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wendysakura · 2020年03月01日

问一道题:NO.PZ2019011501000011 [ CFA III ]

问题如下:

A new client of Sigma Investment requires its domestic small-cap portfolio manager to report every transaction before execution. According to the GIPS standards, the domestic small-cap portfolio is mostly likely:

选项:

A.

included in the domestic small-cap composite

B.

included in the total firm assets.

C.

included in several composites in the firm, not only in the domestic small-cap composite.

解释:

B is correct.

考点:条款3.A.1和条款0.A.13

解析:

条款0.A.13: For periods beginning on or after 1 January 2011, total firm assets must be the aggregate fair value of all discretionary and non-discretionary assets managed by the firm. 自2011年1月1日起,公司的资产必须以公允价值计价。公司的资产包含自主支配的资产(discretionary assets)以及非自主支配的资产(non-discretionary assets)

条款3.A.1:non-discretionary portfolios must not be included in a firm’s composites. 对于公司不能自由支配的基金组合,禁止将其归入任何一个composite中。

由于新客户的domestic small-cap portfolio每次交易执行前都要求汇报,因此Sigma Investment没有自主支配权,不能将其归入任何一个composite中,但是非自主支配的资产仍属于firm assets。

汇报就说明是非自主支配吗?也可以汇报给基金经理的领导不是吗?
1 个答案

carolllll · 2020年03月02日

嗨,从没放弃的小努力你好:


同学你好,

这里是因为“report every transaction before execution”,意味着每次execute之前都需要汇报,这点说明Sigma Investment没有自主支配权。

希望对你有帮助~


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