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王昕彤 · 2024年03月19日

如题

  1. CFA III
  2. GIPS

NO.PZ2022010501000018

问题如下：

Macondo Institutional Asset Management has been managing equity, fixed-income, and balanced accounts since 2007. The firm became GIPS-compliant on 1 January 2012 and has prepared GIPS Composite Reports using time- weighted returns for the 2007–2019 period. Fixed-income performance was poor prior to 2015, when a new team of managers was brought on board. When Jorge Garcia joins Macondo as marketing director in June 2020, he suggests showing performance starting with calendar 2015, the first year that performance started to improve. He proposes to show composites with returns for the five calendar years 2015 through 2019. Does this course of action comply with the GIPS standards?

选项：

解释：

The GIPS standards require that when a firm initially claims compliance with the GIPS standards, it must present at least five years of GIPS-compliant performance (or for the period since the composite inception date if the composite has been in existence less than five years). After presenting a minimum of five years of GIPS-compliant performance (or for the period since the composite inception date if the composite has been in existence less than five years), the firm must present an additional year of performance each year, building up to a minimum of 10 years of GIPS-compliant performance. In 2020, Macondo must present performance from 2010 through 2019. Macondo Institutional Asset Management thus cannot drop the years prior to 2015 at the time Garcia suggests it do so. In addition to violating a specific requirement, Garcia’s suggestion was not in the spirit of fair representation and full disclosure of performance. The firm may eliminate returns from more than 10 years ago from its GIPS Report, as long as it continues to show at least the most recent 10 years. It is recommended, however, that Macondo show its entire GIPS-compliant performance record.

GIPS 标准要求，当一家公司最初声称符合 GIPS 标准时，它必须提供至少五年的 GIPS 合规绩效（或者如果composite的存在时间少于五年，则在composite开始日期后的这段时间内）。在展示了至少五年的 GIPS 合规业绩（或自composite成立之日起的期间，如果composite成立不到五年），公司必须每年提供额外一年的业绩，累积到至少 10 年才符合 GIPS 标准的。因此在 2020 年，Macondo 必须展示 2010 年到 2019 年的业绩。Macondo 机构资产管理公司不能按照 Garcia 的建议不展示2015 年之前的年份业绩。除了违反特定要求外，Garcia的建议不符合公平代表和全面披露业绩的精神。该公司可以从其 GIPS 报告中剔除 10 多年前的回报，只要它至少继续显示最近 10 年。但是，建议 Macondo 显示其完整符合 GIPS 标准的业绩记录。。

所以到底是5年还是10年符合规定呢，有点不太理解GIPS所说的关于这条的规定，请老师详细解答一下

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1 个答案

伯恩_品职助教 · 2024年03月20日

嗨，从没放弃的小努力你好：


同学，这个意思是什么呢，打个比方2021年我现在宣称我遵守GIPS了（公司成立在比如2008年吧，哪年不重要，只要是在宣称遵守GIPS的5年前成立的就行），先要出示前5年的业绩（就是要出示从2017年到现在的），然后每一年都要增加今年的业绩。这样2022年初的时候就是6年了，2023年初就是7年了。一直到2027年初的时候，刚好是10年，但是在2028年怎么办呢？2017的业绩就可以不用要了，只保留2018年到2017年的就可以。就是展示至少10年的业绩。刚宣传的时候只要出示之前5年的就行，然后每年增加，直到保持10年的业绩就可以了。这样理解了吗？

如果是2020年成立的公司，2021年宣称遵守GIPS，那么公司都没有5年的历史，当然也拿不出5年的历史业绩，那就有多少年就拿多少年的历史业绩。

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NO.PZ2022010501000018 问题如下 Macon InstitutionAsset Management hbeen managing equity, fixeincome, anbalanceaccounts sin2007. The firm became GIPS-compliant on 1 January 2012 anhprepareGIPS Composite Reports using time- weightereturns for the 2007–2019 perio Fixeincome performanwpoor prior to 2015, when a new teof managers wbrought on boar When Jorge Garcia joins Macon marketing rector in June 2020, he suggests showing performanstarting with calenr 2015, the first yethperformanstarteto improve. He proposes to show composites with returns for the five calenr years 2015 through 2019. es this course of action comply with the GIPS stanr? The GIPS stanr require thwhen a firm initially claims complianwith the GIPS stanr, it must present least five years of GIPS-compliant performan(or for the periosinthe composite inception te if the composite hbeen in existenless thfive years). After presenting a minimum of five years of GIPS-compliant performan(or for the periosinthe composite inception te if the composite hbeen in existenless thfive years), the firm must present aitionyeof performaneayear, builng up to a minimum of 10 years of GIPS-compliant performance. In 2020, Macon must present performanfrom 2010 through 2019. Macon InstitutionAsset Management thus cannot op the years prior to 2015 the time Garcia suggests it so. In aition to violating a specific requirement, Garcia’s suggestion wnot in the spirit of fair representation anfull sclosure of performance. The firm meliminate returns from more th10 years ago from its GIPS Report, long it continues to show least the most recent 10 years. It is recommen however, thMacon show its entire GIPS-compliant performanrecor GIPS 标准要求，当一家公司最初声称符合 GIPS 标准时，它必须提供至少五年的 GIPS 合规绩效（或者如果composite的存在时间少于五年，则在composite开始日期后的这段时间内）。在展示了至少五年的 GIPS 合规业绩（或自composite成立之日起的期间，如果composite成立不到五年），公司必须每年提供额外一年的业绩，累积到至少 10 年才符合 GIPS 标准的。因此在 2020 年，Macon 必须展示 2010 年到 2019 年的业绩。Macon 机构资产管理公司不能按照 Garcia 的建议不展示2015 年之前的年份业绩。除了违反特定要求外，Garcia的建议不符合公平代表和全面披露业绩的精神。该公司可以从其 GIPS 报告中剔除 10 多年前的回报，只要它至少继续显示最近 10 年。但是，建议 Macon 显示其完整符合 GIPS 标准的业绩记录。。 有least5年了 所以也算是符合？

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