Reading 37 overview of the global investment performance standards
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Reading 37 overview of the global investment performance standards
Question #1 of 103Which of the following portfolios is least likely to be included in a composite described as "U.S. Equity composite"? A portfolio:A) Reading 37 overview of the global investment performance standards ) of U.S. equities that may not diverge from the s&p 500 index performance by more than 100basis points per year.B) consisting mostly of U.S. equities that is already included in the same managers “Global Equity©composite".©C) of U.S. equities that must hold at least 20% in cash.©ExplanationA very l Reading 37 overview of the global investment performance standards imited tracking error is likely to remove the discretion from a portfolio, preventing it from being included in a composite. A portfolio may be in twoReading 37 overview of the global investment performance standards
composites provided it falls under both composite descriptions.Question #2 of 103A firm calculates income return, capital return and total return lorQuestion #1 of 103Which of the following portfolios is least likely to be included in a composite described as "U.S. Equity composite"? A portfolio:A) Reading 37 overview of the global investment performance standards l r eturn in each quarter, and the sum of the four quarterly income returns to equal the income return for the year?Annual SumYesNo©NoYes©YesYes©ExplanationFor each period, the total return must equal income return plus capital return. However, for the year, each component of return (I.e. income and Reading 37 overview of the global investment performance standards capital) may he calculated using chain-linked time-weighted rates of return. Hence the annual return will slightly exceed the sum of the quarterly reReading 37 overview of the global investment performance standards
turns.Question #3 of 103Which of the following statements best describes possible investment strategies of a firm's composites?A)Strategies should avoQuestion #1 of 103Which of the following portfolios is least likely to be included in a composite described as "U.S. Equity composite"? A portfolio:A) Reading 37 overview of the global investment performance standards ent portfolios falling under multiple composite descriptions.C) Strategies should be as fully defined as possible so that portfolios within the composites cioseiy o match each other.ExplanationStrategies may overlap, and portfolios may fall under two descriptions. Strategies should have a suitable n Reading 37 overview of the global investment performance standards umber of qualifiers (such as sector, style, benchmark or capitalization) - having too many qualifiers results in a large number of composites each conReading 37 overview of the global investment performance standards
taining too few portfolios; having too few qualifiers results in composites that are too broad.Question #4 of 103A firm does not disclose the valuatioQuestion #1 of 103Which of the following portfolios is least likely to be included in a composite described as "U.S. Equity composite"? A portfolio:A) Reading 37 overview of the global investment performance standards not be determined through objective and observable pricing for similar investments in active markets, which of the following should be the ■ next source" of a valuation estimate, in accordance with CFA Institute GIPS recommendations?A)Subjective, unobservable inputs.ỠB)Quoted pricing for similar and Reading 37 overview of the global investment performance standards /or identical assets in markets that are not active.©Question #1 of 103Which of the following portfolios is least likely to be included in a composite described as "U.S. Equity composite"? A portfolio:A)Question #1 of 103Which of the following portfolios is least likely to be included in a composite described as "U.S. Equity composite"? A portfolio:A)Gọi ngay
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