NO.PZ2018062009000050
问题如下：
Each composite of a GIPS- compliant firm must consist of:
选项：
A.
multiple portfolios.
B.
portfolios selected on an ex post basis.
C.
portfolios managed according to a similar investment strategy.
解释：
C is correct. A composite is an aggregation of one or more portfolios managed according to a similar investment mandate, objective, or strategy. For example, if a GIPS- compliant firm presents performance for a global equity composite (the composite), the composite must include portfolios that are managed, or have historically been managed, according to the firm’s global equity strategy.
选项C正确。一个综合组合包括了所有有相似投资风格、目标或策略的组合。例如，一家宣称遵守GIPS的投资公司展示了全球权益类投资综合组合的收益，那么这个综合组合必须包括他们现在以及曾经管理过的所有关于全球权益类的组合。
A is incorrect because a composite is an aggregation of one or more portfolios managed according to a similar investment mandate, objective, or strategy. A composite may consist of a single portfolio when it is the only portfolio managed according to a particular mandate.
选项A错误因为一个综合组合包括了所有有相似投资风格、目标或策略的组合。但是当公司对于该风格、目标或策略的投资项目只有一个的时候，那么该综合组合也可以只包括一个组合投资。
B is incorrect because the determination of which portfolio(s) to include in a composite should be done according to pre- established criteria (ex ante basis), not after the fact (ex post basis).
选项B错误因为决定该组合是否被纳入综合组合是事先决定的，而非事后。
没有理解哎麻烦老师讲一下