CFA Institute CFA-Level-I Exam - Topic 1 Question 25 Discussion

Actual exam question for CFA Institute's CFA-Level-I exam

Question #: 25
Topic #: 1

For ________ of five or fewer portfolios, the disclosure "five or fewer portfolios" may be made rather than a disclosure of the exact number of portfolios.

Areturns

Binvestments

Csegments

Dcomposites

Show Suggested Answer

Suggested Answer: D

by Alline at Jan 05, 2026, 05:16 AM

Limited Time Offer

25%

Off

Get Premium CFA-Level-I Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Leanna

17 days ago

I feel A) returns could be valid too. It's all about performance metrics.

upvoted 0 times

...

An

23 days ago

I'm leaning towards B) investments. It covers a broader scope.

upvoted 0 times

...

Alpha

28 days ago

I agree, D) composites feels right. It's about grouping similar portfolios.

upvoted 0 times

...

Vivan

1 month ago

I think it's D) composites. It makes sense for performance reporting.

upvoted 0 times

...

Marti

1 month ago

I think it could be B) investments too, but D seems more likely.

upvoted 0 times

...

Doyle

1 month ago

Wait, are you sure about that? Sounds off.

upvoted 0 times

...

Gail

2 months ago

Totally agree with D) composites!

upvoted 0 times

...

Cheryl

2 months ago

I thought it was A) returns?

upvoted 0 times

...

Jordan

2 months ago

It's definitely D) composites.

upvoted 0 times

...

Lovetta

2 months ago

Haha, "five or fewer portfolios" - sounds like my investment strategy! I'll go with C) segments.

upvoted 0 times

...

Dalene

2 months ago

A) returns? Nah, that doesn't sound right. Maybe they're trying to trick us with that one.

upvoted 0 times

...

Linn

3 months ago

B) investments, definitely. Gotta keep those portfolio numbers on the down-low, am I right?

upvoted 0 times

...

Monroe

3 months ago

D) composites makes the most sense to me. Who really cares about the exact number of portfolios anyway?

upvoted 0 times

...

Evette

3 months ago

I think it's C) segments. Disclosing the exact number of portfolios doesn't seem necessary for smaller groups.

upvoted 0 times

...

Carissa

4 months ago

I’m leaning towards A) returns, but I’m not confident. It could also be D) composites since they often come up in discussions about portfolio disclosures.

upvoted 0 times

...

Joaquin

4 months ago

I feel like we practiced a question like this before, and it was definitely about segments or composites. I need to think this through.

upvoted 0 times

...

Rozella

4 months ago

I remember something about disclosures, but I can't recall if it was specifically about returns or investments. This is tricky!

upvoted 0 times

...

Lorean

4 months ago

I think the answer might be D) composites, but I'm not entirely sure. We discussed something similar in class.

upvoted 0 times

...

Charolette

4 months ago

This is a good test of my understanding of GIPS requirements. I'm going to carefully read through the options and eliminate the ones that don't fit the description in the question.

upvoted 0 times

...

Delmy

4 months ago

Okay, let me break this down. The question is asking about when a firm can disclose "five or fewer portfolios" instead of the exact number. I'll need to recall the GIPS rules around that.

upvoted 0 times

...

Isidra

5 months ago

I'm a little unsure about this one. The wording is a bit tricky, and I'm not 100% sure which option is the correct answer. Gonna have to think it through step-by-step.

upvoted 0 times

...

Linn

5 months ago

Hmm, this seems like a pretty straightforward compliance question. I'm pretty confident I can narrow it down based on my knowledge of GIPS standards.

upvoted 0 times

...

Alesia

5 months ago

I think this is asking about portfolio disclosure requirements, so I'll need to focus on the key terms like "portfolios" and "composites." Gotta read the options carefully.

upvoted 0 times

Beatriz

12 days ago

I believe it's about composites.

upvoted 0 times

...