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: 31 December, 2005 - 31 October, 2012

Categories: Composite Construction

Source: Investment Performance Council (IPC)

If a fund invests in publicly traded equities for both limited partnerships and for separate accounts, should the manager set up different composites for each legal structure?

A composite should 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 cause the implementation of the strategy of to differ, then the manager would split limited partnerships and separate accounts into separate composites.

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