问题一：2018 Mock PM Katherine‘s Case
关于case的Notes 1-10部分：
老师上课讲了 Note 1、Note 2、Note6、Note7、Note9是required的部分。
那请问剩下的3、4、5、8、10分别是required的部分，还是recommended部分？
问题二：2019 Mock PM Wryte‘s Case
关于Notes 1-5部分：
Note 1、Note2、Note3、Note4、Note5 分别是required的部分，还是recommended部分？
问题三：2017 Mock AM Anton‘s Case
关于Notes 1-7部分：
Note 1、Note2、Note3、Note4、Note5 、Note5、Note6、Note7分别是required的部分，还是recommended部分？
问题四：上面这个case（2017 Mock AM Anton‘s Case）Q56
Policy 2 中，Large- 和mid-cap equity 的“10%”，以及Small-cap 和 fixed income 的“5% threshold”，是不是指定义large cash flow？在计算time weighted return时，large cash flow前后各算一个return？
问题五：2016 Mock Arcadia's Case
答案里面有说，Note 1和Note7 是 required，Note2是recommended，
关于Notes 1-8剩下的部分：
Note3、Note4、Note5 、Note5、Note6、Note8分别是required的部分，还是recommended部分？
1. Arcadia is an investment firm affiliated with a major global bank and founded in April 2001. The
firm manages portfolios in various equity, fixed-income, and real estate strategies.
2. Arcadia has a number of affiliates owned by the parent company; a schedule is provided
separately.
3. The composite has an inception date of 31 December 2007. A complete list and description of
firm composites is available on request.
4. The composite includes all fee-paying, discretionary, nontaxable portfolios that follow a smallcap strategy. The composite does not include any non-fee-paying portfolios.
5. 1Q13 data are not annualized.
6. Valuations are computed and performance reported in U.S. dollars.
7. Internal dispersion is calculated by using the equal-weighted standard deviation of all portfolios
that are included in the composite for the entire year.
8. Gross-of-fees performance returns are presented before management and custodial fees but
after all trading expenses. The management fee schedule is as follows: 1.00% on first US$25
million; 0.60% thereafter. Net-of-fees performance returns are calculated by deducting the
management fee of 0.25% from the quarterly gross composite return.
问题六：上面这个case（2016 Mock Arcadia's Case）Q40
为什么Portfolio A是遵守GIPS的？
IPS规定不能投资“武器、酒、烟”，这些股票在benchmart里的占比为5%，为什么portfolio manager 还说可以执行strategy? 是因为tactical asset allocation吗（老师上课，好像说GIPS不考虑tactical asset allocation。）
