没有看懂题目中解释FOF和UCITS的部分

NO.PZ2021060201000024 问题如下 Johnson is Zhou's investment consultant, a relatively small investment manager company（the company）， their return targets are morate. Therefore，two key investment consirations for zhou are keeping low overhecosts anminimizing taxes in the portfolio. Zhou hbeen reluctant to incur the costs of in-house investment resources.Johnson scusses with zhou its goof versifying the company’s portfolio to inclu alternative assets. Anthe portfolio is meeting the company’s liquity nee. Johnson proposes the following three investment vehicles for further review:· Fun of fun (FOFs)· Separately manageaccounts (SMAs)· Unrtakings for collective investment in transferable securities (UCITS) termine the investment vehicle thbest fits the alternative asset class proposethe company. Justify your response. • FOF woulallow the company to co-invest with other investors in alternative investment opportunities for whithe company might otherwise too small to participate.• in-house tewoulnot necessary to review anmaintain FOF, whiuses outsi manager.• The company is unlikely to meet the very high minimum investment of SMwhimalso require enhancein-house investment resources.• The company es not neethe higher liquity of UCITS, whihave a less attractive risk/return profile for the company’s relatively small-sizeportfolio. FOF is the most appropriate investmentFOF 是 the company 最合适的投资工具。• FOF 将允许公司与其他投资者共同投资另类投资机会，否则the company可能因规模太小而无法参与。• 不需要内部团队来审查和维护使用外部经理的 FOF。• the company不太可能满足 SMA 的非常高的最低投资要求，这也可能需要更多的内部投资资源。• the company不需要UCITS 更高的流动性，UCITS 对于the company规模相对较小的投资组合而言，风险/回报的吸引力较低。FOF 是 the company 最合适的投资工具。该工具允许the company 与其他投资者共同投资，以参与其他投资机会，否则其规模太小而无法参与。由于该投资工具使用外部经理，因此不需要内部专家团队（in-house team）来审查和维护 FOF 的投资类型。SMA 可用于某些大型投资组合，例如大型家族办公室或基金会的投资组合，但 the company 不太可能满足非常高的最低投资要求。这种类型的投资给投资者带来了更大的运营挑战；因此，SMA 可能需要更多的内部投资资源。 UCITS 不太适合 the company，因为the company是中型（而非小型）投资者，其流动性需求正在得到满足。 the company 应该投资于流动性较低、风险/回报更具吸引力的工具。此外，UCITS 有监管限制，使基金经理更难实施所需的投资策略。 No.PZ2021060201000024 (问答题)”the portfolio is meeting the company’s liquity nee“意思是需要更多的流动性，还是不需要呢

NO.PZ2021060201000024 问题如下 Johnson is Zhou's investment consultant, a relatively small investment manager company（the company）， their return targets are morate. Therefore，two key investment consirations for zhou are keeping low overhecosts anminimizing taxes in the portfolio. Zhou hbeen reluctant to incur the costs of in-house investment resources.Johnson scusses with zhou its goof versifying the company’s portfolio to inclu alternative assets. Anthe portfolio is meeting the company’s liquity nee. Johnson proposes the following three investment vehicles for further review:· Fun of fun (FOFs)· Separately manageaccounts (SMAs)· Unrtakings for collective investment in transferable securities (UCITS) termine the investment vehicle thbest fits the alternative asset class proposethe company. Justify your response. • FOF woulallow the company to co-invest with other investors in alternative investment opportunities for whithe company might otherwise too small to participate.• in-house tewoulnot necessary to review anmaintain FOF, whiuses outsi manager.• The company is unlikely to meet the very high minimum investment of SMwhimalso require enhancein-house investment resources.• The company es not neethe higher liquity of UCITS, whihave a less attractive risk/return profile for the company’s relatively small-sizeportfolio. FOF is the most appropriate investmentFOF 是 the company 最合适的投资工具。• FOF 将允许公司与其他投资者共同投资另类投资机会，否则the company可能因规模太小而无法参与。• 不需要内部团队来审查和维护使用外部经理的 FOF。• the company不太可能满足 SMA 的非常高的最低投资要求，这也可能需要更多的内部投资资源。• the company不需要UCITS 更高的流动性，UCITS 对于the company规模相对较小的投资组合而言，风险/回报的吸引力较低。FOF 是 the company 最合适的投资工具。该工具允许the company 与其他投资者共同投资，以参与其他投资机会，否则其规模太小而无法参与。由于该投资工具使用外部经理，因此不需要内部专家团队（in-house team）来审查和维护 FOF 的投资类型。SMA 可用于某些大型投资组合，例如大型家族办公室或基金会的投资组合，但 the company 不太可能满足非常高的最低投资要求。这种类型的投资给投资者带来了更大的运营挑战；因此，SMA 可能需要更多的内部投资资源。 UCITS 不太适合 the company，因为the company是中型（而非小型）投资者，其流动性需求正在得到满足。 the company 应该投资于流动性较低、风险/回报更具吸引力的工具。此外，UCITS 有监管限制，使基金经理更难实施所需的投资策略。 为什么这道题不选UCITS而选FOF啊？他们不是要求费用低吗？FOF管理费那么高，不是第一个就应该排除了吗？UCITS特点和mutufun类似不是正好最适合他们了吗？

