问题如下：
1. Tidewater’s performance presentation for the large cap US value composite fails to comply with the GIPS standards because it does not present:
选项：
A. cumulative composite and benchmark returns.
B. the percentage of the total firm
assets represented by the composite.
C. the percentage of composite assets
represented by non-fee-paying portfolios.
解释：
The composite description indicates that the composite contains both fee-paying and non-fee-paying portfolios. GIPS Provision I.5.A.6 states, "If a composite includes non-fee-paying portfolios, the firm must present the percentage of composite assets represented by non-fee-paying portfolios as of each annual period end." A is incorrect because the Standards recommend but do not require that firms present cumulative returns for all periods. B is incorrect because the Standards permit firms to present either the percentage of the total firm assets represented by the composite or the amount of total firm assets at the end of each annual period. (See Sections 3.12 and 3.13 of the reading.)
想问一下a选项，对于cumulative return和annual return都是推荐披露吗？必须披露composite月度return是这样吗？