NO.PZ2023010903000011
问题如下：
The Cherry Street Foundation is a nonprofit institution that provides resources for refugee children around the world. Over the last several years, Cherry Street has experienced a significant increase in donations, resulting in an increase to the foundation's investment portfolio of more than $100 million. Consequently, Ellie Blumenstock, CFA, Cherry Street's founder, recently concluded that the time had come to hire a professional chief investment officer(CIO) to manage this large pool of assets. Today, Blumenstock is interviewing A.J. Gelormini,a portfolio manager with over two decades of experience, for the CIO role.
At the start of the interview, Blumenstock asks Gelormini to explain his approach to investing in global equities. Gelormini's response includes the following statements:
Statement 1: I would utilize actively managed funds in equity market segments where the manager has confidence that the benchmark can be beaten, the liquidity of the underlying securities in the benchmark is thin, and the number of securities in the benchmark is broad. Cherry Street's tax-exempt status makes any tax burden associated with an actively managed strategy irrelevant.
The rationale provided by Gelormini in Statement 1 is most likely incorrect because:
选项：
A.the benchmark should have a limited number of underlying securities
the benchmark's underlying securities should have significant depth of liquidity
the tax burden is not a factor in considering actively managed strategies
解释：
The rationale provided by Gelormini in Statement 1 is incorrect because active managers normally must have benchmarks with sufficient liquidity of underlying securities.
benchmark里不是要求所有股票都流动性很好吧？这也是完全复制难以做到的原因不是吗？
