NO.PZ2022010601000012
问题如下：
The asset management company and its client Johnson agreed that all future transactions in his portfolio （focused on investing in large-cap stocks）must be approved by Johnson in advance. This way Johnson's portfolio will be excluded from:
选项：
A.the large-cap stocks composite only
all composites.
total firm assets
解释：
B is correct.
客户对证券交易的事先批准权限很可能使投资组合具有非自由裁量权。 GIPS 标准规定“非全权委托投资组合不得包含在composites中”。 C不正确，因为公司总资产必须包括公司管理的所有全权委托和非全权委托资产。
3.A.2 All actual, fee-paying, discretionary segregated accounts must be included in at least one composite. Non-discretionary portfolios must not be included in composites.
老师请问，Total Firm's asset, composite, portfolio这三者的从属关系是什么？如果non-discretional不能包含在composite，却能包含在total firm's asset?
