As I know, Gross of fee return : Return Net of fee return : Return - Fees And I would like to know what fee above means? my guess is ‘management fee’. Then above Return is already deducted by trading expenses (trading fee) ? Then, Gross of fee return : Total return - trading fee Net of fee return : Total return - trading fee - management Fees Is that right? Then, where should the custody fee be put in above?
custody fee is the only fee that is NOT deducted. fee is any other fee deducted, it also includes withholding taxes
I may be wrong but isnt custody fee part of management fee? All your above points look fine to me.
ADMINISTRATIVE FEE: All fees other than TRADING EXPENSES and the INVESTMENT MANAGEMENT FEE. ADMINISTRATIVE FEES include CUSTODY FEES, accounting fees, auditing fees, consulting fees, legal fees, performance measurement fees, and other related fees. --new in GIPS 2010.
pg 292 first sentence of second paragraph. custody fees are NOT considered trading expenses.
I think that if the trading fee can
t be broken out, THEN you deduct the wholebundled fee, which may include admin fee, which includes the custody fee. If you can break out the trading fee, then the custody fee is not deducted.
Thanks. So, trading fee & management fee only 2 are the consideration. (Gross of fee return = Total return - Trading fee & Net of fee return = Total return - Trading fee - management fee) And ADMINISTRATIVE FEES (CUSTODY FEES, accounting fees, auditing fees, consulting fees, legal fees, performance measurement fees, and other related fees) are not deducted at all in any of the return. That is beginning 10 & Ending 17 & Trading fee 1 & Management fee 1 & admin. fee 2 = Net of fee return is 50% & Gross of Fee return is 60% ?
unless its bundled, and you can`t break out the trading expense, you would deduct the adminfee.