Phase 1 (1981–1991)
Olivinia is an oil-rich state in the country of Puerto Rinaldo, which uses the US dollar as its official currency of exchange. In 1981, the state’s legislature created the Olivinia Heritage Fund (OHF) to collect a portion of the state’s non-renewable resource revenue and invest it on behalf of future generations. James Lafferty, the managing director of the fund, is one of the keynote speakers at the Global Wealth Creation Conference. He begins his presentation with a brief overview of OHF’s history (Exhibit 1).
The fund was given an initial allocation of $1 billion by the state. The fund was to receive 10% of all state revenues arising from taxes on oil and gas production and extraction. The fund was given a 20-year accumulation period over which no distributions were allowed and the fund was forecasted to grow to $10 billion. Income earned following the accumulation period was to be used to provide for public works and other public infrastructure within the state. Investments were restricted to cash and investment-grade bonds.
问题：
During Phase 1, the most significant constraint on OHF’s asset allocation choices was the result of:
A. liquidity needs.
B. asset size.
C. regulation.
答案为何选C呢，B为什么不对，1billion已经算是大投资人了
