A不明白为什么是对的

问题如下：

A portfolio analyst is studying the history of hedge funds. While reviewing the milestones that shaped the hedge fund industry, the analyst focuses on institutional investors replacing private individuals as the dominant hedge fund investor group in the early 2000s. The analyst examines the effects of this major development on the industry, including changes in investor expectations, assets under management (AUM), and the level and volatility of returns. Which of the following statements is correct regarding the emergence of institutional investors as the dominant investor group in the hedge fund industry

选项：

A.

Some hedge funds changed their strategies, but the volatility of hedge fund index returns continued to be lower than that of the S&P 500 Index returns.

B.

Institutional investors allocated their investments evenly among small, medium, and large hedge funds, which decreased the concentration of AUM in the hedge fund industry.

C.

Some hedge funds started to pursue more conservative strategies and hedge fund indices started to generate lower returns than the S&P 500 Index

D.

Institutional investors have uniform expectations, which caused strategy benchmarking based on peer group alphas to become more effective.

解释：

A is correct. Hedge fund index returns continued to be less volatile than the S&P Index.

B is incorrect. The concentration of assets under management in the industry persisted. Actually, the size difference between the largest funds and the median fund or the smallest funds continued to grow.

C is incorrect. Despite the additional layer of fees charged by funds of hedge funds, the cumulative net (of all fees and expenses) performance of hedge funds did much better than the S&P index.

D is incorrect. Institutional investors’ expectations have been different than private wealthy individuals. Factors such as risk management, investment process, and operational governance, that contribute to the key consideration of performance persistency, have become more important with the arrival of institutional investors. Institutional investors also focus on how to allocate funds to different hedge fund strategies and need to know if different strategies deliver correlated returns.