The GIPS least likely require ______.

A. non-discretionary portfolios to be included in composites
B. non-fee-paying portfolios to be excluded in the returns of appropriate composites
C. composites to be defined according to similar investment objectives and/or strategies

Correct Answer: A

Composites must be defined according to similar investment objectives and/or strategies. Terminated portfolios must be included in the historical returns of appropriate composites while only fee-paying portfolios are to be included in composites.