NO.PZ2019100901000012
问题如下：
Bern Zang is the recently hired chief investment officer of the Janson University Endowment Investment Office. The Janson University Endowment Fund (the Fund) is based in the United States and has current assets under management of $12 billion. It has a long-term investment horizon and relatively low liquidity needs. The Fund is overseen by an Investment Committee consisting of board members for the Fund. The Investment Office is responsible for implementing the investment policy set by the Fund’s Investment Committee.
The Fund’s current investment approach includes an internally managed fund that holds mostly equities and fixed-income securities. It is largely passively managed with tight tracking error limits. The target asset allocation is 55% equities, 40% fixed income, and 5% alternatives. The Fund currently holds private real estate investments to meet its alternative investment allocation.
After a thorough internal review, Zang concludes that the current investment approach will result in a deterioration of the purchasing power of the Fund over time. He proposes a new, active management approach that will substantially decrease the allocation to publicly traded equities and fixed income in order to pursue a higher allocation to private investments. The management of the new investments will be outsourced.
选项：
解释：
问题1.请问 如果考试中的问答题，endowment model 的缺点描述，可以写成以下简约短语吗？
问题2.“3. it is difficult to implemented foe a very large institutional investor because of its large footprint.”这个缺点不写没关系吗？规模太大的 ，也不适合endowment model ，不理解为什么规模太大就不能用这个方法了？
1.relativley more costly in fees
2.difiicult to implemente for small institutional investors， because they may not able to hire professional expertise to manage it
3.it difficult to implemented foe a very large institutional investor because of its large footprint.
