Which statement is false?

A.

Carhart 4 factor model extends the Fama-French 3 factor model with an additional factor called momentum.

B.

Fama-French 5 factor model adds two more factors to the Fama-French 3 factors, namely, profitability and investment factors.

C.

None of the statements are false.

D.

Fama-French 3 factor model show that two classes of stocks tended to outperform the market as a whole.

E.

Multi-factor models are attractive because, unlike CAPM, they are solidly grounded in theory.