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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Archived
Effective: 1 November, 2012 - 31 December, 2019Categories: Composite ConstructionSource: GIPS Handbook, 3rd EditionIf a fund invests in publicly traded equities for both limited partnerships and separate accounts, should the manager set up different composites for each legal structure?
A composite must include all portfolios that are managed according to the same strategy. Differences in legal structure alone would not warrant a separate composite definition. However, it is up to the manager to decide how results can be presented in the most meaningful way, and if differences in legal structure caused the implementation of the strategy of the portfolios to differ, then the manager would split limited partnerships and separate accounts into separate composites.
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