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GIPS quiz

real estate , performance of composite with more than 5 protfolios must contain which internal dispersion
A high and low annual TW return
B range
C standard deviation
D interquartile range
E any of above

A



Edited 1 time(s). Last edit at Tuesday, May 31, 2011 at 09:09PM by Paraguay.

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Okay this I had ZERO clue.......

Explanation behind this? Why is it different for real estate?

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This question definitely made me uncomfortable. Thought I was about done studying.

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markCFAIL Wrote:
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> This question definitely made me uncomfortable.
> Thought I was about done studying.

This is from the official GIPS. I am not even 100% it is in the book.

6.A.16.
The following items MUST be presented in each COMPLIANT PRESENTATION:
a. As a measure of INTERNAL DISPERSION, high and low annual TIME-WEIGHTED RATES OF RETURN for the individual PORTFOLIOS in the COMPOSITE. If the COMPOSITE contains five or fewer PORTFOLIOS for the full year, a measure of INTERNAL DISPERSION is not REQUIRED.
b. As of each annual period end, the percentage of COMPOSITE assets valued using an EXTERNAL VALUATION during the annual period.



Edited 1 time(s). Last edit at Tuesday, May 31, 2011 at 09:21PM by Paraguay.

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A

NO EXCUSES

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This is only for real estate right? For everything else you have the option of

1) Equal weighted
2) Asset weighted
3) high low range
4) Intequartile range
5) range

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A quick question: Is internal dispersion required for Private Equity?

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answer is A
I don't notice any internal dispersion required for Private Equity

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Soccertom9 Wrote:
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> This is only for real estate right? For
> everything else you have the option of
>
> 1) Equal weighted
> 2) Asset weighted
> 3) high low range
> 4) Intequartile range
> 5) range

Incorrect. You can use any measure you want for regular composites:

"Note that the GIPS standards do not limit firms to using one of the measures of internal dispersion introduced above. A firm may prefer another way of expressing composite dispersion. The method chosen should, however, fairly represent the range of returns for each annual period."
(CFAI, Volume 6, page. 317)

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