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 January, 2006 - 30 November, 2013

Categories: Wrap Fee Portfolios

Source: Guidance Statement for Wrap Fee/SMA Portfolios

We manage small cap portfolios for three sponsors, using the same strategy. We place reliance on each sponsors aggregate information effectively viewing each sponsor as a single portfolio. When reporting performance of the style-defined composite, how should we report number of accounts and the measure of internal dispersion?

If the firm is relying on the three sponsors aggregate information for disclosure and performance reporting purposes, the number of accounts could be reported either as 3 or five or fewer (¡Ü 5). The firm could report a measure of dispersion using the annual returns from each of the three sponsors, or could choose to not present the disclosure and report five or fewer portfolios (¡Ü 5) in the composite.

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