NO.PZ2022010501000012
问题如下：
Southwest Capital Advisors LLC manages a fixed-income composite in accordance with an enhanced indexing strategy that 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, because of 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.
The portfolio’s historical performance must remain with the original composite. Portfolios must not be switched from one composite to another unless either documented changes to a portfolio’s investment mandate, objective, or strategy or the redefinition of the composite make it appropriate.
投资组合的历史表现必须与原始组合保持一致。 投资组合不得从一种composite转换为另一种composite，除非对组合的投资授权、目标或策略进行了记录在案的更改，或者composite的重新定义使其适当。
老师：是不是可以这样理解：当portfolio移到了新的composite里了，它的历史业绩保留在原composite里。但是document change 和 redefine 的portfolio的历史业绩要从原来的composite移出来，放在新的composite？
