Equity Style Indicies discusses, because, category, interested, contrast

Viceroy

SS11 LOS J discusses the process to compare and contrast the methodologies to construct
equity style indicies. Is this to assess the style the manager is pursuing?

I am okay up to the point that says the index could be constructed as either value or growth but what is the significance of a third neutral category? Also why does an overlap come in? Is this because the stock category cannot clearly be established as growth or value? Why would a manager be interested in an index with an overlap?

Some help please.