写出关键点即可吧？

NO.PZ2019122802000018问题如下Sushil Wallais the chief investment officer of a large pension fun Wallawants to increase the pension funs allocation to hee fun anrecently met with three hee funmanagers. These hee fun focus on the following strategies:Hee FunSpecialist—Follows relative value volatility arbitrageHee FunMulti-Manager—Multi-strategy funee FunMulti-Manager—Funof-funAfter a significant amount of internscussion, Wallaconclus ththe pension funshoulinvest in either Hee FunB or C for the versification benefits from the fferent strategies employe However, after fine ligenis complete Wallarecommen investing only in Hee Funnoting its many aantages over Hee FunC.scuss two aantages of Hee FunB relative to Hee FunC with respeto investment characteristics. Multi-strategy managers like Hee FunB creallocate capitinto fferent strategy aremore quickly anefficiently thwoulpossible a funof-fun (FoF) manager like Hee FunThe multi-strategy manager hfull transparenana better picture of the interactions of the fferent teams’ portfolio risks thwoulever possible for FoF managers to achieve. Consequently, the multi-strategy manager creafaster to fferent real-time market impacts—for example, rapiy increasing or creasing leverage within fferent strategies penng upon the perceiveriskiness of available opportunities.The fees paiinvestors in a multi-strategy funcstructurein a number of ways, some of whicvery attractive when compareto the FoFs’ aefee layering annetting risk attributes. Conceptually, FoF investors always fanetting risk, wherethey are responsible for paying performanfees e to winning unrlying fun while suffering return from the performanof losing unrlying fun. Even if the FoF’s overall performanis flor wn, FoF investors must still pincentive fees e to the managers of winning fun.这块考点是教材的内容，例题也有，需要背诵。 Manager cfully focuseon their respective portfolios because the business, operational, anregulatory aspects of running the hee funare haneother ainistrative professionals.这条有点啥意思？第一次见

NO.PZ2019122802000018 问题如下 Sushil Wallais the chief investment officer of a large pension fun Wallawants to increase the pension funs allocation to hee fun anrecently met with three hee funmanagers. These hee fun focus on the following strategies:Hee FunSpecialist—Follows relative value volatility arbitrageHee FunMulti-Manager—Multi-strategy funee FunMulti-Manager—Funof-funAfter a significant amount of internscussion, Wallaconclus ththe pension funshoulinvest in either Hee FunB or C for the versification benefits from the fferent strategies employe However, after fine ligenis complete Wallarecommen investing only in Hee Funnoting its many aantages over Hee FunC.scuss two aantages of Hee FunB relative to Hee FunC with respeto investment characteristics. Multi-strategy managers like Hee FunB creallocate capitinto fferent strategy aremore quickly anefficiently thwoulpossible a funof-fun (FoF) manager like Hee FunThe multi-strategy manager hfull transparenana better picture of the interactions of the fferent teams’ portfolio risks thwoulever possible for FoF managers to achieve. Consequently, the multi-strategy manager creafaster to fferent real-time market impacts—for example, rapiy increasing or creasing leverage within fferent strategies penng upon the perceiveriskiness of available opportunities.The fees paiinvestors in a multi-strategy funcstructurein a number of ways, some of whicvery attractive when compareto the FoFs’ aefee layering annetting risk attributes. Conceptually, FoF investors always fanetting risk, wherethey are responsible for paying performanfees e to winning unrlying fun while suffering return from the performanof losing unrlying fun. Even if the FoF’s overall performanis flor wn, FoF investors must still pincentive fees e to the managers of winning fun.这块考点是教材的内容，例题也有，需要背诵。 two aantages of Hee FunB relative to Hee FunC1、hee funB ha frieny fee structure thhee funC，whihuble fee2、hee funB callocate capitquickly within fferent strategies anreaquickly to changes of market

