What is meant by smoothing in regards to hedge fund performance?
a) When managers value less-liquid holdings conservatively during good months and aggressively in bad months to reduce volatility
b) When managers invest in a wide variety of assets to decrease covariance in the portfolio and reduce risk
c) Hedge fund portfolios that concentrate in a few companies and specialize in those companies' industry
d) Smoothing is not a hedge fund term; it is a private equity term