NO.PZ202301190100003102
问题如下：
Is WCM most likely compliant with GIPS standards required for composite construction as disclosed in Note 2?选项：
A.Yes. B.No, because of how the large-cap model portfolio is treated. C.No, because of how non-discretionary portfolios are treated.解释：
SolutionA is correct. The composite consists of all actual fee-paying portfolios that are managed on a discretionary basis. It is therefore in compliance with GIPS standards.
B is incorrect because WCM does comply with GIPS standards with respect to non-discretionary portfolios since their performance results are not included in any composite.
C is incorrect because WCM does comply with GIPS standards with respect to its utilization of the model portfolio since its performance results are not included in any composite.
选项c以及对应的文中“WCM does not include in any composite its large-cap model portfolio, which is used during the investment selection process.”这句话怎么理解。
具体是哪个知识点呢？
