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Betty · 2024年06月05日

想确认一下知识点

NO.PZ2016040303000034

问题如下:

ABC Investment Management acquires a new, very large account with two concentrated positions. The firm’s current policy is to add new accounts for the purpose of performance calculation after the first full month of management. Cupp is responsible for calculating the firm’s performance returns. Before the end of the initial month, Cupp notices that one of the significant holdings of the new accounts is acquired by another company, causing the value of the investment to double. Because of this holding, Cupp decides to account for the new portfolio as of the date of transfer, thereby allowing ABC Investment to reap the positive impact of that month’s portfolio return.

选项:

A.

Cupp did not violate the Code and Standards because the GIPS standards allow composites to be updated on the date of large external cash flows.

B.

Cupp did not violate the Code and Standards because companies are allowed to determine when to incorporate new accounts into their composite calculation.

C.

Cupp violated the Code and Standards because the inclusion of the new account produces an inaccurate calculation of the monthly results according to the firm’s stated policies.

解释:

C is correct.

Answer Cupp violated Standard III(D) –Performance Presentations when he deviated from the firm’s stated policies solely to capture the gain from the holding being acquired. Answer A is incorrect because the firm does not claim GIPS compliance and the GIPS standards require external cash flows to be treated in a consistent manner with the firm’s documented policies. Answer B is incorrect because the firm does not state that it is updating its composite policies. If such a change were to occur, all cash flows for the month would have to be reviewed to ensure their consistent treatment under the new policy.

如果这道题问的是有没有violate GIPS, 那么应该是no.

但因为是code and stanards, 所以是yes. code & standards是不允许因为significant holdings就进行调整的,因为这样会让return不准确.

1 个答案
已采纳答案

王暄_品职助教 · 2024年06月05日

你的解释非常准确。当我们讨论是否违反了CFA协会的道德规范和职业行为标准(Code and Standards)时,我们关注的是专业人员的行为是否符合道德和保持客户利益的最大化。在这个案例中,Cupp更改了公司既定的政策,仅仅为了捕捉到一个特定的投资机会(即某个持有的资产被收购),从而提高了当月的投资表现。这种行为与公司的既定政策不符,并可能导致投资者对公司业绩的误解,因此违反了Code and Standards。


如果问题是询问是否违反了GIPS(全球投资业绩标准)标准,答案将会有所不同。GIPS标准确实提供了一定的灵活性,允许在出现大额外部现金流时更新投资组合,但这一切都需要在公司文档中明确说明,并且必须一致地应用于所有情况。然而,在此案例中,重点不是GIPS的遵守情况,而是CFA的道德规范和职业行为标准。

因此,Cupp的行为确实违反了CFA的Code and Standards,因为他没有按照公司的既定政策行事,而是出于提高短期业绩的动机更改了计算方法。这可能导致投资者对公司真实业绩的误解,从而违反了为投资者提供准确和公正信息的职业责任。

所以,你的结论是正确的:如果问题是关于是否违反了GIPS,答案可能是“否”,但在这个案例中,由于关注的是CFA的Code and Standards,答案是“是”。

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