烦请老师帮忙看下是否可以这么回答，谢谢老师

NO.PZ2021102801000015 问题如下 Institutioninvestment consultant WilsotConsultants (Wilsot) is reviewing multiple investment managers within aprospective client’s portfolio. Two of the managers, Vaueuil CapitalManagement (Vaueuil) anPourtir Investments (Pourtir), have similstrategiesthshow comparable performanon a net-of-fees basis. Assessing theportfolio effects of management fees, a Wilsot analyst reviews both managercontracts to termine their aantages ansaantages to the client.Checking client fee structures, the analyst notes Vaueuil’s fees areAUM-basewhile Pourtir’s are performance-basescussone aantage anone saantage to the client of eamanager’s contracteee structure. Vaueuil: AUM-baseAantage: the cost is fixesaantage: mcreate principal-agent problem ththe manager mnot actively raise the investment performance.Vaueuil: performance-baseantage: rethe confliof interests between managers aninvesors.saantage: munrestimate the stanrviation of portfolio return.

NO.PZ2021102801000015 问题如下 Institutioninvestment consultant WilsotConsultants (Wilsot) is reviewing multiple investment managers within aprospective client’s portfolio. Two of the managers, Vaueuil CapitalManagement (Vaueuil) anPourtir Investments (Pourtir), have similstrategiesthshow comparable performanon a net-of-fees basis. Assessing theportfolio effects of management fees, a Wilsot analyst reviews both managercontracts to termine their aantages ansaantages to the client.Checking client fee structures, the analyst notes Vaueuil’s fees areAUM-basewhile Pourtir’s are performance-basescussone aantage anone saantage to the client of eamanager’s contracteee structure. 哪里有说poutir还收base 费呢，不是只说了performanfee吗。我都无语了 这题目为啥不能说清楚一点？

NO.PZ2021102801000015 问题如下 Institutioninvestment consultant WilsotConsultants (Wilsot) is reviewing multiple investment managers within aprospective client’s portfolio. Two of the managers, Vaueuil CapitalManagement (Vaueuil) anPourtir Investments (Pourtir), have similstrategiesthshow comparable performanon a net-of-fees basis. Assessing theportfolio effects of management fees, a Wilsot analyst reviews both managercontracts to termine their aantages ansaantages to the client.Checking client fee structures, the analyst notes Vaueuil’s fees areAUM-basewhile Pourtir’s are performance-basescussone aantage anone saantage to the client of eamanager’s contracteee structure. Vaueuil’s fees are AUM-baseaantagesthe funmanager only focus on the AUM to obtain management feesaantagesthe funmanager hless effort to outperform the benchmark， only stito AUM. Pourtir’s are performance-baseantagesthe funmanagers cobtain incentive fee , whose interest is consistent with investors.saantagesthe funmanagers mrisk more to obtain more incentive fee

NO.PZ2021102801000015 问题如下 Institutioninvestment consultant WilsotConsultants (Wilsot) is reviewing multiple investment managers within aprospective client’s portfolio. Two of the managers, Vaueuil CapitalManagement (Vaueuil) anPourtir Investments (Pourtir), have similstrategiesthshow comparable performanon a net-of-fees basis. Assessing theportfolio effects of management fees, a Wilsot analyst reviews both managercontracts to termine their aantages ansaantages to the client.Checking client fee structures, the analyst notes Vaueuil’s fees areAUM-basewhile Pourtir’s are performance-basescussone aantage anone saantage to the client of eamanager’s contracteee structure. 老师请问，这些答案都需要背下来，对吗