NO.PZ2019093001000012
问题如下：
Which of the following is not a reason that an investor might favor a separately managed account rather than a pooled vehicle? The investor:
选项：
A.is tax exempt.
requires real-time details on investment positions.
has expressed certain constraints and preferences for the portfolio.
解释：
A is correct.
The tax advantages to separately managed accounts do not accrue to a tax exempt investor. Choices B and C are considerations that reflect the investor’s preferences and could be better satisfied using a separately managed account.
我是这么理解A选项的：如果投资者是免税的，用SMA，就可以投资一些高税率的东西，这些投资对于普通有税的投资者是不划算的，因此这些投资不会出现在pool investment中。所以用SMA可以更好的帮助免税的投资者更灵活的进行资产配置。请问我这么理解错在哪里了
