如题

问题如下：

In a firm adhering to the GIPS standards and overseeing both discretionary and nondiscretionary client accounts, Juma Dzuya integrates all fee-paying, discretionary accounts employing diverse strategies (value and growth) into a unified composite. Is this composite formation in line with GIPS requirements?

选项：

A.Affirmative. B.Negative, due to the inclusion of contrasting investment styles. C.Negative, owing to the exclusion of nondiscretionary accounts.

解释：

Option B is correct. According to GIPS guidelines, a composite should consist solely of portfolios that follow a consistent investment strategy or mandate. By combining accounts with distinct strategies like value and growth, the composite does not adhere to GIPS standards of uniformity in investment approach.