《15level_iii_mock_exam-2016-2016-GIPS》.pdf

LEVEL3 CFA Mock 分科手册 GIPS 联系我们：86-10 Questions 55 through 60 relate to GIPS. Redlands Case Scenario Redlands Asset Management (RAM) is an active equity manager specializing in the Asian Pacific region. The firm was founded by Carol Schroeder, CFA at the beginning of 2006, with several members of her family serving as the firm’s first clients providing the initial managed assets for the firm. Schroeder has compiled the information in Exhibit 1 and plans to use it to market RAM to institutional investors. Exhibit 1 Redlands Asset Management GIPS Compliant Performance Asia-Pacific Composite. (1/Jan/2006 thru 31/Dec/2008) Year 2006 2007 2008 Return Gross of Fees 44.8% 66.9% 80.7% Benchmark Return 43.1% 60.2% 85.6% # of Portfolios 5 15 33 Composite Dispersion 6.7% 5.1% Period Ending Total 350 760 1,630 Assets ($ millions) % of Firm Assets 14% 25% 52% Notes: 1. Performance results are presented gross-of fee so that they represent the return on assets reduced by any trading expenses incurred during the period. 2. The Asia-Pacific composite includes two non-fee-paying accounts of the Schroeder family. 3. A complete list and description of composites and their strategies, including any that have been discontinued within the last five years, is available upon request. 4. Portfolio valuati