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金融民工阿聪 · 2022年02月19日

拓展问题

NO.PZ2016040301000034

问题如下:

ABC Investment Management acquires a new, very large account with two concentrated positions. The firm’s current policy is to add new accounts for the purpose of performance calculation after the first full month of management. Cupp is responsible for calculating the firm’s performance returns. Before the end of the initial month, Cupp notices that one of the significant holdings of the new accounts is acquired by another company, causing the value of the investment to double. Because of this holding, Cupp decides to account for the new portfolio as of the date of transfer, thereby allowing ABC Investment to reap the positive impact of that month’s portfolio return.

选项:

A.

Cupp did not violate the Code and Standards because the GIPS standards allow composites to be updated on the date of large external cash flows.

B.

Cupp did not violate the Code and Standards because companies are allowed to determine when to incorporate new accounts into their composite calculation.

C.

Cupp violated the Code and Standards because the inclusion of the new account produces an inaccurate calculation of the monthly results according to the firm’s stated policies.

解释:

C is correct.

Answer Cupp violated Standard III(D) –Performance Presentations when he deviated from the firm’s stated policies solely to capture the gain from the holding being acquired. Answer A is incorrect because the firm does not claim GIPS compliance and the GIPS standards require external cash flows to be treated in a consistent manner with the firm’s documented policies. Answer B is incorrect because the firm does not state that it is updating its composite policies. If such a change were to occur, all cash flows for the month would have to be reviewed to ensure their consistent treatment under the new policy.

1.如果公司没有相关政策要求说必须管理一个月才算进去。直接政策就规定说transfer当日就可以把后续业绩算进去,那么这时候他违反了吗?

2.GIPS的具体内容是什么,如果公司遵循了这个GIPS的同时,公司政策是规定说transfer当日就可以把后续业绩算进去,那么这时候他违反了吗?

3 个答案

伯恩_品职助教 · 2024年08月15日

嗨,努力学习的PZer你好:


人呢——回答过了啊

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加油吧,让我们一起遇见更好的自己!

伯恩_品职助教 · 2022年02月22日

嗨,爱思考的PZer你好:


1.如果公司没有相关政策要求说必须管理一个月才算进去。直接政策就规定说transfer当日就可以把后续业绩算进去,那么这时候他违反了吗?——不违反

2.GIPS的具体内容是什么,如果公司遵循了这个GIPS的同时,公司政策是规定说transfer当日就可以把后续业绩算进去,那么这时候他违反了吗?——不违反,这里GIPS就是说“GIPS 标准要求以与公司记录在案的政策一致的方式处理外部现金流。”,那既然和公司要求的一致,就按照规定来就行

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

王暄_品职助教 · 2022年02月20日

同学你好,我们有专门GIPS的标签,关于GIPS的问题,请下次选择GIPS标签

我这里会帮你转给GIPS相关负责人。

地滴滴道道道 · 2024年08月15日

人呢

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2020-05-21 18:12 1 · 回答

啥叫一个账户被另一个公司收购了?账户被收购啥意思?而且为什么会出现一个账户同时被两个公司计算业绩

2019-04-02 17:43 1 · 回答

    我看了之前的,如下ABC公司新收购了两个账户,公司现在的政策是加入新账户之后,要运营满一个月才能进行业绩计算。C负责计算这个公司的业绩。在第一个月结束前,C意识到其中一个新账户也被另外一个公司收购了,导致这个投资会双重计算。C决定还是把这个新账户加入到ABC公司的组合业绩计算当中,这会对公司的业绩计算产生正的影响。C意识到其中一个新账户也被另外一个公司收购了,导致这个投资会双重计算。这句话是什么意思啊

2019-03-28 21:44 1 · 回答

    请问 acquires a new,very large account with two concentratepositions 是什么意思?

2019-03-07 08:53 1 · 回答