درک مطلب انگلیسی لطفا سوالاشو حل کنید و بگیرد چطوری حل کردید

Fund performance is the acid test of fund management, and in the institutional context accurate measurement is a necessity. For that purpose, institutions measure the performance of each fund (and usually for internal purposes components of each fund) under their management, and performance is also measured by external firms that specialize in performance measurement. The leading performance measurement firms (e.g. Frank Russell in the USA) compile aggregate industry data, e.g., showing how funds in general performed against given indices and peer groups over various time periods. In a typical case (let us say an equity fund), the calculation would be made (as far as the client is concerned) every quarter and would show a percentage change compared with the prior quarter (e.g., +4.3% total return in US dollars). This figure would be compared with other similar funds managed within the institution (for purposes of monitoring internal controls), with performance date for peer group funds, and with relevant indices (where available) or tailor-made performance benchmarks where appropriate. The specialist performance measurement firms calculate quartile and decile date and close attention would be paid to the (percentile) ranking of any fund. Generally speaking, it is probably appropriate for an investment firm to persuade its clients to assess performance over longer periods (e.g., 3 to 5 years) to smooth out very short term fluctuations in performance and the influence of the business cycle. This can be difficult however and, industry wide, there is a serious preoccupation with short-term numbers and the effect on the relationship with clients (and resultant business risks for the institutions).
An enduring problem is whether measure before-tax or after-tax performance. After-tax measurement represents the benefit to the investor, but investors’ tax positions may vary. Before-tax measurement can be misleading, especially in regimens that tax realised capital gains (and not unrealised). It is thus possible that successful active managers (measured before tax) may produce miserable after-tax results. One possible solution is to report the after-tax position of some standard taxpayer.


-What would the possible topic be for the above passage?
 1) After-tax Measurement 
2) Compile Aggregate Industry
 3) Performance Measurement
 4) Influence of Business Cycle 
-According to the passage, performance of each fund is considered ……… . 
1) very essential for proper fund management
 2) very significant in the institutional context
 3) to be a strong chemical that can damage other substances like acid
 4) to be a strong element in damaging accurate and efficient management 
-As the author mentions, Frank Russel in the USA ……… . 
1) gives numbers that show the price or value of product over various time periods
 2) shows indices provided by peer groups over a period of time 
3) leads performance measurement institutions in the USA
 4) makes a list of total industry data