NO.PZ202110280100001301
问题如下：
Determine which of the three investment vehicles is most appropriate for Circue’s IPS. Justify your response.
选项：
解释：
Circue’s IPS indicates some tolerance for lower liquidity, a moderate sensitivity to management fees, and a heightened sensitivity to closet indexing.
hedge fund流动性不好但circuit可以容忍——some tolerance for lower liquidity；贵但circue不那么敏感——a moderate sensitivity to management fees；hedge fund的potential return最高，最不可能和指数相似，这点也与circue要求相同——heightened sensitivity to closet indexing.
