问题如下：
Convenable Capital Management manages an equity portfolio for the Flender Company. Cash held in the portfolio is invested by the Flender’s existing custodial bank. Must Convenable include cash and cash equivalents in the portfolio return calculations?
选项：
A.Yes.
B.No; the cash is not invested by Convenable.
C.No; Convenable does not have discretion over the selection of the custodian.
解释：
A is correct.
Provision 1.2.A.3 states, "Returns from cash and cash equivalents held in portfolios must be included in all return calculations." Lawton writes, "Cash and cash equivalents must be included in the total return calculation even if the cash is not actually invested by the same person or group." Whether the custodian is selected by the client or the manager is pertinent to the calculation of total firm assets but irrelevant to this question. (See Section 3.5 of the reading.)
这道题意思不应该是：钱是被托管银行投资到equity吗？不是投资经理投资的呀？
