问题如下：
Which of the following is not a reason that an investor might favor a separately managed account rather than a pooled vehicle? The investor:
选项：
A.is tax exempt.
requires real-time details on investment positions.
has expressed certain constraints and preferences for the portfolio.
解释：
A is correct.
The tax advantages to separately managed accounts do not accrue to a tax exempt investor. Choices B and C are considerations that reflect the investor’s preferences and could be better satisfied using a separately managed account.
在上一道题目的回答里 老师说”税收这种优势不会累加。“是什么意思？
advantages of SMA不是有一条税收的吗，为什么税收这个不对呢？
