单选题

The Global Investment Performance Standards leastlikely require:

A、 nondiscretionary portfolios to be included in composites
B、 non-fee-paying portfolios to be excluded in the returns of appropriate composites
C、 composites to be defined according to similar investment objectives and/or strategies

【正确答案】 A

【答案解析】

Composites (Standard Ⅳ - Composites) must be defined according to similar investment objectives and/or strategies. Terminated portfolios must be included in the historical returns of appropriate composites, and only fee-paying portfolios are to be included in composites. Non-discrectionary portfolios must not be included in a firm's composites.