NO.PZ201909280100001403
问题如下：
The following
year, Ng and the IC review the portfolio’s performance. The IC has gained a
better understanding of the investment process. The portfolio is meeting
Ælfheah’s liquidity needs, and Ng suggests that Ælfheah would benefit from
diversifying into an additional alternative asset class. After discussing
suitable investment vehicles for the proposed alternative asset class, Ng
proposes the following three investment vehicles for further review:
·
Funds
of funds (FOFs)
·
Separately
managed accounts (SMAs)
·
Undertakings
for collective investment in transferable securities (UCITS)
Determine the
investment vehicle that would be most appropriate for
Ælfheah’s proposed alternative asset class. Justify your response.
选项：
解释：
FOF 是 Ælfheah 最合适的投资工具。该工具允许 Ælfheah 与其他投资者共同投资，以参与其他投资机会，否则其规模太小而无法参与。由于该投资工具使用外部经理，因此不需要内部专家团队（in-house team）来审查和维护 FOF 的投资类型。
SMA 可用于某些大型投资组合，例如大型家族办公室或基金会的投资组合，但 Ælfheah 不太可能满足非常高的最低投资要求。这种类型的投资给投资者带来了更大的运营挑战；因此，SMA 可能需要更多的内部投资资源。 UCITS 不太适合 Ælfheah，因为养老金计划是中型（而非小型）投资者，其流动性需求正在得到满足。 Ælfheah 应该投资于流动性较低、风险/回报更具吸引力的工具。此外，UCITS 有监管限制，使基金经理更难实施所需的投资策略。
请问“Ælfheah would be investing alongside tax-exempt investors”在什么情景下会用到
