I just completed the second quarter 2015 non-GIPS(R) (Global Investment Performance Standards) verification for a client. We generally recommend only doing annual, but are very happy to do quarterly (for GIPS or non-GIPS), as they mean more revenue for our firm...
Performance Perspectives Blog
Thoughts on performance measurement from David Spaulding and other members of our team.
Quarterly GIPS verifications: why?
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Is it time to replace “discretionary” with “representative” for the GIPS Standards?
Let's face it, there's a lot about the Global Investment Performance Standards (GIPS(R)) that can be confusing, and much is owed to some of the terminology that's used. This post will only focus on one of those terms: discretionary, as in "all fee actual, fee paying,...
Performance Examinations: one more time, they’re usually a waste of money
Neminem id agere ut ex alterius praedetur inscitia [No one should prey on another's ignorance] No, I'm not showing off my knowledge of Latin (although learning it should be added to my "bucket list"). This line comes from the 16th century French philosopher,...
Performance documentation: be careful who you copy off of
The Internet today provides us with many opportunities to find examples of just about anything we may be looking for, including performance documentation. But, just because it's published on the Internet, and just because it comes from a well known firm,...
Cash Flow Treatment, Part III: Mixed Treatment of Cash Flows
Mixed Treatment of Cash Flows Today marks the third day of our three-part installment on handling cash flows. The first part saw us treat cash flows as end-of-day events and the second had flows as start-of-day events. To quickly summarize the challenges with...
Cash Flow Treatment, Part II: Start-of-Day Cash Flows
As was mentioned in our previous post, one of the critically important decisions when it comes to calculating rates of return is how to handle cash flows. At a minimum, we need to contend with its timing. This is the second in a three-part series dedicated to...
Cash Flow Treatment, Part I: End-of-Day Cash Flows
One of the critically important decisions when it comes to calculating rates of return is how to handle cash flows. At a minimum, we need to contend with its timing. This is the first in a three-part series dedicated to this topic. And today, we'll deal with:...
PMAR’s the Place for Performance Professionals
If you didn't attend PMAR North America, you missed out on a great event. However, you still have a few more days to sign up for PMAR Europe. PMAR, the Performance Measurement, Attribution & Risk conferences, are the leading investment performance and risk...
GIPS Annual Registration … a webinar to help you do it correctly
Firms that claim compliance with the Global Investment Performance Standards (GIPS®) are now required to register with the CFA Institute on an annual basis. We've touched on this new requirement in both this blog and our newsletter, and had a webinar conducted...
Linking across gaps: how best to do it
I've opined on the subject of linking across gaps in the past. Recently, I've had discussions with a client who wants to be able to link the returns of securities, which were held at various times during a period. I think this is okay, as it would show the...