CFA一级ethicsGIPS全球投资业绩评价标准讲义.pdf

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1、GIPS:LearningOutcomes•WhyGIPScreated?•WhatpartiestheGIPSapplytoandwhoisserved?•KeyCharacteristics•FundamentalofCompliance•ConstructionofComposite•FirmDefinition•presentationandreporting•GIPSvs.LocalRegulations•EightMajorSectionsoftheGIPS•Verification1WhyGIPScreated?•GIPSisasetofethicalpri

2、nciplesbasedonastandardized,industry‐wideapproach.InvestmentfirmscanvoluntarilyfollowGIPSintheirpresentationofhistoricalinvestmentresultstoprospectiveclients.GIPSseektoavoidmisrepresentationsofperformance.Misleadingpracticesincluded:•Representativeaccounts—showingatop‐performingportfolioa

3、srepresentativeoffirm’sresults.•Survivorshipbias—excluding"weakperformance"accountsthathavebeenterminated.•Varyingtimeperiods—showingperformanceforselectedtimeperiodswithoutstandingreturns.2Whoisaffected?Whocanclaimcompliance?•InvestmentManagementFirmsintendtoserveexistingandprospectivecl

4、ients.Whobenefitsfromcompliance?•Investmentmanagementfirm‐‐‐‐‐‐Allowclientstocompareinvestmentperformanceamonginvestmentfirmsmoreeasilyandhavemoreconfidence.•Clientsandprospectiveclients‐‐‐‐getmorefairlyandcompleteinformation.3KeyCharacteristics•Toclaimcompliance,aninvestmentmanagementfir

5、mmustdefineits“firm,”andthisdefinitionshouldreflectthe“distinctbusinessentity”thatisheldouttoclientsandprospectsastheinvestmentfirm.•GIPSareethicalstandardsforperformancepresentationwhichensurefairrepresentationofresultsandfulldisclosure.•Includeallactualfee‐paying,discretionaryportfolios

6、incompositesforaminimumoffiveyearsorsincefirmorcompositeinception.Afterpresentingfiveyearsofcompliantdata,thefirmmustaddannualperformanceeachyeargoingforwarduptoaminimumoftenyears.4KeyCharacteristics•Therewillbenopartialcomplianceandonlyfullcompliancecanbeclaimed.•Forcasesinwhichalocalorc

7、ountry‐specificlaworregulationconflictswithGIPS,followthelocallaw,butdisclosetheconflict.•Certain"recommendations"maybecome"requirements"inthefuture.•Supplemental"privateequity"and"realestate"provisions,containedintheGIPSstandards,aretobeappliedtothoseassetclasses.5