Which one of the following statements is incorrect?

Section A (1 Mark)

Which one of the following statements is incorrect?
A . Most hedge fund managers do not have to explain their investment decisions to investors
B . A hedge fund side pocket prevents the redemption of certain investments which might be difficult to value
C . Lock-ups in hedge funds prevent the manager from selling any of his investments without express permission from investors
D . Gates placed on hedge funds limit the amount that can be withdrawn from it in anyone year

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Answer: D