if the initial period is less than a full year

CFA Level III
#1

Prior to 2011, how to handle the composite return if the initial period is less than a full year? For your convenience… ---------------------------------------------------- Presentation and Reporting 5.A.1 c. For COMPOSITES with a COMPOSITE INCEPTION DATE of 1 January 2011 or later, when the initial period is less than a full year, returns from the COMPOSITE INCEPTION DATE through the initial annual period end. d. For COMPOSITES with a COMPOSITE TERMINATION DATE of 1 January 2011 or later, returns from the last annual period end through the COMPOSITE TERMINATION DATE.

#2

How to present the composite returns if the composite was created in June, 2010?

#3

5.A.4 Returns for periods of less than one year MUST NOT be annualized.

#4

you must not annualise the return if not it is taken as modelling or rather simulating the return

#5

Does the firm need to present the composite return in 2010? If yes, what’s the purpose of 5.A.1.c?