NO.PZ2023010407000018
问题如下：
Sushil Wallace is the chief investment officer of a large pension fund. Wallace wants to increase the pension fund’s allocation to hedge funds and recently met with three hedge fund managers. These hedge funds focus on the following strategies:
Hedge Fund B: Multi-Manager—Multi-strategy fund
Hedge Fund C: Multi-Manager—Fund-of-funds
Discuss two advantages of Hedge Fund B relative to Hedge Fund C with
respect to investment characteristics.
选项：
解释：
A Multi-strategy managers like Hedge Fund B can reallocate capital
into different strategy areas more quickly and efficiently than would be
possible by a fund-of-funds (FoF) manager like Hedge Fund C. The multi-strategy
manager has full transparency and a better picture of the interactions of the different
teams’ portfolio risks than would ever be possible for FoF managers to achieve.
Consequently, the multi-strategy manager can react faster to different
real-time market impacts—for example, by rapidly increasing or decreasing
leverage within different strategies depending upon the perceived riskiness of
available opportunities.
B The fees paid by investors in a multi-strategy fund can be
structured in a number of ways, some of which can be very attractive when
compared to the FoFs’ added fee layering and netting risk attributes.
Conceptually, FoF investors always face netting risk, whereby they are
responsible for paying performance fees due to winning underlying funds while
suffering return drag from the performance of losing underlying funds. Even if
the FoF’s overall performance is flat or down, FoF investors must still pay
incentive fees due to the managers of winning funds.
请问老师这样答可以不
