问一道题：NO.PZ2019012201000064 [ CFA III ]

NO.PZ2019012201000064 问题如下 Whifunin Exhibit 1most likely hthe greatest implicit costs to implement its strategy? A.Fun1 B.Fun2 Fun3 Because Fun1 hasa large AUM but focuses on small-cstocks, hol a relatively small number ofsecurities in its portfolio, anprefers to make large tras, Fun1 likelyhthe highest implicit costs. Eaof these characteristiserves toincrease the market impaof its tras. Market impais a function of thesecurity’s liquity antra size. The larger a tra size relative to astock’s average ily volume, the more likely it is ththe tra will affectprices. The relatively low level of trang volume of small-cstocks casignificant implementation hure for a manager running a strategy withsignificant assets unr management ansignificant positive active weights onsmaller companies. 老师，请问流动性方面，small cvs large c和 growth vs value一般有区别吗？这里有没有需要掌握的结论？

NO.PZ2019012201000064问题如下Whifunin Exhibit 1most likely hthe greatest implicit costs to implement its strategy?A.Fun1 B.Fun2 Fun3 Because Fun1 hasa large AUM but focuses on small-cstocks, hol a relatively small number ofsecurities in its portfolio, anprefers to make large tras, Fun1 likelyhthe highest implicit costs. Eaof these characteristiserves toincrease the market impaof its tras. Market impais a function of thesecurity’s liquity antra size. The larger a tra size relative to astock’s average ily volume, the more likely it is ththe tra will affectprices. The relatively low level of trang volume of small-cstocks casignificant implementation hure for a manager running a strategy withsignificant assets unr management ansignificant positive active weights onsmaller companies. 请老师解答一下，为什么基金中的股票数量少，隐形成本就高呢？

NO.PZ2019012201000064 问题如下 Whifunin Exhibit 1most likely hthe greatest implicit costs to implement its strategy? A.Fun1 B.Fun2 Fun3 Because Fun1 hasa large AUM but focuses on small-cstocks, hol a relatively small number ofsecurities in its portfolio, anprefers to make large tras, Fun1 likelyhthe highest implicit costs. Eaof these characteristiserves toincrease the market impaof its tras. Market impais a function of thesecurity’s liquity antra size. The larger a tra size relative to astock’s average ily volume, the more likely it is ththe tra will affectprices. The relatively low level of trang volume of small-cstocks casignificant implementation hure for a manager running a strategy withsignificant assets unr management ansignificant positive active weights onsmaller companies. 隐性成本都包括哪些呢

NO.PZ2019012201000064 Fun2 Fun3 Because Fun1 hasa large AUM but focuses on small-cstocks, hol a relatively small number ofsecurities in its portfolio, anprefers to make large tras, Fun1 likelyhthe highest implicit costs. Eaof these characteristiserves toincrease the market impaof its tras. Market impais a function of thesecurity’s liquity antra size. The larger a tra size relative to astock’s average ily volume, the more likely it is ththe tra will affectprices. The relatively low level of trang volume of small-cstocks casignificant implementation hure for a manager running a strategy withsignificant assets unr management ansignificant positive active weights onsmaller companies. 老师1和3对比为什么1的ic更大呢

NO.PZ2019012201000064 1和3相比AUM大，不是很理解。为什么资产多了COST 大啊？是market impa大么？