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I also bulleted off the Dispersion types allowed at the end. Capture and maintain all data to support presentation 2. Jan 1, — value portfolios at calendar month end or the last business day of the month 5. Jan 1, — use trade date accounting 6.
Jan 1, — composites have start and end valuation dates. Time weighted returns that adjust for external cash flows. Chain link periodic returns.
Treat cash flows in a consistent manner and document this manner. Include all fee paying discretionary portfolios in at least one composite. You can also include non-fee portfolios non-discretionary portfolios not allowed 2. Do not switch between composites UNLESS documented changes in client guidelines or the redefinition of the composite makes it appropriate to do so. Composites should only include assets under mgmt within the FIRM.
Cannot link to simulated and actual portfolios together, 9. If a minimum portfolio value is set — cannot include anything below it and cannot apply it retroactively. Definition of FIRM 2. Availability of a complete list and description of Composites 3. Minimum asset levels if any and changes of portfolios not included in composite 4. The currency used to state performance 5.
The presence and use of derivatives if material , leverage — including description of use, frequency and instrument characteristics 6. Relevant details related to withholding tax treatment on dividends, interest, capital gains. Jan 1, — single asset carve outs represented as a composite — state the policy used to allocate the cash to the returns. Composite contains portfolio with bundled fees — show percentages per annual period shown.
Composite contains portfolio with bundled fees — show types of fees included in bundle. ALL significant events that could help client interpret the performance record Composite descriptions If the firm is redefined, state date and reason. Composite redefined — state date and reason cannot apply retroactively!
Composite name change Composite Creation date Can link non-GIPS compliant returns to compliant history if certain requirements are met — Cannot present non-compliant after Jan 1, 3. Cannot annualize partial year returns 4. Composite performance of both firms must be linked to ongoing returns if substantially all the assets from the past firm transfer into the new firm d If a compliant firm acquires a non-compliant firm — 1 year to bring it into compliance 5.
If there is a change in benchmark — disclose date of change and why. Any non-fee paying portfolios in the composite? You rock! No prob Big Babbu - this could be some material points on the test and I know how bad it sucks to try and memorize this.
Feel free… ;-D. Dude, you rule! Q - Requirements? It includes closed-end funds. Thanks Inconel for helping to round it out. Did we miss anything that might be important? Is that is all that is left? Fantastic effort guys: another point - - asset weighting used in calculating composite returns has to be done at least quarterly. Though there is no mention of text as to how often composites have to be calculated. Never ceases to amaze me!! Can someone kindly clarify this a little bit for me.
Many thanks. Inconel February 25, , am 9. Avertising is def worth mentioning. One of these dark horses. Where do I send my cheque?? Inconel February 25, , am I study and post in bursts… looking for hints and tips there are some real nuggets on here. Spur February 25, , am
Mastering GIPS for Your Level 1 CFA® Exam
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GIPS - Level 3
GIPS is long, boring, and likely to be tested. The material here is, in some respects at least, closely linked to Ethics in its philosophy of standardization and client-friendly practices. We'll start with the high level stuff and then move to the specific equations you are likely to see. And that frees you up to spend your precious time on sections that are more important from an overall points perspective.