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小米 · 2020年09月17日

问一道题：NO.PZ2016031101000024

  1. CFA III
  2. GIPS

问题如下：

Bentwood Institutional Asset Management has been managing equity, fixed-income, and balanced accounts since 1986. The firm became GIPS-compliant on 1 January 2001 and prepared composite performance presentations for the 1996-2000 period. Fixed-income performance was poor prior to 2001, when a new team of managers was brought on board. When Christopher Cooper joins Bentwood as marketing director in June 2006, he suggests showing performance starting with calendar 2001, the first year that performance started to improve. He proposes to show composites with returns for the five calendar years 2001 through 2005. Does this course of action comply with the GIPS standards?

选项：

解释：

The GIPS standards require that at least five years of GIPS-compliant performance be reported (or for the period since firm’s inception or the composite inception date if the firm or 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 firm’s inception or the composite inception date if the firm or 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 (I.5.A.1a). Bentwood Institutional Asset Management could not drop the years prior to 2001 at the time Cooper suggests it do so. In addition to violating a specific requirement, Cooper’s suggestion was not in the spirit of fair representation and full disclosure of performance. Technically, the firm will be able drop the early years of its composite presentation once it has established a 10-year GIPS-compliant record, as long as it continues to show at least the most recent 10 years. For instance, it will be able to show just the 10 calendar years 2001-2010 after the composite returns for 2010 become available. However, it is recommended that Bentwood show its entire GIPS-compliant performance record (I.5.B.7). (See Sections 3.12 and 3.13 of the reading.)

老师 这道题目为何不对？题干不是说的 2006年要展示业绩，往前追溯五年吗？协会要求至少五年不是就可以吗？2001年到2005年的没问题吧

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1 个答案

韩韩_品职助教 · 2020年09月18日

嗨，努力学习的PZer你好：


同学你好，实际上，GIPS最低要求的披露年数应该是10年的，只不过如果是新开始按照GIPS来披露业绩的话，可以先调整五年就可以，第一次披露五年以后，之后运营的每一年就新加入进来，直到满10年之后，再新滚入进来一年，就可以把最开头的一年不用披露了。

这个fund从2001年开始宣称遵守GIPS，所以先披露了过去五年的，也就是1996-2000， 之后新运营一年，也是要把过去五年的业绩一起披露的。直到从1996-2005都披露完了，从2006披露，可以是1997-2006这样。


-------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！


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NO.PZ2016031101000024 BentwooInstitutionAsset Management hbeen managing equity, fixeincome, anbalanceaccounts sin1986. The firm became GIPS-compliant on 1 January 2001 anpreparecomposite performanpresentations for the 1996-2000 perio Fixeincome performanwpoor prior to 2001, when a new teof managers wbrought on boar When Christopher Cooper joins Bentwoomarketing rector in June 2006, he suggests showing performanstarting with calenr 2001, the first yethperformanstarteto improve. He proposes to show composites with returns for the five calenr years 2001 through 2005. es this course of action comply with the GIPS stanr? The GIPS stanr require thleast five years of GIPS-compliant performanreporte(or for the periosinfirm’s inception or the composite inception te if the firm or the composite hbeen in existenless thfive years). After presenting a minimum of five years of GIPS-compliant performan(or for the periosinfirm’s inception or the composite inception te if the firm or composite hbeen in existenless thfive years), the firm must present aitionyeof performaneayear, builng up to a minimum of 10 years of GIPS-compliant performan(I.5.A.1a). BentwooInstitutionAsset Management coulnot op the years prior to 2001 the time Cooper suggests it so. In aition to violating a specific requirement, Cooper’s suggestion wnot in the spirit of fair representation anfull sclosure of performance. Technically, the firm will able op the early years of its composite presentation onit hestablishea 10-yeGIPS-compliant recor long it continues to show least the most recent 10 years. For instance, it will able to show just the 10 calenr years 2001-2010 after the composite returns for 2010 become available. However, it is recommenthBentwooshow its entire GIPS-compliant performanrecor(I.5.B.7). (See Sections 3.12 an3.13 of the reang.) 所以从成立以来批漏了5年的performance到底对不对呢？答案没看到是violate还是align with GIPS呢

