“a measure of internal dispersion of individual portfolio returns for each annual period if the composite contains six or more portfolios for the full year”
“after 1 January 2011, firms must present, as of eac** h **** annual period** end, the three-year annualized ex post standard deviation (using monthly returns) for the composite and the benchmark.” Curriculum
As far as I understand, we would need to know the Market Value (Fair Value?) for time-weighted return calculation only in case portfolio has to be valued on that date for some reason even if ECF (External Cash Flow ?) equals 0. For example that date is calendar month-end or last business day of the month. Otherwise the FV on the date with 0 ECF would not be included in the return calculation process because it would be useless.
“Composites cannot include simulated, backtested, or model portfolios” but “returns can be shown as supplemental information but cannot be linked to actual composite returns”