通过Gross of fee的口径就判断出Outperform，是否不妥？

问题如下：

When presenting firm performance data gross of fees over the past five years, which indicates outperformance against a benchmark, to a potential client, has a member likely breached ethical guidelines?

选项：

A.Not at all. B.Yes, due to the guideline on avoiding misrepresentation. C.Yes, because of the guideline on how performance data should be presented.

解释：

Option A is correct. The individual has adhered to the ethical guidelines. According to Standard I (C), Misrepresentation, professionals are forbidden from promising specific future returns on unpredictable investments. The professional’s declaration does not promise future outcomes, hence adhering to this principle. Furthermore, Standard III (D), Performance Presentation, requires the accurate and full disclosure of past performance information. As the professional merely reported historical outperformance without suggesting future gains, this conduct is in compliance with the guidelines, not constituting a breach.