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 May, 2010 - 30 November, 2013

Categories: Wrap Fee Portfolios

Source: GIPS Executive Committee

The sample wrap fee/SMA compliant presentation in Appendix A of the 2010 edition of the GIPS standards includes only net returns (net of the entire wrap fee) in the main table of the required presentation items. “Pure” gross-of-fees returns are included in a separate table with other net returns using different wrap fee schedules. In the Guidance Statement on Wrap Fee/Separately Managed Accounts (SMA) Portfolios (effective date 1 January 2006), the sample compliant presentation presents the pure gross-of-fees returns clearly labeled as supplemental information, and in the main table next to the required presentation items. Are we allowed to continue to present our wrap composites following the format in the Guidance Statement on Wrap Fee/SMA Portfolios?

Yes. Firms may follow the format of the sample Wrap Fee/SMA compliant presentation in the 2010 edition of the GIPS standards and may also follow the format of the sample compliant presentation in the Guidance Statement on Wrap Fee/Separately Managed Accounts (SMA) Portfolios. They are both examples of presentations that are allowable according to the GIPS standards. Firms must not present any performance or performance-related information that is false or misleading and must always consider the overarching ethical principles of fair representation and full disclosure when creating and presenting compliant presentations.

Please also see updated Q&A