Bugle Capital Advisors places an advertisement for its Targeted Maturity Composite in major newspapers on 30 April. The advertisement includes the GIPS Advertising Guidelines compliance statement and presents annualized composite and benchmark returns for the 1-year, 3-year, and 5-year periods ended 31 December. Does the advertisement satisfy the requirements of the GIPS Advertising Guidelines?
B No; it omits the period-to-date return.
C No; it omits five years of annual returns.
B is correct. The GIPS Advertising Guidelines specify that advertisements
that include a claim of compliance and that present performance results must include period-to-date composite performance results in addition to either one-, three-, and five-year annualized composite returns or five years of annual composite returns. (See Section 5 of the reading.)
My question is, A should be right?