Which of the following statements about absolute and relative returns is incorrect?

Group of answer choices

Absolute required return objective allows portfolio managers the freedom to invest in any asset/asset class

Absolute required returns is only a value (either in nominal or real terms)

Relative return objective are only relevant for institutional investors.

Relative required returns are compared with returns from a single asset class benchmark such as ASX 200, a composite benchmark, or a peer group of investors with similar investment objectives and strategies.

Absolute required return objective can be full-filled by investing in an annuity where the payout from the annuity is equal to the returns required (in dollar terms) and for the investment horizon desired by the investor.