为了使大家更加高效地学习CFA三级课程中AMC内容，小编把如下重点的部分进行了整理，希望大家利用碎片时间加强复习，坚持不懈，积少成多。

E.Performance and Valuation Managers must:


01
Present performance information that is fair, accurate, relevant, timely, and complete. Managers must not misrepresent the performance of individual portfolios or of their firm.
I.Although past performance is not necessarily indicative of future performance, historical performance records are often used by prospective clients as part of the evaluation process when hiring asset managers. Managers have a duty to present performance information that is a fair representation of their record and includes all relevant factors.
II.In particular, Managers should be certain not to misrepresent their track records by taking credit for performance that is not their own (i.e., when they were not managing a particular portfolio or product) or by selectively presenting certain time periods or investments (i.e., cherry picking).
III.Any hypothetical or backtested performance must be clearly identified as such. Managers should provide as much additional portfolio transparency as feasibly possible.
IV.Any forward-looking information provided to clients must also be fair, accurate, and complete.

02
Use fair-market prices to value client holdings and apply, in good faith, methods to determine the fair value of any securities for which no independent, third-party market quotation is readily available.
I.These conflicts may be overcome by transferring responsibility for the valuation of assets (including foreign currencies) to an independent third party.
II.For pooled funds that have boards of directors comprising independent members, the independent members should have the responsibility of approving the asset valuation policies and procedures and reviewing the valuations.
III.For pooled funds without independent directors, we recommend that this function be undertaken by independent third parties who are expert in providing such valuations.
IV.Managers should use widely accepted valuation methods and techniques to appraise portfolio holdings of securities and other investments and should apply these methods on a consistent basis.

来自：金程CFA