NO.PZ2021060201000024 问题如下 Johnson is Zhou's investment consultant, a relatively small investment manager company（the company）， their return targets are morate. Therefore，two key investment consirations for zhou are keeping low overhecosts anminimizing taxes in the portfolio. Zhou hbeen reluctant to incur the costs of in-house investment resources.Johnson scusses with zhou its goof versifying the company’s portfolio to inclu alternative assets. Anthe portfolio is meeting the company’s liquity nee. Johnson proposes the following three investment vehicles for further review:· Fun of fun (FOFs)· Separately manageaccounts (SMAs)· Unrtakings for collective investment in transferable securities (UCITS) termine the investment vehicle thbest fits the alternative asset class proposethe company. Justify your response. • FOF woulallow the company to co-invest with other investors in alternative investment opportunities for whithe company might otherwise too small to participate.• in-house tewoulnot necessary to review anmaintain FOF, whiuses outsi manager.• The company is unlikely to meet the very high minimum investment of SMwhimalso require enhancein-house investment resources.• The company es not neethe higher liquity of UCITS, whihave a less attractive risk/return profile for the company’s relatively small-sizeportfolio. FOF is the most appropriate investmentFOF 是 the company 最合适的投资工具。• FOF 将允许公司与其他投资者共同投资另类投资机会，否则the company可能因规模太小而无法参与。• 不需要内部团队来审查和维护使用外部经理的 FOF。• the company不太可能满足 SMA 的非常高的最低投资要求，这也可能需要更多的内部投资资源。• the company不需要UCITS 更高的流动性，UCITS 对于the company规模相对较小的投资组合而言，风险/回报的吸引力较低。FOF 是 the company 最合适的投资工具。该工具允许the company 与其他投资者共同投资，以参与其他投资机会，否则其规模太小而无法参与。由于该投资工具使用外部经理，因此不需要内部专家团队（in-house team）来审查和维护 FOF 的投资类型。SMA 可用于某些大型投资组合，例如大型家族办公室或基金会的投资组合，但 the company 不太可能满足非常高的最低投资要求。这种类型的投资给投资者带来了更大的运营挑战；因此，SMA 可能需要更多的内部投资资源。 UCITS 不太适合 the company，因为the company是中型（而非小型）投资者，其流动性需求正在得到满足。 the company 应该投资于流动性较低、风险/回报更具吸引力的工具。此外，UCITS 有监管限制，使基金经理更难实施所需的投资策略。 需要记UCITs的特点吗

