Say the fund holds large positions in illiquid assets. The fund cannot immediately sell these assets, except at a fatal loss, so it would sell its more liquid assets.
要是这个基金持有很大的非流动性资产，这个基金就没法立刻卖掉这些资产，除非在一个致命的亏损的时刻，那么它将出售更多流动性资产。
Fund managers typically keep 20% of (unrealized) trading profits. But first they must realize that 20% by selling the liquid assets.
一般的基金经理可拿到(未实现的)交易利润的20%，但首先他们须卖出流动资产，才能实现那个20%。
Fund managers typically keep 20% of (unrealized) trading profits. But first they must realize that 20% by selling the liquid assets.
一般的基金经理可拿到(未实现的)交易利润的20%，但首先他们须卖出流动资产，才能实现那个20%。
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