NO.PZ201809170400000107
问题如下：
Which of the notes regarding the Elmer Fund is correct?
选项：
A.Only Note 4
B.Only Note 5
C.Both Note 4 and Note 5
解释：
A is correct. For passively managed portfolios, management fees are typically low because of lower direct costs of research and portfolio management relative to actively managed portfolios. Therefore, Note 4 is correct.
Note 5 is incorrect because the predictability of correlations is uncertain.
survey data tended to be more volatile than the actual performance data
