问题如下:
2. After an extended period of rising interest rates, the market value of Hartford Special Machinery Company’s core-plus fixed income portfolio falls below the composite minimum of $10 million. The Hartford portfolio remains below the composite specific minimum asset level for nine months until the client makes an additional contribution that brings it back above $10 million in assets. Belltower must:
选项:
A.temporarily switch the Hartford portfolio to the firm’s miscellaneous composite.
B.include the Hartford portfolio in the core-plus fixed income composite in all measurement periods.
C.exclude the Hartford portfolio from the core-plus fixed income composite for the period it was below the minimum asset level.
解释:
C is correct.
Provision I.3.A.9 states in pertinent part, "If the firm sets a minimum asset level for portfolios to be included in a composite, the firm must not include portfolios below the minimum asset level in that composite." Belltower must remove the Hartford portfolio from the core-plus fixed-income composite when the portfolio’s assets fall below the minimum, and return it to the composite when it once again qualifies for inclusion. A is incorrect because composites must be defined according to similar investment objectives and/or strategies; there should be no "miscellaneous" composite. (See Section 3.9 of the reading.)
可否总结下到底什么时候从composite中拿走,什么时候不拿走,感觉这道题和上一问理解上有点模糊。