When you disclose composite performance, what is the REQUIREMENT, Gross of fees or net of fees or both.
Does this differ under the advertisement disclosure?§
can disclose either (or both), as long as you also go and disclose the fee schedule too which is compulsory (so the client can work out the return of gross/ net, whichever one you omitted).
Gross is with trading fees taken off, net is with management fees also excluded.