NO.PZ201603110100003204
问题如下：
Amelia Gordon, the head of compliance at Herrschaft Asset Management Corporation, is examining an advertisement that promotes the firm’s fundamental value strategy. The advertisement is shown in Exhibit 1.
Exihibit 1. "Herrschaff. Master the market"
· Herrschaft Asset Management Corporation meets all applicable requirements of the Global Investment Performance Standards (GIPS®).
· Herrschaft Asset Management Corporation is a registered investment advisory firm offering a full suite of equity and fixed-income products for individuals and institutions.
· The Fundamental Value Composite contains all discretionary portfolios that are invested in accordance with Herrschaft’s proprietary fundamental value strategy.
· Portfolios in the Fundamental Value Composite may include futures solely to equitize portfolio cash during inflows and outflows. Futures are not used to add leverage to the portfolio.
· To receive a complete list and description of Herrschaft Asset Management Corporation’s composites, contact Jules Arnauld at (212) 555-0000 or write Herrschaft Asset Management Corporation, 1250 15th Avenue, New York, NY or jarnauld@herrschaftam.com
4. Which of the following statements is most accurate? Herrschaft’s advertisement does not satisfy an applicable requirement of the GIPS Advertising Guidelines because it fails to include all salient features in its description of the:
选项：
A. firm.
B. composite strategy.
C. extent and use of leverage and derivatives.
解释：
B is correct.
Herrschaft’s description of the composite strategy is uninformative. It would most likely be possible for Herrschaft to provide a more satisfactory description without revealing its trade secrets. A is incorrect because the description of the firm is adequate. C is incorrect because Herrschaft states that derivatives are used solely for the purpose of efficient management of cash flows. GIPS Provision III.B.11 states, "All advertisements that include a claim of compliance with the GIPS standards by following the GIPS Advertising Guidelines must disclose the following: 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". Consequently, a description of the use and extent of leverage or derivatives is not required in this case. (See Sections 3.11 and 5 of the reading.)
可以具体再讲下广告关于leverage的披露吗