表格里的circle one 是什么意思？

NO.PZ2019100901000017 问题如下 The Prometheo University Scholarship Enwment (the Enwment) westablishein 1950 ansupports scholarships for stunts attenng Prometheo University. The Enwment’s assets unr management are relatively small, anit hannuspenng poliof 6% of the five-yerolling asset value.Upon completion of the investment polireview her four-person staff, the CIO makes some recommentions to the Enwment’s boarregarng the investment objectives anasset allocation. One of her recommentions is to apt the enwment mol investment approach. She recommen investing 20% in private equity, 40% in hee fun, 25% in public equities, an15% in fixeincome.termine whether the boarshoulaccept the CIO’s recommention. Justify your response. Justify your response:The boarshoulrejethe CIO’s recommention. This recommention is a significant parture from current practianentails a muhigher level of risk. The size of the investment teis small, with only four people, anit mnot have aquate access to or experienin alternative investments. Given the relatively small size of the Enwment, it is unlikely thit haccess to top managers in the hee funanprivate equity spaces. Reject. The enwment's assets unr management are relatively small, whiis harto meet the high minimum investment size of alternative investment. Alternative investments require a long-term investment horizon anrelatively low liquity nee. But the enwment hannuspenng poliof 6% of the five-yerolling asset value, whimeans the liquity neeis strong, the risk toleranis below average. The enwment only have four staff anone CIO, it esn't have a well-structuregovernanframework.

NO.PZ2019100901000017 问题如下 The Prometheo University Scholarship Enwment (the Enwment) westablishein 1950 ansupports scholarships for stunts attenng Prometheo University. The Enwment’s assets unr management are relatively small, anit hannuspenng poliof 6% of the five-yerolling asset value.Upon completion of the investment polireview her four-person staff, the CIO makes some recommentions to the Enwment’s boarregarng the investment objectives anasset allocation. One of her recommentions is to apt the enwment mol investment approach. She recommen investing 20% in private equity, 40% in hee fun, 25% in public equities, an15% in fixeincome.termine whether the boarshoulaccept the CIO’s recommention. Justify your response. Justify your response:The boarshoulrejethe CIO’s recommention. This recommention is a significant parture from current practianentails a muhigher level of risk. The size of the investment teis small, with only four people, anit mnot have aquate access to or experienin alternative investments. Given the relatively small size of the Enwment, it is unlikely thit haccess to top managers in the hee funanprivate equity spaces. 对于小机构来说，alternatives都不能投。不管是内部直接的投资或是外包？

NO.PZ2019100901000017 问题如下 The Prometheo University Scholarship Enwment (the Enwment) westablishein 1950 ansupports scholarships for stunts attenng Prometheo University. The Enwment’s assets unr management are relatively small, anit hannuspenng poliof 6% of the five-yerolling asset value.Upon completion of the investment polireview her four-person staff, the CIO makes some recommentions to the Enwment’s boarregarng the investment objectives anasset allocation. One of her recommentions is to apt the enwment mol investment approach. She recommen investing 20% in private equity, 40% in hee fun, 25% in public equities, an15% in fixeincome.termine whether the boarshoulaccept the CIO’s recommention. Justify your response. Justify your response:The boarshoulrejethe CIO’s recommention. This recommention is a significant parture from current practianentails a muhigher level of risk. The size of the investment teis small, with only four people, anit mnot have aquate access to or experienin alternative investments. Given the relatively small size of the Enwment, it is unlikely thit haccess to top managers in the hee funanprivate equity spaces. 老师好，请问这道题其中关于基金规模过小无法投资与alternative，我的回答角度可以拿到分数吗a relatively smfunthe funmight ha fficulty to meet the minimum invesetment requirement for investement in a large portion on the alternative asset;

