asset allocation不是在security analysis stage 吗？？？？？？？？？？？

问题如下：

Which of the following statement about investment policy statement is most correct?

选项：

An IPS sets the assets allocation strategy for client.

An IPS can only work for a long-term horizon client.

An IPS can make the risk objectives in line with the return objectives.

解释：

A is correct.

Strategic asset allocation is a part of IPS which clarify the investors' best asset allocation according to return and risk objectives. IPS is applicable for various time horizon, not only the long-term client. The return objective should be determined by risk objective, not like the statement in C.