REITs 属于HF investment 还是real estate asset？

NO.PZ201909280100001105 问题如下 With respeto liquity planning relating to the plan’s new realestate investment, Gension shoulrecommenththe funset asi appropriatefun aninvest them in: A.100% REITs B.100% cash equivalents C.80% cash equivalents an20% REITs A is correct. REITsare most appropriate for fun committeto private reestate investmentssinthey will have the most similreturn anrisk characteristianwillhelp maintain the strategic asset allocation of the plan. Although cashequivalents have less volatility over a short-term horizon, they are lesslikely to meet the plan’s long-term return objectives.B is incorrectbecause the opportunity cost of being out of the markets over the next fewyears ring the capitcall periomakes cash equivalents inappropriateinvestment. Although cash equivalents have lower volatility, whiis oftensirable over a short-term perio they will not help the plmeet itslong-term return objectives.C is incorrectbecause, although REITs will have the return anrisk characteristimostsimilto private reestate, a 20% allocation is not large enough to achievethe plan’s long-term return objectives. The 80% allocation to cash equivalentswill greatly affethe return, making the plless likely to meet thelong-term return objectives. 我的理解是，要投资房地产，但是需要分批call进资金，所以要找个地方set asi还没call的资金。一、我对于题干的理解是否正确？二、如果正确，并没有出现对return的要求，完全是liquity的要求，不应该选cash equivalent吗？看了之前问题的回答，老师说考虑return要求选reits，请问哪里能看出return要求？

NO.PZ201909280100001105问题如下 With respeto liquity planning relating to the plan’s new realestate investment, Gension shoulrecommenththe funset asi appropriatefun aninvest them in: A.100% REITsB.100% cash equivalentsC.80% cash equivalents an20% REITs A is correct. REITsare most appropriate for fun committeto private reestate investmentssinthey will have the most similreturn anrisk characteristianwillhelp maintain the strategic asset allocation of the plan. Although cashequivalents have less volatility over a short-term horizon, they are lesslikely to meet the plan’s long-term return objectives.B is incorrectbecause the opportunity cost of being out of the markets over the next fewyears ring the capitcall periomakes cash equivalents inappropriateinvestment. Although cash equivalents have lower volatility, whiis oftensirable over a short-term perio they will not help the plmeet itslong-term return objectives.C is incorrectbecause, although REITs will have the return anrisk characteristimostsimilto private reestate, a 20% allocation is not large enough to achievethe plan’s long-term return objectives. The 80% allocation to cash equivalentswill greatly affethe return, making the plless likely to meet thelong-term return objectives. 这题能否再一下？答案没看得太懂

NO.PZ201909280100001105 100% cash equivalents 80% cash equivalents an20% REITs A is correct. REITsare most appropriate for fun committeto private reestate investmentssinthey will have the most similreturn anrisk characteristianwillhelp maintain the strategic asset allocation of the plan. Although cashequivalents have less volatility over a short-term horizon, they are lesslikely to meet the plan’s long-term return objectives. B is incorrectbecause the opportunity cost of being out of the markets over the next fewyears ring the capitcall periomakes cash equivalents inappropriateinvestment. Although cash equivalents have lower volatility, whiis oftensirable over a short-term perio they will not help the plmeet itslong-term return objectives. C is incorrectbecause, although REITs will have the return anrisk characteristimostsimilto private reestate, a 20% allocation is not large enough to achievethe plan’s long-term return objectives. The 80% allocation to cash equivalentswill greatly affethe return, making the plless likely to meet thelong-term return objectives. 请问这道题的题干意思是，对冲基金将在未来一段时间call capital, 所以建议投资者先把资金投资在REITs吗