2020年CFA考試《CFA三級(jí)》考試共題，分為。小編為您整理Performance Evaluation5道練習(xí)題，附答案解析，供您備考練習(xí)。

1、【單選題】

A.a description of the benchmark.

B.the benchmark construction rules.

C.how often the benchmark is rebalanced.

正確答案:A

答案解析:A is correct. GIPS Provision III.B.8 states, “All advertisements that include a claim of compliance with the GIPS standards 

2、【單選題】

A.Both managers are using active currency management.

B.Both managers are using passive currency management.

C.

正確答案:C

答案解析:Matching the benchmark is passive, and choosing to vary from the benchmark is active.

3、A fixed-income portfolio is most likely to be considered non-discretionary if the client’s investment policy states that:【單選題】

A.securities held at a gain must not be sold.

B.the average credit quality must be investment grade.

C.securities held in the portfolio must be issued in developed markets.

正確答案:A

答案解析:A is correct. Such a restriction would most likely alter portfolio structure and would also be likely client specific. The restrictions in B and C are not necessarily client specific and could already be part of the investment strategy of the manager.

4、【單選題】

A.included in both composites.

B.

C.

正確答案:B

答案解析:B is correct. Provision I.3.A.7 states, “Portfolios must not be switched from one composite to another unless documented 

5、With respect to gross-of-fees returns, Note 4 is least likely compliant with GIPS required standards in its treatment of:【單選題】

A.month-end account value.

B.performance fees.

C.trading expenses.

正確答案:C

答案解析:Only direct trading expenses should be deducted in calculating gross-of-fees returns. Custodial fees cannot be considered a component of direct trading expenses.