有关GIPS课后题

第六题，是跟起初的fair value 来比较。

第42题，他说了use of futures, 也说了future并没有增加leverage，说了用了，并且明确了使用的程度（没有增加leverage）

第30题，这个题目主要是考bundled fee, 因为再notes里面说，从2004年进来了一个大客户，开始使用了 bundled fee,所以考点在这里。

第31题，如果不满足条件的话，那么是肯定不能link过来的。

第42题，•4.A.13  FIRMS MUST disclose the presence, use, and extent of leverage, derivatives, and short positions, if material, including a description of the frequency of use and characteristics of the instruments sufficient to identify risks. 这个题目中在note处说到，futures are not used to add leverage to the portfolio, 所以是已经说明了衍生品并没有使用leverage, 所以C不用再披露。

第2题，这个题只是问一下Firm应该怎么描述，对于US company他也是一个Firm。会判断是否是firm就可以。

第30题，在讲义以下几个地方，都有关于bundled fee的讲解，主要就是记住，对于bundled fee要披露1）types of fee included, 2）% of bundled fee assets.

ØA bundled fee is a fee that combines multiple fees into one total or “bundled” fee. Bundled fees can include any combination of investment management fees, trading expenses, custody fees, and/or administrative fees. Two examples of bundle fees are all-in fees and wrap fees.

•4.A.24 If a COMPOSITE contains PORTFOLIOS with BUNDLED FEES, FIRMS MUST disclose the types of fees that are included in the BUNDLED FEE.

•5.A.7 If a composite includes portfolios with bundled fees, the firm must present the percentage of composite assets represented by portfolios with bundled fees as of each annual period end.

•2.A.5 If the actual trading expenses cannot be identified and segregated from a bundled fee:

•a. For  gross-of-fees returns, returns must be reduced by the entire bundled fee or the portion of the bundled fee that includes the trading expenses. Firms must not use estimated trading expenses.

•b. For net-of-fees returns, returns must be reduced by the entire bundled fee or the portion of the bundled fee that includes the trading expenses and the investment management fee. Firms must not use estimated trading expenses.

同学你好，我一个个题目回答哈，首先第六题，这里判断large cash flow的话，是跟fair value这里来比较的，题目之所以没有写出判断，因为一看cash flow占比肯定是大于5%的。

第11题，13.67%=2,265,000/16,575,000

第22题，第一问minimum number你写至少一也可以，但是也要说明没有明确规定多少个，但是要披露出来数量，除非《=5个。