问题如下：
Which of the following is not a reason that an investor might favor a separately managed account rather than a pooled vehicle? The investor:
选项：
A.is tax exempt.
requires real-time details on investment positions.
has expressed certain constraints and preferences for the portfolio.
解释：
A is correct.
The tax advantages to separately managed accounts do not accrue to a tax exempt investor. Choices B and C are considerations that reflect the investor’s preferences and could be better satisfied using a separately managed account.
The tax advantages to separately managed accounts do not accrue to a tax exempt investor.
请问这句话怎么理解？谢谢！
