12. Lee Chu, a CFA candidate, develops a new quantitative security selection model exclusively through back-testing on the Chinese equity market. Chu is asked to review marketing materials that include
an overview of the conceptual framework for his model, provide back-tested performance results,
and list the top holdings. Chu directs the marketing group to remove the description of his model
because of concerns that competitors may attempt to replicate his investment philosophy. He also
instructs the marketing group to remove the list of the top holdings because it shows that the top
holding represents 30% of the back-tested model. Which of the following actions is least likely to
result in a violation of the Code and Standards? Chu's:
A. failure to disclose that the top holding represents such a large allocation in the model
B. failure to adequately describe the investment process to prospective clients
C. use of back-tested results in communication with prospective clients
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