I am confident that employing the model will yield better performance results in the future;

问题如下：

A. J. Vinken, CFA, manages the Stonebridge Fund at Silk Road Capital Management. He develops a growth-stock selection model which produces highly favorable simulated performance results. He would like to employ the model in managing the Stonebridge Fund, a large-capitalization equity fund. He drafts a letter for distribution to all shareholders. In it, he discusses in detail his approach to equity selection using the model. He includes both the actual and simulated performance results of the Stonebridge Fund for the past three years as seen in Exhibit 1:

Exhibit 1. Stonebridge Fund Annual Returns

Vinken writes, "Using the proprietary selection model for the past three years, the Stonebridge Fund would have earned an average annual return of almost 300 basis points in excess of the fund’s actual return. Based on these simulated results, I am confident that employing the model will yield better performance results in the future; however, Silk Road Capital Management can make no statement of assurances or guarantee regarding future investment returns."

D.S. Khadri, CFA, is also a portfolio manager at Silk Road. She recently assumed management of the small-cap Westlake Fund from Vinken.

Khadri implements an electronic record-retention policy when she becomes the Westlake manager. In accordance with her policy, all records for the fund, including investment analyses, transactions, and investment-related communications with clients and prospective clients, are scanned and electronically stored. Vinken maintained the same records in hard-copy format for the five years that he managed the Westlake Fund. Khadri has begun the process of scanning all of the past records of the Westlake Fund; however, Vinken complains that Khadri is wasting company resources by scanning old records. Vinken insists that he will continue to maintain only hard-copy records for the Stonebridge Fund for the five years required by regulators.

Khadri writes a performance review of the Westlake Fund for its quarterly newsletter. She reports that Silk Road Capital Management is moving toward compliance with the Global Investment Performance Standards (GIPS). She states, "The Westlake Fund is already partially GIPS compliant. We expect to be fully compliant with the GIPS standards within the next 12 months."

In the quarterly newsletter, Khadri makes the following statements:

Khadri also reports:

"The quarterly return of the Westlake Fund was 4.07%. The quarterly return exceeded the performance of its benchmark, the Russell 2000 Index by .16%. Investors should not expect this type of performance to continue into the foreseeable future.*

* Additional detailed information available upon request."

After the quarterly newsletter is distributed, a client contacts Khadri claiming that the Westlake Fund actually underperformed the benchmark during the quarter. After researching the issue, Khadri confirms that the client is correct and sends him a letter in which she provides the corrected results. In her letter to the client, she blames the discrepancy—which was the result of a human typographical error—on a computer programming error.

1. In his letter regarding the stock-selection model, does Vinken violate any CFA Institute Standards of Professional Conduct?

选项：

No.

Yes, because he uses simulated performance results.

Yes, because he claims that the new model will yield better performance results.

解释：

A is correct.

Vinken does not violate any CFA Standards of Professional Conduct in his letter. In accordance with Standard III(D) —Performance Presentation, he presents fair, accurate, and complete information when he identifies actual and simulated performance results. Also in accordance with the Standard, he does not guarantee superior future investment returns. In accordance with Standard V(B) —Communication with Clients and Prospective Clients, Vinken describes to his clients and prospective clients the process and logic of the new investment model. By providing the basic details of the model, Vinken provides his clients the basis for understanding the limitations or inherent risks of the investment strategy.