什么是universal owners

问题如下：

Universal owners are best described as:

选项：

A.

large institutional investors that have diversified holdings.

B.

retail investors that diversify through index funds or ETFs.

C.

stakeholders impacted by externalized environmental and social costs.

解释：

A is correct. Large institutional investors, due to their size, have holdings that are highly diversified across all sectors, asset classes, and regions. As a result, their portfolios are sufficiently representative of global capital markets that they effectively hold a slice of the overall market. Their investment returns are thus dependent on the continuing good health of the overall economy—hence, the term universal owners. While stakeholders are impacted by negative externalities and retail investors with broad equity exposure are also somewhat geographically diverse, they lack the diversity achievable only through scale.