This topic has come up a few times recently, so I thought it worth touching briefly.The situation: a client's account holds multiple portfolios, which are handled by different managers. Some have time-weighted returns, while others have...
Performance Perspectives Blog
Thoughts on performance measurement from David Spaulding and other members of our team.
Reporting on consolidated accounts
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Dealing with negatives can be a challenge, in so many ways
It seems that when we come across negative values, or when trying to express differences between lower and higher values, from the perspective of the lower, we often have a difficult time adjusting. Handling positives is pretty simple; perhaps because we began our...
Transaction vs. Holdings Based Attribution
I am pleased to announce that the CFA Institute has published a brief article I wrote, comparing holdings and transaction-based attribution, in their online newsletter.The article is based on research I'm doing for my doctoral dissertation, which I hope to complete...
Mutual funds, ETFs, and Attribution
One of our GIPS(R) verification clients asked me recently about attribution and mutual funds/ETFs; whether there were special requirements for them. Some thoughts:Remember that with attribution, we align "sets" of securities in the portfolio with their...
Can (and why would) plan sponsors comply with GIPS?
Performance presentation standards have existed for more than 20 years now. First introduced by the Financial Analysts Federation in the mid 1980s, later taken up by the Association for Investment Management & Research, and now championed by the CFA Institute, the...
A performance conference brochure like none other (for a performance conference that is also like none other!)
This May TSG will hold its 11th annual Performance Measurement, Attribution & Risk Conference. And, for the first time it has a theme: The Superheroes of Performance MeasurementTo make the event extra special, we're doing some rather unique things, one being...
An “AdToon” about GIPS!
We, at TSG, are very excited about our first "AdToon." Chris Spaulding, our Executive Vice President of Strategy and Business Development, was responsible for this design project. It provides some great background information about GIPS(R) (Global Investment...
GIPS for the money owners
The subject of the appropriateness or ability of plan sponsors to comply with GIPS(R) (Global Investment Performance Standards) has been around since the Standards' inception; actually earlier, if we include the AIMR-PPS(R). I recall an article in Pensions &...
Where’s the puzzle?
This is not intended as an excuse, BUT, this is a very busy time of the year for us, as this is when we do most of our verifications. And so, our February newsletter got delayed. And then, it became a bit of a "rush," and I failed to remember to provide a new puzzle...
Is a golf cart an automobile?
I was chatting with one of our software certification clients recently, and we got to discussing what qualifies a system as being a "GIPS(R) (Global Investment Performance System)" system?As I often do, I searched for a metaphor (some would say, analogy), and fell...