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daiqiedison · 2019年05月24日

问一道题:NO.PZ201604030300004906 第6小题

* 问题详情,请 查看题干

问题如下图:

    

选项:

A.

B.

C.

解释:


题目不是说了quarterly了吗?怎么还选B?C难道还是对的吗?不是说要用公允价值或者可接受的估值模型吗?自己搞个估值模型都可以?

2 个答案

发亮_品职助教 · 2019年05月26日

GIPS是标准化的计算收益,目的是统一核算口径。

AMC包括道德Ethics,是准则最低要求,只设下线,不设统一口径。在AMC这里,Performance Evaluation最低要求是At least evaluate quarterly。

所以有可能出现Evaluate monthly。所以AMC和GIPS有可能出现不一样的情况,但并不矛盾,GIPS只是更细致统一口径。

不过这道题和上面的回复都没有说到Monthly的情况,这道题错就错在他说Lock-up period是Semiannual评估一次,应该至少一季度评估一次。

发亮_品职助教 · 2019年05月25日

题干说Alternative assets fund是否遵守AMC,关于Alternative assets fund定位到题干这段:

The following week, Campanelli meets with Lee Bruno, manager of the firm’s alternative assets fund. Bruno informs Campanelli, “The fund has a three-year lock-up period. We disclosed to all the prospective clients in writing before they invested that this is a long-term investment and that they
should not focus on short-term performance results. During the lock-up period, we provide semiannual reporting. After the lock-up, we report quarterly.”

最后一句他说在封闭期内,是每半年报告一次,而封闭期结束后是每季度。

所以这点违反,即便在封闭期内,也应该是每季度发一次。


“C难道还是对的吗?不是说要用公允价值或者可接受的估值模型吗?自己搞个估值模型都可以?”

可以用Internal model。但是必须要明确的告诉客户Portfolio value:是基于市场价值、还是基于第三方估值、还是基于内部模型。

题干这里说的比较明确,有市场价值优先用市场价值、没有才有Dealer报价、再没有才用Internal model:

daiqiedison · 2019年05月25日

AMC业绩是季度评估一次,什么时候是月度评估一次啊?我搞混了。GIPS和AMC的规定好像不一样。

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