Q & A Database
The GIPS Standards Q&A database contains questions and answers (Q&As) on various searchable topics that provide additional interpretation on an issue. Q&As are considered to be authoritative guidance and must be followed in order to claim compliance with the GIPS standards.
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CurrentEffective: 1 March, 2021Categories: Providing GIPS ReportsSource: 2020 GIPS Standards
Our firm has a US Long/Short strategy that is offered both as a segregated account and a limited distribution pooled fund (LDPF). We met with a prospect for the US Long/Short strategy, thinking that they were a prospective client for the composite and intending to invest in a segregated account. Therefore, we brought the GIPS Composite Report with us to the meeting and provided it to the prospect. As the conversation unfolded, however, it turned out that they were a prospective investor for the LDPF and not interested in a segregated account. The GIPS Composite Report did not include the fee schedule or expense ratio for the LDPF. What are we required to provide now that we know the prospect is a prospective investor for the LDPF?
To satisfy the GIPS Report delivery requirement in this instance, a firm may provide one of the following:
a GIPS Composite Report that includes an exhibit with the LDPF’s current fee schedule and expense ratio. The exhibit may be the pooled fund offering documents, if they include the appropriate fee schedule and expense ratio;
a GIPS Composite Report that includes the LDPF’s current fee schedule and expense ratio; or
a GIPS Pooled Fund Report for that LDPF.