NO.PZ2022010501000009
问题如下：
In March 2016, Tan/Lim Asset Management, a GIPS-compliant firm, introduced a new technical analysis model that management believed would be a powerful tool in tactical asset allocation. After extensive backtesting, Tan/Lim began to use the model to manage actual “live” portfolios in June 2016, and managers constructed a composite composed of actual, fee-paying, discretionary portfolios managed in accordance with the model. In 2019, after three very successful years of managing client funds in this way, management decided that because the actual performance of live portfolios validated the model’s performance, the firm should present the simulated performance of the model through the backtesting period to prospective clients. Tan/Lim proceeded to link the backtested returns to the actual performance of the composite and to present 3-, 5-and 10-year performance as a continuous record in GIPS Reports. Does this practice comply with the GIPS standards?
选项：
解释：
No, Tan/Lim may not claim compliance with the GIPS standards if model performance is linked to actual performance. The GIPS standards state that composites must include only actual assets under management within the defined firm, and they expressly prohibit linking the performance of simulated or model portfolios with actual performance.
GIPS 标准规定，组合必须仅包括所定义公司内管理的实际资产，并且明确禁止将模拟或模型投资组合的表现与实际表现联系起来。
This practice doesn't comply with the GIPS standards. Based on the requirement of GIPS, we can't link the simulated performance of the model through the backtesting period to the actual performance of the composite.We can only present the actual performance to the public.
