在准备L3时，看不太懂Standard 3.A.8 原文如下(2011 Schweser)： For periods beginning on or after January 1, 2010, carve-outs must not be included in a composite unless the carve-out is actually managed separately with its own cash balance. Discussion: For periods prior to January 1, 2010, if carve-outs are included in a composite, cash must be allocated to the carve-out in a timely and consistent manner. A carve out is a sub-set of a portfolio's assets used to create a track record that reflects the performance of a specific asset class (e.g., the equity component of a balanced portfolio). This requirement assures that the effects of the cash allocation on the returns of a portfolio are realized. 以下则是GIPS对carve-outs的定义 A portion of a PORTFOLIO that is by itself representative of a distinct investment strategy. It is used to create a track record for a narrower mandate from a multiple-strategy PORTFOLIO managed to a broader mandate. For periods beginning on or after 1 January 2010, a CARVE-OUT MUST be managed separately with its own cash balance. 想询问： 1.这边的carve-outs，指的是多重策略型投资组合之下的次分类项，例如平衡型投资组合 下的权益项目？ 2.所谓carve-outs与现金帐分别管理，指的是？ 先谢过各位！ --

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