老师 为什么不选c

问题如下：

Zhou is a high net worth client. He and his investment advisor Jesse have been investing in publicly traded securities portfolios in the past. Today, they meet to discuss his investment strategy and potential changes in his investment portfolio, especially in his charitable fund, which will add more alternative investments such as private equity, hedge funds, real estate, and the real estate portfolio consists of a well delivered selection of REITs and direct real estate. He told him, Later this year, he wants to shift approximately 50% of the charitable foundation's investment portfolio to alternative investments, leaving the remaining portion in the existing high liquidity asset allocation. This requires managers with experience in alternative investment management, and fortunately, high net worth investors like me have easier access to top-tier managers. I know that shifting the foundation's investment portfolio into alternative investments will greatly reduce the liquidity of these positions, but considering the long-term prospects of the fund, I don’t believe this will be a concern. Investing in these assets definitely requires you to spend more time conducting due diligence, but based on the advisory work you have done for me in the past and your experience, I believe you have the ability to do this."

When discussing with Jesse about shifting foundation portfolio assets into alternative investments, Zhou is most likely correct:

选项：

A.

due diligence.

B.

liquidity issues.

C.

access to managers.

解释：

B is correct. A shift into private equity, hedge funds, direct real estate, and similar investments will reduce the liquidity of investment portfolios, but 50% of charitable foundation investment portfolios will be retained in other more liquid asset classes. The foundation aims to provide ongoing annual grants, so these liquid investments should be sufficient to meet ongoing expenditure needs.

A is incorrect. Indeed, investments in private equity, hedge funds, direct real estate, and similar investments will require extensive due diligence, while investments in REITs do not require these efforts. However, Zhou has no evidence to suggest that Jesse is capable of making such efforts, as his past collaborations with Jesse involved trading and establishing a portfolio of liquid publicly traded securities.

C is incorrect. Indeed, the number of providers of private equity, hedge funds, direct real estate, and similar investments has significantly increased over time; However, access to top-tier managers is quite limited, as managers of alternative investments tend to be capacity constrained and many alternative investment strategies have limited market volume.

知识点考察：Investment Considerations Relevant to the Decision to Invest in Alternatives

B是正确的。转向私募股权、对冲基金、直接房地产和类似投资将减少投资组合的流动性，但慈善基金会50%的投资组合将保留在其他流动性更强的资产类别中。该基金会旨在提供持续的年度赠款，因此这些流动性投资应足以满足持续的支出需求。

A不正确。事实上，对私募股权、对冲基金、直接房地产和类似投资的投资需要广泛的尽职调查，而对REITs的投资则不需要这些努力。然而，周没有证据表明杰西有能力做出这样的努力，因为他过去与杰西的合作涉及交易和建立流动性公开交易证券的投资组合。

C不正确。事实上，随着时间的推移，私人股本、对冲基金、直接房地产和类似投资的提供者数量显著增加；然而，接触顶级管理人员的机会非常有限，因为另类投资的管理人员往往能力有限，许多另类投资策略的市场容量有限。