infrastructure这个资产在这指的是指数类的，不然这个资产流动性这么差，那么小的收益率变动还抵不过交易成本呢。这种资产应该避免short term的trading

问题如下：

3. Based on Exhibits 1 and 2, to attempt to profit from the short- term excess return forecast, Capara should increase KUE’s portfolio allocation to:

选项：

developed markets equity and decrease its allocation to infrastructure.

emerging markets equity and decrease its allocation to investment- grade bonds.

developed markets equity and increase its allocation to private real estate equity.

解释：

A is correct.

The forecast for expected excess returns is positive for developed markets equity and negative for infrastructure. Therefore, to attempt to profit from the short- term excess return forecast, KUE can overweight developed markets equity and underweight infrastructure. These adjustments to the asset-class weights are within KUE’s lower and upper policy limits.

考点：short term shifts in asset allocation

解析：为了获得短期超额回报，应该增加excess return>0的资产权重，减少excess return<0的资产权重，表2中列举了各类资产的expected excess return。除此之外，还应该满足表1中各类权重变化的范围不超过upper and lower limit。根据排除法，正确选项A.