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dognmnm · 2023年04月16日

放入业绩要即时

NO.PZ2022010501000010

问题如下:

A charitable foundation transfers securities in kind to Taurus Asset Management Ltd. to fund a new bank loan portfolio. Taurus estimates that after liquidating the transferred securities, it will take five months to invest the foundation’s assets in bank loans. Which statement best describes a requirement of the GIPS standards? Taurus must include the foundation’s portfolio in the appropriate composite:

选项:

A.

on a timely and consistent basis.

B.

when the assets are substantially invested.

C.

as of the beginning of the next full measurement period.

解释:

A is correct.

The GIPS standards state, “Composites must include new portfolios on a timely and consistent basis after each portfolio comes under management.” In this case, it is expected to take an extended period to invest the new client’s assets in accordance with the composite strategy. Assuming Taurus complies with the GIPS standards, its documented policy would provide for the inclusion of new bank loan portfolios in the composite on a timely basis. For example, Taurus’s policy may require new portfolios to be included in the composite as of the first full measurement period that the assets are fully invested. Taurus must apply its policy consistently.

GIPS 标准规定,“在管理每个组合后,Composites 必须及时且一致地包括新组合。”在这种情况下,根据composite策略,预计需要较长时间来投资新客户的资产。假设 Taurus 符合 GIPS 标准,其书面政策将规定及时将新的银行贷款组合纳入Composites 。例如,Taurus 的政策可能要求从资产被完全投资的第一个完整计量期开始,将新的投资组合包括在Composite中。

这边老师讲义有提到业绩的放入要即时, 同时也有讲到新的业绩加入时, 要在下个完整业绩计算周期才放入composite, 这边有点疑惑, a和c这两个如何去做区分比较好?

1 个答案

伯恩_品职助教 · 2023年04月17日

嗨,爱思考的PZer你好:


同学你好,很多人在这里有误区。这两句话不是对立。C是对A选项的进一步的具体解释。可以看到讲义里,new portfolios should be included as of the beginning of the next full performance measurement period 是对timely and consistent basis 的解释。但是如果选项里同时出现这两个,这两个都是对的,但是C太细节了,而A是总纲领。所以要选A

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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