NO.PZ201604030300004505
问题如下：
5. Are Khadri’s newsletter comments regarding returns consistent with CFA Institute Standards?
选项：
A.
Yes.
B.
No, because Khadri used an inappropriate benchmark.
C.
No, because Khadri did not disclose whether the performance results are before or after fees.
解释：
C is correct.
Khadri violates the Standard relating to Performance Presentation because he does not disclose whether the performance results are before or after fees. Standard III(D) requires that members make reasonable efforts to ensure that investment performance information is "fair, accurate, and complete." According to the guidance provided in the Standards of Practice Handbook, members should include disclosures that fully explain the performance results (for example, whether the performance is gross of fees, net of fees, or after tax).
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