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JW0615 · 2025年07月07日

公司从2012年才遵守GIPS,答案为什么要从20210年开始disclose return

Macondo Institutional Asset Management has been managing equity, fixed-income, and balanced accounts since 2007. The firm became GIPS-compliant on 1 January 2012 and has prepared GIPS Composite Reports using time-weighted returns for the 2007–2019 period. Fixed-income performance was poor prior to 2015, when a new team of managers was brought on board. When Jorge Garcia joins Macondo as marketing director in June 2020, he suggests showing performance starting with calendar 2015, the first year that performance started to improve. He proposes to show composites with returns for the five calendar years 2015 through 2019. Does this course of action comply with the GIPS standards?


Solution

The GIPS standards require that when a firm initially claims compliance with the GIPS standards, it must present at least five years of GIPS-compliant performance (or for the period since the composite inception date if the composite has been in existence less than five years). After presenting a minimum of five years of GIPS-compliant performance (or for the period since the composite inception date if the composite has been in existence less than five years), the firm must present an additional year of performance each year, building up to a minimum of 10 years of GIPS-compliant performance. In 2020, Macondo must present performance from 2010 through 2019. Macondo Institutional Asset Management thus cannot drop the years prior to 2015 at the time Garcia suggests it do so. In addition to violating a specific requirement, Garcia’s suggestion was not in the spirit of fair representation and full disclosure of performance. The firm may eliminate returns from more than 10 years ago from its GIPS Report, as long as it continues to show at least the most recent 10 years. It is recommended, however, that Macondo show its entire GIPS-compliant performance record.



1 个答案

伯恩_品职助教 · 2025年07月08日

嗨,努力学习的PZer你好:


答案的意思是在2020年的时候要展示距离当年最近的至少10年的业绩,那么就是2010年到2019年的最近十年

the firm must present an additional year of performance each year, building up to a minimum of 10 years of GIPS-compliant performance. 

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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