• 2020 GIPS Standards Q&As
    This is a comprehensive list of Q&A’s released as part of the GIPS standards Newsletter, organized by subject matter. As CFA Institute continues to add Q&As through the GIPS Standards Newsletter, we will continue to update this page.
  • Pooled Fund Fee Q&A
    In 2020, performance teams and compliance departments need to decide which GIPS Reports the firm will present to prospective investors in a comingled fund. Calculation methodology aside, for managers of […]
  • GIPS® Advertising Guidelines
    It is hard to believe year-end reporting was completed just 3 months ago, and 2019 double-digit returns were something to be celebrated.  It feels like the last 3 months have […]
  • MWRs vs. TWRs – Are 2020 GIPS Standard Changes a Better Fit for Your Firm?
    With the 2020 edition of the GIPS standards, firms claiming compliance with the GIPS standards now have a choice of whether to use time-weighted returns (TWRs)  or money-weighted returns (MWRs).  […]
  • Year-end Database Questions
    It’s that time of year for many firms to update annual performance statistics in compliant presentations and send them off to databases.  For firms that want to jump right in […]
  • GIPS® Composite Reports – What’s Really Changing?
    For firms electing to update reports with 2019 performance, the season for making required changes is upon us. What is really changing to the GIPS compliant presentation besides now referring […]
  • 2020 GIPS® Standards – Bridging the Fund vs. Composite Divide
    Key Concepts for Fund Managers Firms managing only commingled funds often question the relevance of creating GIPS-compliant composites for pooled funds that are essentially already of asset-weighted, strategy specific “composites.”  The 2020 GIPS standards added options that make GIPS compliance much more meaningful for managers of pooled funds, especially for firms […]
  • A 2020 GIPS Standards Game-Plan
    First-Steps for Segregated Account Managers Firms managing segregated accounts who claim compliance with the GIPS standards – and firms who currently include pooled funds in composites, present TWRs, and expect to […]
  • GIPS® Standards Do’s & Don’ts
    First Quarter 2019 is almost half over. Now is a great time for an in-depth review and refresh of firm-wide GIPS standards policies and procedures, especially for firms on an annual verification cycle. Here’s a list of Do’s and Don’ts to help with those P&P reviews and final polishing of GIPS Composite Reports.
  • Money-Weighted Returns in Excel
    Beyond “Don’t Use” – How (Not) to Calculate Money-Weighted Returns in Excel If cost was of no matter, then asset managers would all own (fill in the blank with your favorite accounting system).  For emerging asset management firms, cost does matter.  When managing a start-up commingled fund, an investment firm only needs to calculate a single return stream to comply with best practices in the GIPS® standards.  It’s hard to justify a six-figure expense when Microsoft Excel is free, never mind the pitfalls.