How much exposure is enough to say a manager is aligned to his style?

CFA Level III Equities
#1

Let’s say I have following results from return based style analysis on a manager that claims to be VALUE and SMALL CAP

R^2 = 0.88
Large cap, value beta = 0.28
Large cap, growth beta = 0.04
Small cap, value beta = 0.57
Small cap, growth beta = 0.11

Question asks if managers is aligned to his style.

I focused my answer on the fact that although small cap value is high, all other beta exposure are too high to say that they are not relevant in the case of a value small cap manager (large cap is total 0.32, growth is total 0.15).

Mock answer:

The model used seems to be a good fit for describing the factors that affect the variance in the portfolio’s returns (as R2 is relatively close to 1.0).
The beta coefficients of the model suggest that the fund has a high weighting to small-cap value stocks.
However, there still seems to be a significant exposure to large-cap stocks and growth stocks, which might suggest that the manager is drifting away from its claimed style. The drift to large-cap stocks might be the result of picking good small-cap stocks that have grown to become large-cap stocks, which is a sign of good manager skill.
However, if this is the case, the manager might need to start reducing exposure to such holdings in order to maintain the fund’s style claim.

Now, I honestly think the answer is bs (basically saying he is aligned, “however” he is not…)
But I would like to understand, what is the threshold to define if manager is aligned to his style or not? What is CFAI expecting? I don’t see anything specific in the curriculum.

#2

I feel that would be totally subjective As a manager with an HML factor of 0.3 or above would also be considered a value manager. I really doubt CFAI would ask us to judge based on such factor betas, unless they’re one sided (either more positively biased or negatively biased).

#3

I would expect it to be around 90%, but I certainly wouldn’t take that as gospel.

What you need to understand is that you don’t need to know the exact dividing point; that’s not the focus of the exam. If they want you to conclude that they haven’t deviated, they’ll give you 95% or 98% or some such, and if they want you to conclude that they have deviated, they’ll give you 50% or 60% or 70%.