Before investing the fund, you would like to know more about the fund manager’s investment strategy. To obtain more information, you choose to use the Style analysis technique. Based on the regression output below for a range of asset classes, what is/are the major portfolio strategies of this fund? Please explain your answers. Do the asset allocation strategies explain majority of the return variabilities?

Style Portfolio	Regression Coefficient	P-values
Small Cap	0.0003	0.9243
Medium Cap	0.3560	0.1150
Large Cap	0.4231	0.0080
Low Book-to-Market (Growth)	0.1346	0.2141
High Book-to-Market (Value)	0.5531	0.0013
R-square	0.3500