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A portfolio manager whose firm follows GIPS is concerned about the effect on his reported investment performance of a large client-directed withdrawal and the resulting liquidation of certain securities. What would be the best method for adjusting results for client-directed withdrawals in discretionary portfolios, in accordance with GIPS? A. In this situation, the portfolio should be labeled non-discretionary, and all current and historical returns should be removed from the composite results. B. The manager is not permitted to add back the non-discretionary taxes in order to improve the reported composite returns. C. GIPS recommend that the manager assumes a proportionate amount of each security is sold, in determining a fair tax adjustment to "add back." |