NO.PZ2019122802000031
问题如下：
Which of the following is not the advantage of multi-strategy funds over FoF?
选项：
A.
It offers faster tactical assets allocation.
B.
It optimizes the fee structure.
C.
It lowers the manager-specific operational risks.
解释：
C is correct.
Multi-strategy funds usually bears higher manager-specific operational risks than FoF as all operational processes are performed under the same fund structure.
由于multi-strategy 相比FoF而言， 不同基金经理的业绩可以互相抵扣，最后看的是基金的总收益，所以optimizes the fee structure，对于投资者很好，但是对于好的基金经理而言，会去为别的基金经理的投资失败买单，这样会造成优秀人员的流失。也就是multi-strategy升高了manager-specific operational risks，C选项说反了。
谢谢，还有其他的吗？
