全球性投资性能标准(1)

GlobalInvestmentPerformanceStandards(GIPS®)RevisedbytheInvestmentPerformanceCouncilAdoptedbytheCFAInstituteBoardofGovernorsFebruary2005CFA®,CharteredFinancialAnalyst®,AIMR-PPS®,GIPS®,andFinancialAnalystsJournal®arejustafewofthetrademarksownedbyCFAInstitute.ToviewalistoftheCFAInstitutetrademarksandtheGuideforUseoftheCFAInstituteMarks,pleasevisitourwebsiteat©2006,CFAInstituteGLOBALINVESTMENTPERFORMANCESTANDARDS(GIPS®)AsRevisedbytheInvestmentPerformanceCouncil7December2004andAdoptedbytheCFAInstituteBoardofGovernors4February2005CreatedandFundedbyCFAInstituteInConjunctionwiththeFollowingLocalSponsors:Australia—PerformanceAnalystGroupofAustraliaAustria—ÖsterreichischenVerreinigungfürFinanzanalyseundAssetManagementundderVereinigungÖsterreichischerInvestmentgesellschaftenBelgium—BelgianAssociationforPensionInstitutionsDenmark—TheDanishSocietyofInvestmentProfessionals,TheDanishSocietyofFinancialAnalystsFrance—SociétéFrancaisedesAnalystesFinanciersandAssociationFrancaisedelaGestionFinancièreGermany—BVIBundesverbandInvestmentundAssetManagemente.V.,DeutscheVereinigungfürFinanzanalyseundAssetManagement,andGermanCFASocietyHongKong—TheHongKongSocietyofFinancialAnalystsHungary—HungarianSocietyofInvestmentProfessionalsIreland—IrishAssociationofInvestmentManagersItaly—ItalianInvestmentPerformanceCommitteeJapan—TheSecurityAnalystsAssociationofJapanLuxembourg—AssociationLuxembourgeoisedesFondsd’InvestissementandAssociationLuxembourgeoisedesgestionnairesdeportefeuillesetanalystesfinanciersNetherlands—BeroepsverenigingvanBeleggingsdeskundigenNewZealand—CFASocietyofNewZealandNorway—TheNorwegianSocietyofFinancialAnalystsPoland—PolskiKomitetWynikówInwestycyjnychPortugal—AssociaçãoPortuguesadeAnalistasFinanceirosSingapore—InvestmentManagementAssociationofSingaporeSpain—CFASpainSouthAfrica—InvestmentManagementAssociationofSouthAfricaSweden—SwedishSocietyofFinancialAnalystsSwitzerland—SwissBankersAssociationUnitedKingdom—NationalAssociationofPensionFundsLtdUnitedStatesandCanada—CFAInstituteGLOBALINVESTMENTPERFORMANCESTANDARDS(GIPS®)©2005,CFAINSTITUTEChairJamesE.HollisIII,CFACutterAssociates,Inc.UnitedStatesConsultantsBrianHendersonHymansRobertsonUnitedKingdomRonSurzPPCA,Inc.UnitedStatesDerivatives/PerformanceMeasurementYoshiakiAkedaNomuraFundsResearchandTechnologiesJapanBruceJ.Feibel,CFAEagleInvestmentSystemsUnitedStatesEurope,MiddleEast,andAfrica(EMEA)Hans-JörgvonEuwSwisscantoAssetManagementLtd.SwitzerlandLesleyA.HarveyErnst&YoungSouthAfricaJean-FrançoisHirschelSocieteGeneraleAssetManagementFranceEuropeStefanIllmerCreditSuisseAssetManagementSwitzerlandErikSjöbergErikSjöbergFinanskonsultSwedenIndividual/PrivateInvestorTerryPavlic,CFAPavlicInvestmentAdvisors,Inc.UnitedStatesMaxRothBanqueCantonaleVaudoiseSwitzerlandMariaE.Smith-BreslinSmithAffiliatedCapitalCorp.UnitedStatesInstitutionalInvestors(1)DavidGambleUnitedKingdomDeborahReidyHewitt&BeckettsIrelandInstitutionalInvestors(2)LynnA.ClarkLAClarkConsultingCanadaEhsanRahmanWashingtonMetropolitanAreaTransitAuthorityUnitedStatesInsuranceGlennSolomonAustraliaToddA.Jankowski,CFATheNorthwesternMutualLifeCompanyUnitedStatesJapanShinichiKawanoMerrillLynchInvestmentsManagersCo.,Ltd.JapanShigeoIshigakiKPMGJapan(KPMGAZSA&Co.)JapanYohKuwabaraChuoAoyamaPricewaterhouseCoopersJapanMutualFundsAlainErneweinStratégieInvestissementPerformanceFranceNeilE.Riddles,CFAHansbergerGlobalInvestors,Inc.UnitedStatesNorthAmericaKarynD.Vincent,CFAVincentPerformanceServicesLLCUnitedStatesIainW.McAraJPMorganFlemingAssetManagementUnitedStatesDavidSpauldingTheSpauldingGroupInc.UnitedStatesPacificBasinLouisBoulanger,CFANewZealandTunkuAfwidaMalekCommerceAssetFundManagersSdnBhdMalaysiaChengChihSungGovernmentofSingaporeInvestmentCorporationSingaporeVentureCapital/RealEstate/OtherCarolAnneKennedyPantheonVenturesLimitedUnitedKingdomPaulS.Saint-PierreWallStreetRealtyCapitalUnitedStatesVerificationCarlR.BaconStatproUnitedKingdomHerbertM.ChainDeloitte&ToucheLLPUnitedStatesLouiseSpencerPricewaterhouseCoopersUnitedKingdomCFAInstituteStaffAleciaL.LicataCindyS.KentCarolA.LindseyINVESTMENTPERFORMANCECOUNCIL(IPC)2004–2005TableofContentsPREFACE:BACKGROUNDOFTHEGIPSSTANDARDS...............................iI.INTRODUCTION......................................................................1II.PROVISIONSOFTHEGLOBALINVESTMENTPERFORMANCESTANDARDS.......................................................6III.VERIFICATION........................................................................21APPENDIXA:SampleGIPS-CompliantPresentations.........................................26APPENDIXB:SampleListandDescriptionofComposites......................................32APPENDIXC:GIPSAdvertisingGuidelines....................................................33APPENDIXD:PrivateEquityValuationPrinciples..............................................38APPENDIXE:GIPSGlossary..................................................................42September2005A.Preamble—WhyIsaGlobalStandardNeeded?B.VisionStatementC.ObjectivesD.OverviewE.ScopeF.Co