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S__ · 2022年04月07日

不是只能包括discretionary的吗？没明白都不能control了为啥还要包括？

  1. CFA III
  2. GIPS

NO.PZ2022010601000005

问题如下：

F manages the securities investment portfolio for company G. The cash held in the investment portfolio is invested by the existing custodian bank of Company G, that is, F does not control this cash investment. Does F have to include cash and cash equivalents in the calculation of portfolio returns?

选项：

A.

Yes

B.

No, the cash is not controlled by F

C.

No, F does not have discretion over the selection of the custodian

解释：

A is correct.

The GIPS standards state, “Returns from cash and cash equivalents must be included in all return calculations, even if the firm does not control the specific cash investment(s).”

没明白都不能control了为啥还要包括？

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1 个答案

伯恩_品职助教 · 2022年04月07日

嗨，努力学习的PZer你好：


现金不是组合，是组合中的投资一部分，只要组合整体归类是discretionary的，现金就不用管了，毕竟现金对投资的收益影响很小，但是这笔现金没有用来投资，只是放在那，但是会有活期收益，也要给客户的。所以要计算。

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