Hedge Funds I) Are Appropriate as a Sole Investment Vehicle

Hedge funds I) are appropriate as a sole investment vehicle for an investor.
II. should only be added to an already well-diversified portfolio.
III. pose performance-evaluation issues due to nonlinear factor exposures.
IV. have down-market betas that are typically larger than up-market betas.
V. have symmetrical betas.

A) I only
B) II and V
C) I, III, and IV
D) II, III, and IV
E) I, III, and V