GIPS Timeline

I posted this in another thread, but I don’t think anyone ever saw it. It’s not perfect (feel free to make corrections) just an AF contribution:

GIPS Timeline


-No Post Jan 1, 2000 non-compliant performance linked with compliant performance, can link pre-2000 but must explain how non-compliant


-Before Jan1, Portfolios must be valued quarterly, after monthly


-Jan 1, Must use trade date accounting and accrued date for fixed income

-Jan 1, Must adjust approximated rates of return for daily weighted cash flows

-Jan1, Original Dietz method permitted until 2005, after must be a method that adjusts for daily cash flows such as the Modified Dietz or the Modified IRR


-Beginning Jan 1, Wrap Fee/SMA guidelines apply and for periods after this date, firms must not link their non-compliant GIPS performance to their GIPS-compliant Wrap Fee/SMA performance

-All composites must have same beginning and ending annual dates

-Composite returns must be asset weighted, use beginning of period values, and be calculated quarterly

-Jan 1 must disclose the use of subadvisors and periods

-The proportion of a single asset class composite that is made up of carve outs


-Real Estate must be valued at least quarterly


-Jan 1, must value all portfolios on the date of all large external cash flows and on calendar month end using a Time Weighted Rate of Return

-Jan1, No single asset class carve outs unless the segment is managed separately with its own cash balance

-Composite returns must be calculated monthly

-Just like for Private Equity, for Real Estate, firms must calculate the SI-IRR


-Jan 1, All portfolios must be valued according to fair value

-Jan 1, Must Present the 3 year standard deviation of composite and benchmark returns

-Jan 1, Real Estate must be valued according to fair value

-Jan 1, Private Equity must be valued at fair value and the annualized SI-IRR must be calculated using daily cash flows

-Jan 1, After Tax performance reporting will be supplemental to a compliant presentation

-Jan1, Must present net of fees SI-IRR through end of the initial annual period (less than a year) or through the composite’s final liquidation date

-Real Estate, income returns and capital returns must be calculated separately using geometrically linked time-weighted rates of return


-Jan 1, Real Estate must be valued by a licensed appraiser at least 1 time every 36 months prior to 2012 and at least annually after