Reason must be explained.

Camille, a recent GBS MBA graduate specializes in alternative investments at Alternative Asset Management (AAM), a rapidly expanding asset management firm based in downtown Geneva City. She has been asked by another portfolio manager at the firm for assistance in selecting one or two alternative asset classes to add to an existing foundation portfolio. The portfolio has a traditional 70/30 Stock/bond allocation. Camille questions the manager further and then summarizes the key points from their discussions: 3.4 The client has suggested real estate (RE) is an obvious asset class to add. We should run some simulations using historical data to see how the addition of RE would likely affect portfolio results. 3.4. Regarding key point 4, which of the following historical data sources is most likely to reflect the inherent characteristics of real estate as an asset class? (5% Marks) A. Hedged REIT data. B. Unhedged REIT data. C. Commingled real estate investment fund (CREF) data