Alternative asset classes such as private equity or real estate have smoothed data due to infrequent trading and valuation. Which of the following statements regarding the impact of smoothed data is the least correct? a. The smoothed data can cause the return of alternative asset classes to be less correlated with other asset classes, such as equity and bond b. Smoothed data from alternative asset classes typically needs adjustment in modeling O c. The smoothed data can lead to an under-estimation of the diversification benefits of alternative asset classes d. The infrequent valuation tends to reduce the standard deviation of returns of alternative asset classes