NO.PZ2019100901000012
问题如下：
Bern Zang is the recently hired chief investment officer of the Janson University Endowment Investment Office. The Janson University Endowment Fund (the Fund) is based in the United States and has current assets under management of $12 billion. It has a long-term investment horizon and relatively low liquidity needs. The Fund is overseen by an Investment Committee consisting of board members for the Fund. The Investment Office is responsible for implementing the investment policy set by the Fund’s Investment Committee.
The Fund’s current investment approach includes an internally managed fund that holds mostly equities and fixed-income securities. It is largely passively managed with tight tracking error limits. The target asset allocation is 55% equities, 40% fixed income, and 5% alternatives. The Fund currently holds private real estate investments to meet its alternative investment allocation.
After a thorough internal review, Zang concludes that the current investment approach will result in a deterioration of the purchasing power of the Fund over time. He proposes a new, active management approach that will substantially decrease the allocation to publicly traded equities and fixed income in order to pursue a higher allocation to private investments. The management of the new investments will be outsourced.
选项：
解释：
读题的时候感觉问题是问这个fund如果用endowment model的优缺点，但是答案给的是仅针对endowment model写的。如果是结合fund自身条件（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dis-economic of scale之类的可以吗？
