NO.PZ2023010903000005
问题如下：
Hans Smith, an Albright portfolio manager, makes the following notes after examining these funds:
Note 4 Of the four funds, the Elmer Fund is most likely to appeal to investors who want to minimize fees and believe that the market is efficient.
Note 5 Adding investment-grade bonds to the Elmer Fund will decrease the portfolio’s short-term risk.
Which of the notes regarding the Elmer Fund is correct?
选项：
A. Only Note 4
Only Note 5
Both Note 4 and Note 5
解释：
For passively managed portfolios, management fees are typically low because of lower direct costs of research and portfolio management relative to actively managed portfolios. Therefore, Note 4 is correct.
Note 5 is incorrect because the predictability of correlations is uncertain.
这题的note5 不对，是因为债券和股票的相关性不一定就低，比如在金融危机的情况下，这两相关性就会高。但是这题没说在金融危机下，而且在fixed income里面的知识点就是增加bond就会增加diversification，从而降低风险。请问在组合中加bond到底会不会降低风险这个好像是矛盾的，怎么理解呢？谢谢
