Gross-of-fees returns are presented before investment management fees and custodial fees but
after trading expenses. All clients pay an investment management flat fee of 75 basis points on the
month-end account value plus a 10-basis-point performance fee whenever the composite return
exceeds the benchmark return by 100 basis points.
Q:With respect to gross-of-fees returns, Note 4 is least likely compliant with GIPS required
standards in its treatment of:
A. custodial fees.
B. performance fees.
C. trading expenses.
为何这题选的是A，貌似没错啊
