1）the fund will benefit from low cash holdings
- lower inflation and possible deflation, will lead a lower investment return in cash(这里我就不回答zero-lower- bounded了）
2）the fund will benefit from high exposure on high-quality debt
- lower inflation will lead the real purchasing power of bond incease
3) the fund will negatively effect by high exposure in ....(copy）equity， these equity are highly cyclical equity, in this case will lead a loss
4) he fund will negatively effect by high exposure in ....(copy）real estate, delation, rent will decrease, the property value of real estate will decrease, lead a loss
请老师帮我看一下回答的是否完整，是否精简 谢谢老师
