NO.PZ2023010903000005
问题如下：
Hans Smith, an Albright portfolio manager, makes the following notes after examining these funds:
Note 4 Of the four funds, the Elmer Fund is most likely to appeal to investors who want to minimize fees and believe that the market is efficient.
Note 5 Adding investment-grade bonds to the Elmer Fund will decrease the portfolio’s short-term risk.
Which of the notes regarding the Elmer Fund is correct?
选项：
A. Only Note 4
Only Note 5
Both Note 4 and Note 5
解释：
For passively managed portfolios, management fees are typically low because of lower direct costs of research and portfolio management relative to actively managed portfolios. Therefore, Note 4 is correct.
Note 5 is incorrect because the predictability of correlations is uncertain.
看了其他解析，说note4错在short-term，那如果加入long-term investment-grade bond呢？
但是还有一位老师说本题的risk主要说的是tracking error，如果是这样的话，不管是加cash（另一位同学的问答）还是long-term investment-grade bond，都会增加risk吧？
