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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Archived

Effective: 1 November, 2012 - 31 December, 2019

Categories: Composite Changes

Source: GIPS Handbook, 3rd Edition

Firm A manages a portfolio for a client who instructs the firm to change the portfolio’s mandate from an intermediate duration bond portfolio to a long duration bond portfolio. Should Firm A place this portfolio in a different composite?

Yes. A documented change in the client’s investment guidelines would cause the portfolio to be removed from the intermediate duration bond composite and placed into the long duration bond composite according to the new portfolio inclusion policy. If the firm does not currently have a long duration bond composite, the firm must create one. This portfolio transfer will be treated like a terminated portfolio when it is removed from the intermediate duration bond composite, and will be treated like a new portfolio to the long duration bond composite. The portfolio’s prior history must remain in the intermediate duration bond composite through the last full measurement period the portfolio was managed in the intermediate duration style.

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