add fee layering and netting risk attributes

问题如下：

Compared with Fund-of-funds, Multi-strategy fund cannot

选项：

A.reallocate capital into different strategy areas more quickly and efficiently B.have full transparency and a better picture of the different teams’ portfolio risks C.add fee layering and netting risk attributes

解释：

Multi-strategy managers can reallocate capital into different strategy areas more quickly and efficiently than would be possible by a fund-of-funds (FoF) manager. The multi-strategy manager has full transparency and a better picture of the interactions of the different teams’ portfolio risks than would ever be possible for FoF managers to achieve. Conceptually, FoF investors always face netting risk, even if the FoF’s overall performance is flat or down, FoF investors must still pay incentive fees due to the managers of winning funds.

本题考察的是FOFs和 multi-strategy manager的区别，add fee layering and netting risk attributes是FOFs的特点，所以选C。