为什么不是Canada模型

NO.PZ2019100901000012 问题如下 Bern Zang is the recently hirechief investment officer of the Janson University Enwment Investment Office. The Janson University Enwment Fun(the Fun is basein the UniteStates anhcurrent assets unr management of $12 billion. It ha long-term investment horizon anrelatively low liquity nee. The Funis overseen Investment Committee consisting of boarmembers for the Fun The Investment Offiis responsible for implementing the investment poliset the Funs Investment Committee.The Funs current investment approainclus internally managefunthhol mostly equities anfixeincome securities. It is largely passively managewith tight tracking error limits. The target asset allocation is 55% equities, 40% fixeincome, an5% alternatives. The Funcurrently hol private reestate investments to meet its alternative investment allocation.After a thorough internreview, Zang conclus ththe current investment approawill result in a terioration of the purchasing power of the Funover time. He proposes a new, active management approathwill substantially crease the allocation to publicly traequities anfixeincome in orr to pursue a higher allocation to private investments. The management of the new investments will outsource 题干中说明asset value is $12bn. 这个funlarge size. 那么在写saantage的时候还需要写出对small asset size 的 saantage么？只写 对small asset size 的 saantage，不写对large asset size的saantage是否会扣分？

NO.PZ2019100901000012 问题如下 Bern Zang is the recently hirechief investment officer of the Janson University Enwment Investment Office. The Janson University Enwment Fun(the Fun is basein the UniteStates anhcurrent assets unr management of $12 billion. It ha long-term investment horizon anrelatively low liquity nee. The Funis overseen Investment Committee consisting of boarmembers for the Fun The Investment Offiis responsible for implementing the investment poliset the Funs Investment Committee.The Funs current investment approainclus internally managefunthhol mostly equities anfixeincome securities. It is largely passively managewith tight tracking error limits. The target asset allocation is 55% equities, 40% fixeincome, an5% alternatives. The Funcurrently hol private reestate investments to meet its alternative investment allocation.After a thorough internreview, Zang conclus ththe current investment approawill result in a terioration of the purchasing power of the Funover time. He proposes a new, active management approathwill substantially crease the allocation to publicly traequities anfixeincome in orr to pursue a higher allocation to private investments. The management of the new investments will outsource the enwment molaantages: high value aeisaantages: higher cost

NO.PZ2019100901000012 问题如下 Bern Zang is the recently hirechief investment officer of the Janson University Enwment Investment Office. The Janson University Enwment Fun(the Fun is basein the UniteStates anhcurrent assets unr management of $12 billion. It ha long-term investment horizon anrelatively low liquity nee. The Funis overseen Investment Committee consisting of boarmembers for the Fun The Investment Offiis responsible for implementing the investment poliset the Funs Investment Committee.The Funs current investment approainclus internally managefunthhol mostly equities anfixeincome securities. It is largely passively managewith tight tracking error limits. The target asset allocation is 55% equities, 40% fixeincome, an5% alternatives. The Funcurrently hol private reestate investments to meet its alternative investment allocation.After a thorough internreview, Zang conclus ththe current investment approawill result in a terioration of the purchasing power of the Funover time. He proposes a new, active management approathwill substantially crease the allocation to publicly traequities anfixeincome in orr to pursue a higher allocation to private investments. The management of the new investments will outsource “The Funs current investment approainclus internally managefunthhol mostly equities anfixeincome securities. It is largely passively managewith tight tracking error limits. The target asset allocation is 55% equities, 40% fixeincome, an5% alternatives. The Funcurrently hol private reestate investments to meet its alternative investment allocation.”这段话描述的明显是Norwmol呀？

NO.PZ2019100901000012问题如下Bern Zang is the recently hirechief investment officer of the Janson University Enwment Investment Office. The Janson University Enwment Fun(the Fun is basein the UniteStates anhcurrent assets unr management of $12 billion. It ha long-term investment horizon anrelatively low liquity nee. The Funis overseen Investment Committee consisting of boarmembers for the Fun The Investment Offiis responsible for implementing the investment poliset the Funs Investment Committee.The Funs current investment approainclus internally managefunthhol mostly equities anfixeincome securities. It is largely passively managewith tight tracking error limits. The target asset allocation is 55% equities, 40% fixeincome, an5% alternatives. The Funcurrently hol private reestate investments to meet its alternative investment allocation.After a thorough internreview, Zang conclus ththe current investment approawill result in a terioration of the purchasing power of the Funover time. He proposes a new, active management approathwill substantially crease the allocation to publicly traequities anfixeincome in orr to pursue a higher allocation to private investments. The management of the new investments will outsource 问题1.请问 如果考试中的问答题，enwment mol 的缺点描述，可以写成以下简约短语吗？问题2.“3. it is fficult to implementefoe a very large institutioninvestor because of its large footprint.”这个缺点不写没关系吗？规模太大的 ，也不适合enwment mol ，不理解为什么规模太大就不能用这个方法了？1.relativley more costly in fees2.fiicult to implemente for small institutioninvestors， because they mnot able to hire professionexpertise to manage it 3.it fficult to implementefoe a very large institutioninvestor because of its large footprint.

NO.PZ2019100901000012 读题的时候感觉问题是问这个fun果用enwment mol的优缺点，但是答案给的是仅针对enwment mol写的。如果是结合fun身条件（20 billion不算小size，所以那个针对于小size的缺点没写）比如过大，就s-economic of scale之类的可以吗？