NO.PZ202110280100001301
问题如下：
Determine which of the three investment vehicles is most appropriate for Circue’s IPS. Justify your response.
选项：
解释：
Open-end funds with an incentive fee is most appropriate for Circue’s IPS.
Circue’s IPS indicates some tolerance for lower liquidity, a moderate sensitivity to management fees, and a heightened sensitivity to closet indexing.
Open-end funds can be redempted every day and closed-end funds can be sold on secondary market.But hedge funds is more illquid than prior and you have to pay additional fee to quit.So Hedge funds with a soft lock is out.What's more, closed-end funds with no incentive fee manager has less incentive to make active investment.So it is more like to closet indexing.
老师，这道题我其实是猜的。closed-end/open-end/hedge fund的流动性，（1）麻烦您在改完题后，帮我做个排序，同时写下原因（2）我个人观点，hedge fund的流动性没那么差，可能是market neutral、long/short等策略带来的错觉，主要是投资的是股票市场，又对冲了风险，我觉得比closed end要好，但是closed-end有二级市场。（3）书上在liquidity这块，举例是limited partnership/PE/VC 这种明显流动性就不好的。