NO.PZ2019122802000018 问题如下 Sushil Wallais the chief investment officer of a large pension fun Wallawants to increase the pension funs allocation to hee fun anrecently met with three hee funmanagers. These hee fun focus on the following strategies:Hee FunSpecialist—Follows relative value volatility arbitrageHee FunMulti-Manager—Multi-strategy funee FunMulti-Manager—Funof-funAfter a significant amount of internscussion, Wallaconclus ththe pension funshoulinvest in either Hee FunB or C for the versification benefits from the fferent strategies employe However, after fine ligenis complete Wallarecommen investing only in Hee Funnoting its many aantages over Hee FunC.scuss two aantages of Hee FunB relative to Hee FunC with respeto investment characteristics. Multi-strategy managers like Hee FunB creallocate capitinto fferent strategy aremore quickly anefficiently thwoulpossible a funof-fun (FoF) manager like Hee FunThe multi-strategy manager hfull transparenana better picture of the interactions of the fferent teams’ portfolio risks thwoulever possible for FoF managers to achieve. Consequently, the multi-strategy manager creafaster to fferent real-time market impacts—for example, rapiy increasing or creasing leverage within fferent strategies penng upon the perceiveriskiness of available opportunities.The fees paiinvestors in a multi-strategy funcstructurein a number of ways, some of whicvery attractive when compareto the FoFs’ aefee layering annetting risk attributes. Conceptually, FoF investors always fanetting risk, wherethey are responsible for paying performanfees e to winning unrlying fun while suffering return from the performanof losing unrlying fun. Even if the FoF’s overall performanis flor wn, FoF investors must still pincentive fees e to the managers of winning fun.这块考点是教材的内容，例题也有，需要背诵。 基础班讲义例题 p126关于FOF的费用计算例如 FOF 收1%管理费，10%绩效费而底层的A基金 分别2%管理费，20%绩效费而底层的B基金 分别2%管理费，20%绩效费那么如果1年后， A基金赚gross return 20%, B基金亏损5%net of fee return底层的A基金=20-2-3.6=14.4%net of fee return底层的B基金=-5-2=-7%gross retrun of FOF=14.4%*0.5-7%*0.5=3.7%net return of FOF=3.7-1-0.27=2.43%问题1. 如果 同样是多策略的话，该怎么计算net return呢？问题2.FOF is subjeto netting risk, 和 inability to net performanfees 是同一个概念吗？FOF is tow layer of fees 和inability to net performanfees 是同一个概念吗？如果描述FOF的1个缺点，以上只是1个点而已吗？问题3.多策略 是absorb netting risk 对吗？ 这个这怎么理解 吸收了 netting risk，

NO.PZ2019122802000018 问题如下 Sushil Wallais the chief investment officer of a large pension fun Wallawants to increase the pension funs allocation to hee fun anrecently met with three hee funmanagers. These hee fun focus on the following strategies:Hee FunSpecialist—Follows relative value volatility arbitrageHee FunMulti-Manager—Multi-strategy funee FunMulti-Manager—Funof-funAfter a significant amount of internscussion, Wallaconclus ththe pension funshoulinvest in either Hee FunB or C for the versification benefits from the fferent strategies employe However, after fine ligenis complete Wallarecommen investing only in Hee Funnoting its many aantages over Hee FunC.scuss two aantages of Hee FunB relative to Hee FunC with respeto investment characteristics. Multi-strategy managers like Hee FunB creallocate capitinto fferent strategy aremore quickly anefficiently thwoulpossible a funof-fun (FoF) manager like Hee FunThe multi-strategy manager hfull transparenana better picture of the interactions of the fferent teams’ portfolio risks thwoulever possible for FoF managers to achieve. Consequently, the multi-strategy manager creafaster to fferent real-time market impacts—for example, rapiy increasing or creasing leverage within fferent strategies penng upon the perceiveriskiness of available opportunities.The fees paiinvestors in a multi-strategy funcstructurein a number of ways, some of whicvery attractive when compareto the FoFs’ aefee layering annetting risk attributes. Conceptually, FoF investors always fanetting risk, wherethey are responsible for paying performanfees e to winning unrlying fun while suffering return from the performanof losing unrlying fun. Even if the FoF’s overall performanis flor wn, FoF investors must still pincentive fees e to the managers of winning fun.这块考点是教材的内容，例题也有，需要背诵。 relative value volatility arbitrage这是什麽? 相对价值怎么也会有波动套利? 而且我印象中波动性套利在一级另类确实是放在相对价值中, 这里又放在专家里面, 为何一级跟三级分类会有差异?

NO.PZ2019122802000018 问题如下 Sushil Wallais the chief investment officer of a large pension fun Wallawants to increase the pension funs allocation to hee fun anrecently met with three hee funmanagers. These hee fun focus on the following strategies:Hee FunSpecialist—Follows relative value volatility arbitrageHee FunMulti-Manager—Multi-strategy funee FunMulti-Manager—Funof-funAfter a significant amount of internscussion, Wallaconclus ththe pension funshoulinvest in either Hee FunB or C for the versification benefits from the fferent strategies employe However, after fine ligenis complete Wallarecommen investing only in Hee Funnoting its many aantages over Hee FunC.scuss two aantages of Hee FunB relative to Hee FunC with respeto investment characteristics. Multi-strategy managers like Hee FunB creallocate capitinto fferent strategy aremore quickly anefficiently thwoulpossible a funof-fun (FoF) manager like Hee FunThe multi-strategy manager hfull transparenana better picture of the interactions of the fferent teams’ portfolio risks thwoulever possible for FoF managers to achieve. Consequently, the multi-strategy manager creafaster to fferent real-time market impacts—for example, rapiy increasing or creasing leverage within fferent strategies penng upon the perceiveriskiness of available opportunities.The fees paiinvestors in a multi-strategy funcstructurein a number of ways, some of whicvery attractive when compareto the FoFs’ aefee layering annetting risk attributes. Conceptually, FoF investors always fanetting risk, wherethey are responsible for paying performanfees e to winning unrlying fun while suffering return from the performanof losing unrlying fun. Even if the FoF’s overall performanis flor wn, FoF investors must still pincentive fees e to the managers of winning fun.这块考点是教材的内容，例题也有，需要背诵。 我是这么写的faster tacticallocation, more faster to reato market change.improvefee structure, cnet performanamong containefferent managers.