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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ArchivedEffective: 1 October, 2012 - 31 December, 2019Categories: Alternative InvestmentsSource: Guidance Statement on Alternative Investment Strategies and Structures
We market a number of structured products, such as index trackers, CPPI (Constant Proportion Portfolio Insurance), leveraged mini-features, and reverse convertible products. Should these strategies be included in total firm assets?
It is not possible to definitively state which structured products must be included in total firm assets. Each strategy within a firm must be evaluated to determine whether or not it is a managed strategy. If holding the asset does not involve any investment management activity and does not exhibit the features of a managed investment portfolio, it must not be included in total firm assets or any composite.
However, some structured products may be considered managed investment products (e.g., those products where the underlying is represented by a variable actively or passively managed collection of investments) and it may be necessary to include them in the definition of the firm and in an appropriate composite.