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.
Content from prior Q&As was included in the GIPS Standards Handbook as much as possible and many Q&As were archived. Change the Status drop-down filter to "Archived" to see the archived Q&As.
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CurrentEffective: 1 January, 2020Categories: Calculation Methodology, Pooled FundsSource: 2020 GIPS Standards
Our firm manages pooled investment funds that apply swing pricing, (i.e., the fund has two sets of net asset values per share (“NAVs”) – the “swung NAV” that includes a swing factor and the “unswung NAV” that corresponds to the valuation NAV). Assuming that performance is calculated on the basis of the NAV per share, which NAV should be used for return calculation for the purpose of compliance with the GIPS standards?