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徐威廉 · 2022年06月09日

2个问题

NO.PZ2022010501000010

问题如下:

A charitable foundation transfers securities in kind to Taurus Asset Management Ltd. to fund a new bank loan portfolio. Taurus estimates that after liquidating the transferred securities, it will take five months to invest the foundation’s assets in bank loans. Which statement best describes a requirement of the GIPS standards? Taurus must include the foundation’s portfolio in the appropriate composite:

选项:

A.

on a timely and consistent basis.

B.

when the assets are substantially invested.

C.

as of the beginning of the next full measurement period.

解释:

A is correct.

The GIPS standards state, “Composites must include new portfolios on a timely and consistent basis after each portfolio comes under management.” In this case, it is expected to take an extended period to invest the new client’s assets in accordance with the composite strategy. Assuming Taurus complies with the GIPS standards, its documented policy would provide for the inclusion of new bank loan portfolios in the composite on a timely basis. For example, Taurus’s policy may require new portfolios to be included in the composite as of the first full measurement period that the assets are fully invested. Taurus must apply its policy consistently.

GIPS 标准规定,“在管理每个组合后,Composites 必须及时且一致地包括新组合。”在这种情况下,根据composite策略,预计需要较长时间来投资新客户的资产。假设 Taurus 符合 GIPS 标准,其书面政策将规定及时将新的银行贷款组合纳入Composites 。例如,Taurus 的政策可能要求从资产被完全投资的第一个完整计量期开始,将新的投资组合包括在Composite中。

问题1. C错哪了?

问题2.For example, Taurus’s policy may require new portfolios to be included in the composite as of the first full measurement period that the assets are fully invested. Taurus must apply its policy consistently.这句话的意思是不是 Taurus的portfolio被加入到composite是要在全部投资完成的第一个完整计量周期中,关于这个全部投资(fully invest)怎么理解? 分批投资时,当地一笔投资投出时不用加入composite?

3 个答案
已采纳答案

伯恩_品职助教 · 2022年06月09日

嗨,努力学习的PZer你好:


问题2.For example, Taurus’s policy may require new portfolios to be included in the composite as of the first full measurement period that the assets are fully invested. Taurus must apply its policy consistently.这句话的意思是不是 Taurus的portfolio被加入到composite是要在全部投资完成的第一个完整计量周期中,关于这个全部投资(fully invest)怎么理解? 分批投资时,当地一笔投资投出时不用加入composite?——对的

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

徐威廉 · 2022年06月10日

如果一个交易分批投资,到最后fully invested的时候才加入composite有违两个GIPS原则,1.timely原则;2.accrual权责发生制原则

伯恩_品职助教 · 2022年06月10日

嗨,努力学习的PZer你好:


如果一个交易分批投资,到最后fully invested的时候才加入composite有违两个GIPS原则,1.timely原则;2.accrual权责发生制原则——那个是计算portfolio的时候要全部的收益都要计入啊。这里是计算这个composite的收益,如果建仓只有10%的股票,剩下的是现金很影响收益,不能真实的反映出其投资水平啊。

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努力的时光都是限量版,加油!

伯恩_品职助教 · 2022年06月09日

嗨,从没放弃的小努力你好:


这个是说明的一个具体情况,先总结一下,如果没有A就选C,但是有A首先选A。这是一个总原则。

然后这个题牵强的解释(答案给解析是这样的|),是没说明在 the assets are fully invested. 的as of the beginning of the next full measurement period.

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加油吧,让我们一起遇见更好的自己!

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