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问题如下：

Q. Discuss how YYRPF’s approach to investment process and liquidity have likely changed as its strategic asset allocation has changed.

选项：

解释：

As YYRPF has shifted from public market to private market investments, its investment process has likely changed from identifying underpriced and overpriced liquid securities to buy or sell over a short- to medium-term horizon. The private investment process involves identifying and committing capital over a private asset investment life cycle in which illiquid closed-end investments are purchased and held for as long as 7–10 years.