标题: Reading 49: Global Investment ....mance Standards－LOS q [打印本页]
作者: tycoon 时间: 2008-9-18 15:54 标题: [2008] Session 18- Reading 49: Global Investment ....mance Standards－LOS q
CFA Institute Area 3-5, 7, 12, 14-18: Portfolio Management
Session 18: Global Investment Performance Standards
Reading 49: Global Investment Performance Standards
LOS q: State and explain the provisions of the GIPS standards for private equity.
作者: tycoon 时间: 2008-9-18 15:55
The GIPS provisions for private equity require the vintage year to be presented. Which of the following best describes the vintage year? The vintage year is the year in which:
| A) | the composite was created. |
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B) | capital is first drawn down from investors. |
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| C) | the first material investment was made. |
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| D) | the year in which the greatest time-weighted average capital was invested. |
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Answer and Explanation
By definition, the vintage year is the year in which capital is first called from or drawn down from investors.
作者: tycoon 时间: 2008-9-18 15:55
Which of the following items is NOT required to be included as part of a private equity performance presentation?
| A) | Net-of-fees since inception internal rate of return. |
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| B) | Gross-of-fees since inception internal rate of return. |
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C) | Capital drawn down from partners during the year. |
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| D) | Total invested capital. |
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Answer and Explanation
The SI-IRR must be presented both gross and net of fees. Total invested capital must also be shown.
作者: tycoon 时间: 2008-9-18 15:56
Which of the following ratios is least likely to be shown in a performance presentation under the GIPS provisions for private equity?
| A) | Cumulative distribution to paid-in capital. |
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| B) | Total value to paid-in capital. |
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C) | Total value to residual value. |
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| D) | Paid-in capital to committed capital. |
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Answer and Explanation
The required ratios for presentation are: total value to paid-in capital, cumulative distributions to paid-in capital, paid-in capital to committed capital, and residual value to paid-in capital.
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