NO.PZ201809170400000503
问题如下：
Which fund in Exhibit 1 most likely has the greatest implicit costs to implement its strategy?
选项：
A.Fund 1
B.Fund 2
C.Fund 3
解释：
A is correct. Because Fund 1 has a large AUM but focuses on small-cap stocks, holds a relatively small number of securities in its portfolio, and prefers to make large trades, Fund 1 likely has the highest implicit costs. Each of these characteristics serves to increase the market impact of its trades. Market impact is a function of the security’s liquidity and trade size. The larger a trade size relative to a stock’s average daily volume, the more likely it is that the trade will affect prices. The relatively low level of trading volume of small-cap stocks can be a significant implementation hurdle for a manager running a strategy with significant assets under management and significant positive active weights on smaller companies.
老师，这道题我定位在“fund 2 builds up its positions slowly",所以我认为fund2很大可能有slippage cost，请问这样想哪里错了？
