sure that is in 2015 AM session paper?
Maybe the capitalization was not relevant in question, you were asked just to determine if manager’s style is value, growth or market (mix of previous two)?
The beauty of examination is in fact that CFAI may test your knowledge of same area with unlimited manner of questionnaire.
2015 Mock PM