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萝卜姐 · 2021年04月29日

A的all firm composite和B的total firm composite区别是?

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NO.PZ201603110100001603

问题如下:

3.Kingswood Manufacturing Company, a core-plus fixed-income client, informs Belltower in writing that, in the future, all security transactions must be approved in advance by Kingswood’s controller. The most likely consequence is that Belltower must prospectively exclude the Kingswood portfolio from:

选项:

A.

all composites.

B.

total firm assets.

C.

the core-plus fixed-income composite only.

解释:

A is correct.

The client’s prior approval authority for security transactions appears to render the portfolio non-discretionary. Provision I.3.A.1 states, in part, that "non-discretionary portfolios must not be included in a firm’s composites." B is incorrect because, in accordance with Provision I.0.A.13, total firm assets must include all discretionary and nondiscretionary assets managed by the firm. (See Sections 3.1 and 3.7 of the reading.)

感觉在文字上有理解误差,不太懂这两者的区别,让一个要算non-discretional一个不算

1 个答案

伯恩_品职助教 · 2021年05月02日

嗨,爱思考的PZer你好:


同学你好,A和B不是一个概念,total firm assets.包含all composites(只有discretionary portfolio才是composite,non-discretionary portfolio不是composite)和non-discretionary portfolio。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!