NO.PZ2023021602000038
问题如下：
Bailey Watson, CFA, manages 25 emerging market pension funds. He recently had the opportunity to buy 100,000 shares in a publicly listed company whose prospects are considered "above industry norm" by most analysts. The company's shares rarely trade because most managers use a buy-and-hold strategy because of the company's small free float. Before placing the order with his dealer, Watson allocated the shares to be purchased according to the weighted value of each of his clients' portfolios. When it came time to execute the trades, the dealer was able to purchase only 50,000 shares. To prevent violating Standard III(B): Fair Dealing, it would be most appropriate for Watson to reallocate the 50,000 shares purchased by:选项：
A.reducing each pension fund's allocation proportionately.
B.distributing them equally among all the pension fund portfolios.
C.allocating randomly but giving funds left out priority on the next similar type trade.
解释：
Standard III(B): Fair Dealing requires members and candidates to deal fairly and objectively with all clients. Certain clients cannot be favored over other clients when their investment objectives and circumstances are similar. Therefore, the most appropriate way to handle the reallocation of an illiquid share is to reduce each client's proportion on a pro rata, or weighted, basis.为什么A选项说的是reducing有点confuse
