by David Spaulding | Jul 12, 2017 | performance measurement, Investment Performance Guy
I have frequently encountered things that have been implemented, that just seemed like SUCH good ideas at one time. However, often we later discover that what may have, indeed, seemed like a good idea isn’t, in reality. This post will focus on a few of...
by David Spaulding | Jun 28, 2017 | precision, GIPS, Global Investment Performance Standards, Investment Performance Guy, performance measurement, Returns, risk
How much precision do we need? I’m a rounder: I confess. I’m fine rounding numbers. When I was mayor of the Township of North Brunswick (NJ) (2000-2003), our finance officer would deliver reports to me with precision to the penny; I told him just to...
by David Spaulding | Jun 12, 2017 | mutual funds, bond rating, Investment Performance Guy, past performance, peer group, performance measurement, risk
When I learned of the recent Barron’s article touting the success of an Eaton Vance municipal bond fund, based on the ratings given by two mutual fund peer group providers, a thought immediately occurred to me: it sounded exactly like the problem that...
by David Spaulding | Jun 3, 2017 | performance charts, annualization, annualized returns, Investment Performance Guy, performance measurement
This post is about performance charts; it just so happens that I’m using one that just appeared on Twitter by Charles Schwab. As the saying goes, “credit where credit is due,” so I’m obligated to acknowledge my source. But, I’m not really...
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...
