答案C没有读懂

问题如下：

A firm that does not adopt the GIPS standards could mischaracterize its overall performance by presenting a performance history:

选项：

A.

that includes terminated portfolios.

B.

composed of a single top- performing portfolio.

C.

for an investment mandate over all periods since the firm’s inception.

解释：

B is correct. Selecting a top- performing portfolio to represent a firm’s overall investment results for a specific mandate, also known as using representative accounts, is a misleading practice that is not allowed under the GIPS standards.

选项B正确。选择表现最好的组合业绩去代表所有类似投资风格的投资是有背GIPS要求的，不被允许。

A is incorrect because including terminated portfolios is consistent with the GIPS standards. If the firm instead presented a performance history that excludes terminated portfolios, however, such a practice would be misleading and not allowed under the GIPS standards.

选项A错误因为GIPS要求包含已经终止的组合。如果公司在公布业绩时，剔除了已经终值的组合，那么这种行为就违反了GIPS的规定。

C is incorrect because presenting performance for its mandate covering all periods since the firm’s inception is consistent with the GIPS standards. If the firm instead presented performance for a selected period during which it produced excellent returns or outperformed its benchmark, however, such a practice would be misleading and not allowed under the GIPS standards.

选项C错误因为公布自公司成立起至现在的所有业绩是符合GIPS要求的。如果公司只公布了优于基准线的业绩，剔除了不好的业绩，则违反GIPS的要求。