NO.PZ2019100901000009
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.
解释：
老师好，
之前有看到过说，主观题可以依靠题目的时间来判断，4分钟写两点，6分写三点。这是什么意思？考试的时候每道题还有时间限制？？
另外我的答案如下：
Advantages: Low costs due to passive management. Low risk due to large allocation to equities and fixed income.
Disadvantages: Potentially low return due to passive management.
不可能和标准答案一模一样的。比如disadvantage这里答案写limited potential for value-added，这里我写的是：Potentially low return due to passive management. 可以吗？谢谢
