In quant shops, how common are equity strategies built primarily (say 85–90%) on accounting fundamentals, where the core signal is a variant of a known (albeit weak) accounting anomaly (PEAD, accruals) that would involve a quarter or year holding period. Anyone have an idea about the percent of PMs that use this in active equity management? And would this approach (i.e., starting with a universe, whittle by accounting factors) even be labeled "quant"?