CFA Level I Introduction to the Global Investment Performance Standards (GIPS) question

Introduction to the Global Investment Performance Standards (GIPS) sample question

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Ethical and Professional Standards

Introduction to the Global Investment Performance Standards (GIPS)

Brindle Asset Management, which claims GIPS compliance, runs 60 discretionary, fee-paying portfolios in a single dividend-growth strategy. To streamline reporting, Brindle includes in the strategy's composite only the 25 portfolios larger than USD 10 million, excluding the 35 smaller portfolios even though they follow an identical mandate. The firm never established a minimum-size criterion for the composite in advance. Under the GIPS standards, Brindle's composite construction is most likely: