NO.PZ2022010501000012
问题如下：
Southwest Capital Advisors LLC manages a fixed-income composite in accordance with an enhanced indexing strategy that makes strategic use of high-yield and emerging market bonds in addition to investment grade bonds issued in developed markets. The Merrimack Company, a family office, has a portfolio that is included in the firm’s fixed-income enhanced indexing composite. Merrimack informs Southwest in writing that, because of changes in its investment policy, the portfolio can no longer hold high-yield or emerging market bonds. In accordance with the GIPS standards, Southwest decides to switch the Merrimack portfolio to another composite. The historical performance of the portfolio must be:
选项：
A.reflected in both composites.
switched to the new composite.
retained in the enhanced indexing composite.
解释：
C is correct.
The portfolio’s historical performance must remain with the original composite. Portfolios must not be switched from one composite to another unless either documented changes to a portfolio’s investment mandate, objective, or strategy or the redefinition of the composite make it appropriate.
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composite转换为另一种composite，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composite的重新定义使其适当。
我看以往同学们的提问 看的我更加一脸懵逼
我浅浅总结下：是不是这么个意思？
- 非必要不能瞎移来移去 只有客户define了的情况下，portfolio才能从composite A移到composite B
- 那如果可以移的情况下，portfolio的历史return要放在composite A里，然后移过去以后的新return只反映在composite B里（历史return也不会被带到B里来）
我的理解对吗？
谢谢谢谢 提前新年快乐~
