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July77 · 2021年04月28日

问一道题:NO.PZ201603110100003201 [ CFA III ]

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问题如下:

Amelia Gordon, the head of compliance at Herrschaft Asset Management Corporation, is examining an advertisement that promotes the firm’s fundamental value strategy. The advertisement is shown in Exhibit 1.

Exihibit 1. "Herrschaff. Master the market"

· Herrschaft Asset Management Corporation meets all applicable requirements of the Global Investment Performance Standards (GIPS®).

· Herrschaft Asset Management Corporation is a registered investment advisory firm offering a full suite of equity and fixed-income products for individuals and institutions.

· The Fundamental Value Composite contains all discretionary portfolios that are invested in accordance with Herrschaft’s proprietary fundamental value strategy.

· Portfolios in the Fundamental Value Composite may include futures solely to equitize portfolio cash during inflows and outflows. Futures are not used to add leverage to the portfolio.

· To receive a complete list and description of Herrschaft Asset Management Corporation’s composites, contact Jules Arnauld at (212) 555-0000 or write Herrschaft Asset Management Corporation, 1250 15th Avenue, New York, NY or jarnauld@herrschaftam.com


1.Which of the following statements is most accurate? Herrschaft’s advertisement does not meet the requirements of the GIPSAdvertising Guidelines because it fails to disclose:

选项:

A.

a description of the benchmark.

B.

the benchmark construction rules.

C.

how often the benchmark is rebalanced.

解释:

A is correct.

GIPS Provision III.B.8 states, "All advertisements that include a claim of compliance with the GIPS standards by following the GIPS Advertising Guidelines must disclose the following: The benchmark description." (See Section 5 of the reading.)

广告只需披露benchmark description吗?什么时候需要披露具体component呢?
1 个答案

韩韩_品职助教 · 2021年04月29日

嗨,爱思考的PZer你好:


同学你好,GIPS广告要包含以下内容:

可以看到,关于Benchmark,需要披露,benchmark的收益,descriptiion, 如果没有benchmark的话,需要解释为什么。

关于component,是在前面0-5的业绩披露要求里面,在广告中的要求比较简单。


1. The definition of the firm.

2. How a prospective client can obtain a compliant presentation and/or the firm’s list of composite descriptions.

3. The GIPS compliance statement for advertisements:

4. The composite description.

5. Composite total returns according to one of the following: (Note: Returns for periods of less than one year MUST NOT be annualized)

6. Performance is gross and/or net of fees.

7. Total return for Benchmark.

8. Benchmark description.

9. If no benchmark, why

10. The currency for performance.

11. The presence, use and extent of leverage, derivatives and short positions.

12. Period of noncompliant performance before 2000.

13. Laws and/or regulations conflict with GIPS

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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