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页数:15页
时间:2020-04-05
《CFA一级ethicsGIPS全球投资业绩评价标准讲义.pdf》由会员上传分享,免费在线阅读,更多相关内容在工程资料-天天文库。
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
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