本题是否需要按照主观题准备，并记忆背诵？

问题如下：

Five years after his first meeting with Pua, Greslö monitors a private real estate investment that Pua has held for one year. Until recently, the investment had been managed by a local real estate specialist who had a competitive advantage in this market; the specialist’s strategy was to purchase distressed local residential housing properties, make strategic property improvements, and then sell them. Pua is one of several clients who have invested in this opportunity.

Greslö learns that the specialist recently retired and the investment is now managed by a national real estate company. The company has told investors that it now plans to invest throughout the region in both distressed housing and commercial properties. The company also lengthened the holding period for each investment property from the date of the initial capital call because of the complexity of the property renovations, and it altered the interim profit distribution targets.

Discuss the qualitative risk issues that have most likely materialized over the past year.

选项：

解释：

Pua’s investment has been affected by key person risk as shown by the effect of the management change.

• Style drift has occurred as shown by the change from a local to a regional investment strategy and the expansion of the investment strategy to include commercial properties.

• The risk of the investment has changed owing to the added complexity of the property renovations.

• The longer holding periods and the change in interim profit distribution targets will affect this investment.

• Client/asset turnover following the management change may now affect the performance of the investment.

• The management change may alter the client profile, which could have a negative effect on investment performance.

Qualitative considerations can lead to a better understanding of the revised strategy for the investment and whether this investment remains suitable for Pua. Pua’s investment has been affected by key person risk as shown by the management change from the local manager to a national company. Style drift has occurred as shown by the change from a local to a regional investment strategy and the expansion of the strategy to include commercial properties.

The risk of the investment has changed because of the added complexity of the renovations, and monitoring the company’s risk management will be important for Greslö as she manages Pua’s portfolio. Monitoring of the private real estate investment has revealed discrepancies in the new management strategy of the national company relative to the initial investment strategy of the local manager, including the longer holding periods and the changed interim profit distribution targets. Client/asset turnover following the management change may now significantly affect the performance of the investment. Finally, the change in management may alter the client profile, which could have a negative effect on investment performance.