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

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Gail

3 days ago

Totally agree with D) composites!

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Cheryl

9 days ago

I thought it was A) returns?

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Jordan

14 days ago

It's definitely D) composites.

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Lovetta

19 days ago

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

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Dalene

24 days ago

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

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Linn

2 months ago

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

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Monroe

2 months ago

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

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Evette

2 months ago

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

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Carissa

2 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.

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Joaquin

2 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.

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Rozella

2 months ago

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

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Lorean

3 months ago

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

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Charolette

3 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.

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Delmy

3 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.

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Isidra

3 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.

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Linn

3 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.

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Alesia

3 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.

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