2021-09-11 18:14 1 · 回答

NO.PZ2016031101000024 BentwooInstitutionAsset Management hbeen managing equity, fixeincome, anbalanceaccounts sin1986. The firm became GIPS-compliant on 1 January 2001 anpreparecomposite performanpresentations for the 1996-2000 perio Fixeincome performanwpoor prior to 2001, when a new teof managers wbrought on boar When Christopher Cooper joins Bentwoomarketing rector in June 2006, he suggests showing performanstarting with calenr 2001, the first yethperformanstarteto improve. He proposes to show composites with returns for the five calenr years 2001 through 2005. es this course of action comply with the GIPS stanr? The GIPS stanr require thleast five years of GIPS-compliant performanreporte(or for the periosinfirm’s inception or the composite inception te if the firm or the composite hbeen in existenless thfive years). After presenting a minimum of five years of GIPS-compliant performan(or for the periosinfirm’s inception or the composite inception te if the firm or composite hbeen in existenless thfive years), the firm must present aitionyeof performaneayear, builng up to a minimum of 10 years of GIPS-compliant performan(I.5.A.1a). BentwooInstitutionAsset Management coulnot op the years prior to 2001 the time Cooper suggests it so. In aition to violating a specific requirement, Cooper’s suggestion wnot in the spirit of fair representation anfull sclosure of performance. Technically, the firm will able op the early years of its composite presentation onit hestablishea 10-yeGIPS-compliant recor long it continues to show least the most recent 10 years. For instance, it will able to show just the 10 calenr years 2001-2010 after the composite returns for 2010 become available. However, it is recommenthBentwooshow its entire GIPS-compliant performanrecor(I.5.B.7). (See Sections 3.12 an3.13 of the reang.) After presenting a minimum of five years of GIPS-compliant performan(or for the periosinfirm’s inception or the composite inception te if the firm or composite hbeen in existenless thfive years), the firm must present aitionyeof performaneayear, builng up to a minimum of 10 years of GIPS-compliant performance. 请问老师这句话什么意思？到底是五年还是十年？好晕

2021-07-24 15:43 1 · 回答

BentwooInstitutionAsset Management hbeen managing equity, fixeincome, anbalanceaccounts sin1986. The firm became GIPS-compliant on 1 January 2001 anpreparecomposite performanpresentations for the 1996-2000 perio Fixeincome performanwpoor prior to 2001, when a new teof managers wbrought on boar When Christopher Cooper joins Bentwoomarketing rector in June 2006, he suggests showing performanstarting with calenr 2001, the first yethperformanstarteto improve. He proposes to show composites with returns for the five calenr years 2001 through 2005. es this course of action comply with the GIPS stanr? The GIPS stanr require thleast five years of GIPS-compliant performanreporte(or for the periosinfirm’s inception or the composite inception te if the firm or the composite hbeen in existenless thfive years). After presenting a minimum of five years of GIPS-compliant performan(or for the periosinfirm’s inception or the composite inception te if the firm or composite hbeen in existenless thfive years), the firm must present aitionyeof performaneayear, builng up to a minimum of 10 years of GIPS-compliant performan(I.5.A.1a). BentwooInstitutionAsset Management coulnot op the years prior to 2001 the time Cooper suggests it so. In aition to violating a specific requirement, Cooper’s suggestion wnot in the spirit of fair representation anfull sclosure of performance. Technically, the firm will able op the early years of its composite presentation onit hestablishea 10-yeGIPS-compliant recor long it continues to show least the most recent 10 years. For instance, it will able to show just the 10 calenr years 2001-2010 after the composite returns for 2010 become available. However, it is recommenthBentwooshow its entire GIPS-compliant performanrecor(I.5.B.7). (See Sections 3.12 an3.13 of the reang.) 我记得好像是展示7年合规业绩即可？为何是十年呢？可否麻烦助教帮忙提供一下七年的规定是哪一条，谢谢！

2020-11-04 14:46 1 · 回答