问题如下：
At the PZ Company’s morning meeting between analysts and the sales staff, Fund manager Matthew gave a short presentation on the investment report. He makes two conclusions about fundamental law to estimate expected active returns:
Conclusion one: If portfolio is unconstrained, information ratio is dependent on the level of active risk.
Conclusion two: If portfolio is constrained, information ratio will decrease with the decrease in transfer coefficient.
Which of the following statement is most likely correct?
选项：
A.Only conclusion one is correct.
B.Only conclusion two is correct.
C.Both conclusions are correct.
解释：
B is correct.
考点：fundamental law 的应用
解析：相关结论：
对于unconstrained portfolio, IR is invariant to the level of active risk.
对于constrained portfolio, IR decreases because lower transfer coefficient.
在constrained情境下，TC下降，越激进投资，IR越低。但如果降低主动承担的风险，IR也不一定下降啊。所以其实题干中的第二个结论表述的不太严谨，我能不能这么理解？
