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Question:

Aros Funds manages a family of mutual funds and employs a team of fundamental analysts, who research firms by analyzing financial statements and SEC filings. Under which form(s) of the efficient market hypothesis (EMH) would Aros Funds have the potential to achieve positive risk-adjusted returns consistently using fundamental analysis?

A Weak form only.
Explaination

Fundamental analysis (i.e., analysis of public non-market data) can produce positive risk-adjusted returns if markets are weak-form efficient but not semi strong-form efficient. Under the semi strong form of the EMH, fundamental analysis cannot consistently achieve positive risk-adjusted returns.