题干2. The US Large-Cap Equity Composite includes all actual fee-paying
portfolios. Each portfolio contains positions in large-cap stocks, which
are selected by WCM after an extensive independent analysis.
Non-discretionary portfolios are not included in any composite. WCM does
not include in any composite its large-cap model portfolio, which is
used during the investment selection process.
问题
Q. Is WCM most likely compliant with GIPS standards required for composite construction as disclosed in Note 2?
- Yes.
- No, because of how the large-cap model portfolio is treated.
- No, because of how non-discretionary portfolios are treated.
答案
A is correct. The composite consists of all actual
fee-paying portfolios that are managed on a discretionary basis. It is
therefore in compliance with GIPS standards.
B is incorrect because WCM does comply with GIPS standards with
respect to non-discretionary portfolios since their performance results
are not included in any composite.
C is incorrect because WCM does comply with GIPS standards with
respect to its utilization of the model portfolio since its performance
results are not included in any composite.
请问这个题目如何理解。我不明白C选项的意思。我认为题干中描述
“Non-discretionary portfolios are not included in any composite. ”是正确的。但是
'WCM does not include in any composite its large-cap model portfolio, which is
used during the investment selection process."我认为不对呀，不是说至少要放入一个composite里吗？为什么可以不放呢？就是答案C的描述看不懂？难道和客户指定交易有关系吗？前后两句话不是断开的吗，应该是独立的吧。