NO.PZ2021060201000024 问题如下 Johnson is Zhou's investment consultant, a relatively small investment manager company（the company）， their return targets are morate. Therefore，two key investment consirations for zhou are keeping low overhecosts anminimizing taxes in the portfolio. Zhou hbeen reluctant to incur the costs of in-house investment resources.Johnson scusses with zhou its goof versifying the company’s portfolio to inclu alternative assets. Anthe portfolio is meeting the company’s liquity nee. Johnson proposes the following three investment vehicles for further review:· Fun of fun (FOFs)· Separately manageaccounts (SMAs)· Unrtakings for collective investment in transferable securities (UCITS) termine the investment vehicle thbest fits the alternative asset class proposethe company. Justify your response. • FOF woulallow the company to co-invest with other investors in alternative investment opportunities for whithe company might otherwise too small to participate.• in-house tewoulnot necessary to review anmaintain FOF, whiuses outsi manager.• The company is unlikely to meet the very high minimum investment of SMwhimalso require enhancein-house investment resources.• The company es not neethe higher liquity of UCITS, whihave a less attractive risk/return profile for the company’s relatively small-sizeportfolio. FOF is the most appropriate investmentFOF 是 the company 最合适的投资工具。• FOF 将允许公司与其他投资者共同投资另类投资机会，否则the company可能因规模太小而无法参与。• 不需要内部团队来审查和维护使用外部经理的 FOF。• the company不太可能满足 SMA 的非常高的最低投资要求，这也可能需要更多的内部投资资源。• the company不需要UCITS 更高的流动性，UCITS 对于the company规模相对较小的投资组合而言，风险/回报的吸引力较低。FOF 是 the company 最合适的投资工具。该工具允许the company 与其他投资者共同投资，以参与其他投资机会，否则其规模太小而无法参与。由于该投资工具使用外部经理，因此不需要内部专家团队（in-house team）来审查和维护 FOF 的投资类型。SMA 可用于某些大型投资组合，例如大型家族办公室或基金会的投资组合，但 the company 不太可能满足非常高的最低投资要求。这种类型的投资给投资者带来了更大的运营挑战；因此，SMA 可能需要更多的内部投资资源。 UCITS 不太适合 the company，因为the company是中型（而非小型）投资者，其流动性需求正在得到满足。 the company 应该投资于流动性较低、风险/回报更具吸引力的工具。此外，UCITS 有监管限制，使基金经理更难实施所需的投资策略。 UCITS 能帮忙下这个是什么产品啊？有什么特点？

NO.PZ2021060201000024 问题如下 Johnson is Zhou's investment consultant, a relatively small investment manager company（the company）， their return targets are morate. Therefore，two key investment consirations for zhou are keeping low overhecosts anminimizing taxes in the portfolio. Zhou hbeen reluctant to incur the costs of in-house investment resources.Johnson scusses with zhou its goof versifying the company’s portfolio to inclu alternative assets. Anthe portfolio is meeting the company’s liquity nee. Johnson proposes the following three investment vehicles for further review:· Fun of fun (FOFs)· Separately manageaccounts (SMAs)· Unrtakings for collective investment in transferable securities (UCITS) termine the investment vehicle thbest fits the alternative asset class proposethe company. Justify your response. • FOF woulallow the company to co-invest with other investors in alternative investment opportunities for whithe company might otherwise too small to participate.• in-house tewoulnot necessary to review anmaintain FOF, whiuses outsi manager.• The company is unlikely to meet the very high minimum investment of SMwhimalso require enhancein-house investment resources.• The company es not neethe higher liquity of UCITS, whihave a less attractive risk/return profile for the company’s relatively small-sizeportfolio. FOF is the most appropriate investmentFOF 是 the company 最合适的投资工具。• FOF 将允许公司与其他投资者共同投资另类投资机会，否则the company可能因规模太小而无法参与。• 不需要内部团队来审查和维护使用外部经理的 FOF。• the company不太可能满足 SMA 的非常高的最低投资要求，这也可能需要更多的内部投资资源。• the company不需要UCITS 更高的流动性，UCITS 对于the company规模相对较小的投资组合而言，风险/回报的吸引力较低。FOF 是 the company 最合适的投资工具。该工具允许the company 与其他投资者共同投资，以参与其他投资机会，否则其规模太小而无法参与。由于该投资工具使用外部经理，因此不需要内部专家团队（in-house team）来审查和维护 FOF 的投资类型。SMA 可用于某些大型投资组合，例如大型家族办公室或基金会的投资组合，但 the company 不太可能满足非常高的最低投资要求。这种类型的投资给投资者带来了更大的运营挑战；因此，SMA 可能需要更多的内部投资资源。 UCITS 不太适合 the company，因为the company是中型（而非小型）投资者，其流动性需求正在得到满足。 the company 应该投资于流动性较低、风险/回报更具吸引力的工具。此外，UCITS 有监管限制，使基金经理更难实施所需的投资策略。 FOF是否满足最小化TAX的要求？