57. Is WCM most likely compliant with GIPS required standards for composite construction as
disclosed in Note 2?
A. Yes
B. No, because of how the large-cap model portfolio is treated
C. No, because of how nondiscretionary portfolios are treated
Answer = A
“Global Investment Performance Standards,” Philip Lawton
2013 Modular Level III, Vol. 6, Reading 43, Section 3.12
Study Session 18–43–g
Explain the meaning of “discretionary” in the context of composite construction and, given a
description of the relevant facts, determine whether a portfolio is likely to be considered
discretionary.
A is correct because the composite consists of all actual, fee-paying portfolios, which are
managed on a discretionary basis.
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