NO.PZ2023052302000011
问题如下：
An investment manager’s gross return is:
选项：
A.
an after-tax nominal, risk-adjusted return.
B.
the return earned by the manager prior to deduction of trading expenses.
C.
an often used measure of an investment manager’s skill because it does not include expenses related to management or administration.
解释：
C is correct. Gross returns are calculated on a pre-tax basis; trading expenses are accounted for in the computation of gross returns as they contribute directly to the returns earned by the manager. A is incorrect because investment managers’
gross returns are pre-tax and not adjusted for risk. B is incorrect because managers’ gross returns do reflect the deduction of trading expenses since they contribute directly to the return earned by the manager.
Gross return ……because it dose not include any fee related to MA &A，这句话怎么理解，不是应该包括MA&A吗？
