NO.PZ2022010501000016
问题如下：
A fixed-income portfolio is most likely to be considered non-discretionary if the client’s investment policy states that:
选项：
A.securities held at a gain must not be sold.
the average credit quality must be investment grade.
securities held in the portfolio must be issued in developed markets.
解释：
A is correct.
Such a restriction would most likely lead to the composition of this portfolio differing materially from other fixed-income portfolios run by the firm and, as such, the manager could reasonably classify this portfolio as non-discretionary. The restrictions stated in answers B and C are constraints that are likely to be specified as part of a fixed-income strategy.
这种限制很可能导致该投资组合的构成与公司运营的其他固定收益投资组合大不相同，因此，经理可以合理地将这种投资组合归类为非全权委托。 答案 B 和 C 中陈述的限制是可能被指定为固定收益策略的一部分的限制。即仅仅限制的是投资范围，而不是决策（投资策略的执行）
如题，我觉得A 和C都是security，是不是选B更合适，谢谢老师
