“First, for periods ending on or after 1 January 2011, if afund of funds composite is defined only by its investment mandate, objective, or strategy, then firms must also present, as of the most recent annual period, the SI-IRR of the underlying investments aggregated by vintage year as well as other measures that are required by provision I.7.A.23 (see below). These measures must be presented gross of the fund of funds investment management fees and must be presented as of the most recent annual period end (I.7.A.22).”
Why gross of fees and not net?