by admin | May 15, 2012 | discretion, GIPS, Global Investment Performance Standards, nondiscretion
Recall that GIPS(R) (Global Investment Performance Standards) has a fundamental rule that states “all actual, fee paying, discretionary portfolios must be included in at least one composite.” Much of this is pretty simple:”actual”: a real...
by admin | May 9, 2012 | AIMR-PPS, GIPS, Global Investment Performance Standards, gross of fees, net of fees
A colleague recently brought to my attention wording that appears in the 1993 edition of the Performance Presentation Standards, published by AIMR (Association for Investment Management and Research; the former name of the CFA Institute). On page 25, under a section...
by admin | May 5, 2012 | GIPS, Global Investment Performance Standards
We are witnessing a case, I believe, of unintended consequences in the world of American football (not to be confused with the rest of the world’s view of football, which Americans call soccer). The fundamental question: do football helmets, which were...
by admin | May 3, 2012 | benchmarks, GIPS, Global Investment Performance Standards, index
A GIPS(R) (Global Investment Performance Standards) verification client was rebalancing their blended benchmark annually and their portfolio monthly. This sparked a whole long discussion with a few colleagues on the appropriate timing for rebalancing. The basic...
by admin | May 1, 2012 | GIPS, Global Investment Performance Standards
The Global Investment Performance Standards (GIPS(R)) have provisions to accommodate firms and individuals that move their skills from one place to another. For example, the emerging markets team from Firm A decides to either set up shop themselves or move...
by admin | Apr 20, 2012 | GIPS, Global Investment Performance Standards
In doing GIPS(R) (Global Investment Performance Standards) verifications under the new version, I’ve witnessed a few firms who insert “N/A” for years prior to 2011, when they chose not to report the 3-year annualized standard deviation. Not showing...