Does Ethics or GIPS say anything about whether funds must present performance results gross or net of fees or whether they need to say anything in particular about their fees?
Good question… I believe composites are generally listed gross of fees given client portfolios may have different fee structures based on assets. As long as it’s disclosed, I believe either would be acceptable.
Agreed, but I haven’t been able to find anything to verify this. Its logical to assume that the gross amount would be used as net amounts can distort comparisons based on comparable fee structures, as dhwit mentioned.