NO.PZ202201050100001302
问题如下：
After an extended period of rising interest rates, the value of Bouwa Special Equipment Company’s core-plus fixed-income portfolio falls below the compos ite minimum of $10 million. The Bouwa portfolio remains below the composite-specific minimum asset level for nine months, at which point the client makes an additional contribution that brings it back above $10 million in assets. During the nine months the portfolio is below the composite minimum asset level, Bamako must:
选项：
A. temporarily switch the Bouwa portfolio to the firm’s miscellaneous composite.
B. include the Bouwa portfolio in the core-plus fixed-income composite in all measurement periods.
C. exclude the Bouwa portfolio from the core-plus fixed-income composite for the period it was below the minimum asset level.
解释：
C is correct.
The GIPS standards state, “If the firm sets a minimum asset level for portfolios to be included in a composite, the firm must not include portfolios below the minimum asset level in that composite.” However, a firm may set one minimum asset level at which to add a portfolio to a composite and another level at which a portfolio must be removed from a composite. Unless Bamako’s policies specify different minimum asset levels for adding and removing portfolios from composites, Bamako must remove the Bouwa portfolio from the core-plus fixed-income composite when the portfolio’s assets fall below the minimum and return it to the composite when it once again qualifies for inclusion. A is incorrect because composites must be defined according to similar investment mandates, objectives, and/or strategies; there should be no “miscellaneous” composite.
GIPS 标准规定，“如果公司为要包含在 composite中的投资组合设定了最低资产水平，则公司不得在该 composite中包含低于最低资产水平的投资组合。”但是，公司可以设定一个最低资产水平的添加值，在该水平上将投资组合添加到composite中，然后设置另一个不同于添加值的移除值，投资组合必须从 composite中移除（打个比方，移入的最小资产水平是500万，移除的资产水平是400万）。除非Bamako的政策为从composite中添加和删除投资组合指定不同的最低资产水平，否则当投资组合的资产低于最低值时，Bamako必须将 Bouwa 投资组合从core-plus fixed-income composite 中移除，并在再次符合条件时将其返回到core-plus fixed-income composite 。 A 不正确，因为必须根据类似的投资指令、目标和/或策略来定义组合；不应有“杂项”组合。
3.A.11 If the firm sets a minimum asset level for portfolios to be included in a composite, the firm:
Must not include portfolios below the composite-specific minimum asset level in that composite.
Must not apply retroactively any changes to that composite-specific minimum asset level.
exclude一段时间再加回来，跟temporary switch同样的时间再加回来。二者有啥实际区别？
