何老师上课时说，如果composite的投资风格改变可以进行调整，历史业绩不得进行调整必须保留。想明确下是否新的composite中也要包含之前composite的业绩呢？

问题如下：

GTA Asset Management manages the small-cap stock composite. As the market value of one of the small-cap stock portfolios in this composite has grown rapidly, it no longer meets the definition of small-cap stocks. GTA decided to convert this portfolio to mid-cap stock composites. In accordance with the GIPS standards, The historical performance of the portfolio must be:

选项：

A.

retained in the small-cap stock composite.

B.

reflected in both composites.

C.

switched to the new composite.

解释：

A is correct.

投资组合的历史表现必须与原始组合保持一致。 投资组合不得从一种组合转换为另一种组合，除非对组合的投资授权、目标或策略进行了记录在案的更改，或者组合的重新定义使其适当。

3.A.10 Portfolios must not be moved from one composite to another unless documented client-directed changes to a portfolio’s investment mandate, objective, or strategy or the redefinition of the composite make it appropriate. The historical performance of the portfolio must remain with the original composite. Portfolios must not be moved into or out of composites as a result of the firm’s tactical changes.