Samantha Gold is a young investor. She has many affluent friends who have made a lot of money by investing in hedge funds. Drawn by the significant potential returns, Gold has also decided to invest in hedge funds. A friend has suggested investing in a fund of funds, but Gold is concerned with the risks associated with such investing. Also, she is a relatively small investor compared to what she calls "the big hedge fund players." Which of the following two statements, in combination, about fund of funds investing, when compared to investing in individual hedge funds is most accurate
A．
B．Benefit of Fund of Funds
C．Drawback of Fund of Funds
D．①
E．Provide returns that, on a risk adjusted, are superior to investing in individual funds.
F．Only open to investors with significant capital.
G．②
H．May grant investors access to highly sought-after closed funds.
I．Returns are most likely going to be spent on additional management fees.
J．③
K．Enable investors with limited capital to invest in a portfolio of hedge funds.
L．On a risk-adjusted basis, net-of-fees performance maybe lower than that of individual funds.