Hey guys, I have some questions on GIPS as follows, let me if they are not clear: 1. For real estate closed-end funds and private equity, GIPS talks about the since inception internal rate of return (SI-IRR). I am confused as to how the SI-IRR is different from the usual net of fees/gross of fees returns that are mentioned under the general provisions for GIPS, can anyone explain? 2. The real estate closed-end funds and private equity provisions also talks about the need for the composite definition to remain consistent throughout the life of the composite. Does this mean that a redefinition of the composite cannot take place? 3. For wrap fee/SMA provisions, when soliciting potential clients, the entire bundled fees should be deducted when presenting reported returns. However, if lets say we can separate out the portion of the bundled fees that contain the direct trading expenses, do we still have to deduct the entire bundled fee from the return before presenting to potential clients? 4. For the GIPS Advertising Guidelines, it talks about the need to present a set of total returns which includes 1, 3, 5 year annualised composite reutnrs through the most recent period etc. What does the period-to-date composite performance results mean and what does it entail? Thanks a lot for your help guys.
bump, anyone?