Answer: A

Investors do not directly invest in equity investment funds, but indirectly invest in equity investment funds through investing in parent funds, mainly for the following four reasons: risk diversification, professional management, investment opportunities and scale advantages. (1) Diversified risk parent funds usually invest the raised funds in 15 to 25 equity investment funds, thus avoiding the risk of relying on a fund manager in the investment of a single equity investment fund. By diversifying into multiple equity investment funds, the investment of the parent fund can be diversified, such as investment stage, time span, region, industry and investment style, so that investors can effectively diversify their risks. However, a single equity investment fund cannot make investors obtain such high diversity. (II) Professional Management Investing in equity investment funds is a very professional job. Direct investment in equity investment funds, even if investors have knowledge of one aspect of fund investment, may lose investment opportunities or lead to investment failure due to lack of understanding of other aspects. However, parent fund managers usually have comprehensive knowledge, contacts and resources of equity investment, and when investing in equity investment funds, parent funds are more likely to make correct investment decisions than other investors. The parent fund provides inexperienced investors with a channel to invest in equity investment funds. (III) Investment Opportunities Most equity investment funds with outstanding performance will be oversubscribed, so it is difficult for ordinary investors to obtain investment opportunities. As a professional investor in equity investment funds, the parent fund usually has a good long-term relationship with equity investment funds, so it has the opportunity to invest in these excellent funds. Investors get the opportunity to invest in excellent funds by investing in parent funds. (4) Scale advantage When investing in equity investment funds, the size of the investment is often a problem. Investors' funds are often too large or too small to make appropriate investments. The parent fund can solve this problem by helping investors "shrink the scale" or "expand the scale": on the one hand, the parent fund can help large investors invest in small-scale funds, thus saving costs and diversifying investment; On the other hand, the parent fund can help small investors to invest in large-scale funds, thus reaching the investment threshold of large funds. The parent fund usually has a considerable scale and can attract, retain and hire the best investment management talents in the industry. Small and medium-sized investors rarely have enough resources to build investment teams of similar size and quality. Considering salary, travel and other management costs, it is more economical and effective to invest in the parent fund than to hire a team dedicated to investing in equity investment funds.