如果想用simulated performance是不是必须disclose

问题如下：

In June 2017, TG Asset Management, which complies with the GIPS standard, introduced a new quantitative analysis model, which management believes can help tactical asset allocation. After extensive back-testing, TG began to use the model to manage the actual investment portfolio in September 2017, constructing a composite composed of actual, fee-paying, discretionary portfolios managed in accordance with the model. In 2020, after three years of successful management of customer funds in this way, the return on investment has been satisfactory. Therefore, the management decided to display this model for marketing purposes. Since the actual operation of the model has only three The year is not convincing enough, and the management intends to show the simulated performance of the model through the backtesting period. Therefore, TG linked the return of the backtested returns to the actual performance of the composite , and presented the 3-year, 5-year, and 10-year performance as a continuous record in GIPS reports. Does this practice comply with the GIPS standards?

选项：

解释：

No, The GIPS standards state that composites must include only actual assets under management within the defined firm, and they expressly prohibit linking the performance of simulated or model portfolios with actual performance.

GIPS 标准规定，组合必须仅包括所定义公司内管理的实际资产，并且明确禁止将模拟或模型投资组合的表现与实际表现联系起来。