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Achieving comparability among investment management firms’ performance presentations requires uniformity in methods used to calculate returns. Which of the following statements concerning Global Investment Performance Standards (GIPS) calculation methodology is least accurate? A. Performance must be calculated prior to the deduction of all trading expenses. B. In both the numerator and the denominator, the market values of fixed-income securities must include accrued income. C. If a firm sets a minimum asset level for portfolios to be included in a composite, no portfolios below that initial asset level can be included in that composite. |