Using ascending rankings, the default, you have calculated an average quintile return for a characteristic of -10%. The average Information Ratio is -0.80, and the batting average is 0.10. This means...
a) The characteristic has information about the returns, but one needs to reverse the analysis and short the high portfolio and go long the low portfolio.
b) The characteristic has information about the returns, but one needs to reverse the analysis and go long the high portfolio and short the low portfolio.
c) This characteristic has no information on returns.
d) None of the above.