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wendysakura · 2020年09月29日

问一道题:NO.PZ2016031101000015

问题如下:

Southwest Capital Advisors LLC manages a fixed-income composite in accordance with an enhanced indexing strategy which makes strategic use of high-yield and emerging market bonds in addition to investment grade bonds issued in developed markets. The Merrimack Company, a family office, has a portfolio that is included in the firm’s fixed-income enhanced indexing composite. Merrimack informs Southwest in writing that, due to changes in its investment policy, the portfolio can no longer hold high-yield or emerging market bonds. In accordance with the GIPS standards, Southwest decides to switch the Merrimack portfolio to another composite. The historical performance of the portfolio must be:

选项:

A.

reflected in both composites.

B.

switched to the new composite.

C.

retained in the enhanced indexing composite.

解释:

C is correct.

Provision I.3.A.7 states, "Portfolios must not be switched from one composite to another unless documented changes to a portfolio’s investment mandate, objective, or strategy or the redefinition of the composite makes it appropriate. The historical performance of the portfolio must remain with the original composite." (See Section 3.9 of the reading.)

请问这道题目的答案说除非“unless documented changes to a portfolio’s investment mandate, objective, or strategy ”,除非以上发生才可以switch到其他的composite中,同时题目中提到investment policy已经改变了,那不就可以switch了吗?否则考试的时候如何判断,真的发生了investment mandate的改变了呢。谢谢

1 个答案

韩韩_品职助教 · 2020年09月30日

嗨,爱思考的PZer你好:


同学你好,题目这里问的是: The historical performance of the portfolio must be: 历史业绩应该怎么处理,放在哪儿。portfolio可以变化变更到新的composite当中,但是变化之后,之前的业绩是需要留在原来的composite当中的,不能带入到新的composite当中。


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虽然现在很辛苦,但努力过的感觉真的很好,加油!