NO.PZ2019100901000017 问题如下 The Prometheo University Scholarship Enwment (the Enwment) westablishein 1950 ansupports scholarships for stunts attenng Prometheo University. The Enwment’s assets unr management are relatively small, anit hannuspenng poliof 6% of the five-yerolling asset value.Upon completion of the investment polireview her four-person staff, the CIO makes some recommentions to the Enwment’s boarregarng the investment objectives anasset allocation. One of her recommentions is to apt the enwment mol investment approach. She recommen investing 20% in private equity, 40% in hee fun, 25% in public equities, an15% in fixeincome.termine whether the boarshoulaccept the CIO’s recommention. Justify your response. Justify your response:The boarshoulrejethe CIO’s recommention. This recommention is a significant parture from current practianentails a muhigher level of risk. The size of the investment teis small, with only four people, anit mnot have aquate access to or experienin alternative investments. Given the relatively small size of the Enwment, it is unlikely thit haccess to top managers in the hee funanprivate equity spaces. NO.PZ2019100901000017问题如下The Prometheo University Scholarship Enwment (the Enwment) westablishein 1950 ansupports scholarships for stunts attenng Prometheo University. The Enwment’s assets unr management are relatively small, anit hannuspenng poliof 6% of the five-yerolling asset value.Upon completion of the investment polireview her four-person staff, the CIO makes some recommentions to the Enwment’s boarregarng the investment objectives anasset allocation. One of her recommentions is to apt the enwment mol investment approach. She recommen investing 20% in private equity, 40% in hee fun, 25% in public equities, an15% in fixeincome.termine whether the boarshoulaccept the CIO’s recommention. Justify your response.The boarshoulrejethe CIO’s recommention. This recommention is a significant parture from current practianentails a muhigher level of risk. The size of the investment teis small, with only four people, anit mnot have aquate access to or experienin alternative investments. Given the relatively small size of the Enwment, it is unlikely thit haccess to top managers in the hee funanprivate equity spaces.我的答案如下，请老师批改下谢谢The boarshoulnot accept the CIO’s recommention, because the Enwment’s assets unr management are relatively small, whimnot reathe threshol of alternatives. The 60% allocation in alternatives mmake the portfolio too concentratein illiquiassets. Besis, the annuspenng rate of 6% (after HEPI) requires higher liquity nee anthe 40% allocation in public equities anfixeincome mnot meet the nee. 然后我还有一个问题为啥一谈到alternative，CFA答案里几乎只说“团队太小对另类投资没有经验、无法接触到顶级基金经理”这个问题？“it mnot have aquate access to or experienin alternative investments. Given the relatively small size of the Enwment, it is unlikely thit haccess to top managers in the hee funanprivate equity spaces.”这个问题有这么严重？？答案居然只说这个，而且不只是一道题目。我觉得还有一个重要问题是，the portfolio mnot meet the minimum size requirements of alternatives e to the small size. 还有就是60%配置在另类里，不会太高吗？毕竟它每年的spenng rate要6%，剩余40%的public配置能达到？

NO.PZ2019100901000017 问题如下 The Prometheo University Scholarship Enwment (the Enwment) westablishein 1950 ansupports scholarships for stunts attenng Prometheo University. The Enwment’s assets unr management are relatively small, anit hannuspenng poliof 6% of the five-yerolling asset value.Upon completion of the investment polireview her four-person staff, the CIO makes some recommentions to the Enwment’s boarregarng the investment objectives anasset allocation. One of her recommentions is to apt the enwment mol investment approach. She recommen investing 20% in private equity, 40% in hee fun, 25% in public equities, an15% in fixeincome.termine whether the boarshoulaccept the CIO’s recommention. Justify your response. Justify your response:The boarshoulrejethe CIO’s recommention. This recommention is a significant parture from current practianentails a muhigher level of risk. The size of the investment teis small, with only four people, anit mnot have aquate access to or experienin alternative investments. Given the relatively small size of the Enwment, it is unlikely thit haccess to top managers in the hee funanprivate equity spaces. 想确认下这么回答可以吗？ New allocation shoulrejecte because: ① They mnot have access to high-quality managers e to their small size ansmall team. ② They mnot meemt the minimum size requiremetn of the alternative investment e to their small size.2.想确认下，这里的spenng rate of 6% 是高是低？我理解，6%是比较高的，因此对每年流动性的要求比较高，因此不适合大比例投资alternative，这可不可以也作为一个rejenew allocation 的理由？如果可以的话，应该怎么回答？