by David Spaulding | May 25, 2017 | asset owners, GIPS, Global Investment Performance Standards, internal rate of return, Investment Performance Guy, IRR, performance measurement, time-weighted return, time-weighting, TWR
The revised GIPS for Asset Owners guidance statement hasn’t yet been finalized, but we can pretty much expect that the time-weighted composite return requirement will remain. At a recent NYSSA (New York Society of Security Analysts) GIPS program, that I...
by David Spaulding | Apr 5, 2017 | gap in performance, Investment Performance Guy, performance measurement, performance reporting, rate of return, rate of return calculations, rates of return
Return gaps can often occur. And so, there are times when we might want to be able to “cross” them: that is, to extend performance across this gap, so that we have a continuous return. However, there are times when the manager may not want to cross...
by David Spaulding | Mar 17, 2017 | advisory fee, GIPS, gross of fees, Investment Performance Guy, net of fees, net-of-fees return, performance measurement
Perhaps the problem I’ll touch on is such that firms will avoid reporting gross- and net-of-fee returns. Hopefully not. A new GIPS(R) (Global Investment Performance Standards) verification client reached out with a problem. One of their clients subtracted...
by David Spaulding | Feb 27, 2017 | Investment Performance Guy, GIPS, GIPS standards, performance calculations, performance measurement, rate of return
Spreadsheets are powerful tools. In business, they’ve become indispensable. But, they come with huge risks. Let’s briefly touch on a few. Systems on spreadsheets … not usually a good idea Around 30 years ago I took over responsibility for a...
by David Spaulding | Feb 16, 2017 | performance measurement, Investment Performance Guy, Software Certification
TSG has conducted software reviews for over 20 years. However, it was only recently that we decided to formalize the process, and offer a formal “software certification” to firms and institutions who have performance measurement software. What criteria do we use when...
by David Spaulding | Feb 9, 2017 | GIPS supplemental information, GIPS, Global Investment Performance Standards, guidance statement, Investment Performance Guy, performance measurement
I finally got around to writing up my comments to the draft guidance on supplemental information for GIPS(R) (Global Investment Performance Standards). Since the idea of supplemental information pertains to just about all firms that claim compliance with the...
