{"id":40140,"date":"2024-08-09T13:16:55","date_gmt":"2024-08-09T13:16:55","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=40140"},"modified":"2024-08-09T13:17:49","modified_gmt":"2024-08-09T13:17:49","slug":"requirements-for-presenting-and-reporting-composites-4","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/requirements-for-presenting-and-reporting-composites-4\/","title":{"rendered":"Requirements for Presenting and Reporting Composites"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/xi50fnnyJXg\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Firms aiming for GIPS compliance should make a reasonable effort to furnish a GIPS Report to potential clients and investors in limited distribution pooled funds. The report should accurately represent the investment strategy being promoted to these prospective clients.<\/p>\n<h2>Two Types of GIPS Reports<\/h2>\n<p>There are two types of GIPS Reports: <\/p>\n<ol type=\"1\">\n<li><strong>GIPS Composite Report:<\/strong> Includes all of the information required by the GIPS standards for a specific composite. A GIPS Pooled Fund Report<\/li>\n<li><strong>GIPS Pooled Fund Reports:<\/strong> Includes all of the information required by the GIPS standards for a specific pooled fund.<\/li>\n<\/ol>\n<h2>Minimum Years of Performance<\/h2>\n<p>The GIPS standards dictate that GIPS Composite Reports displaying time-weighted returns should exhibit a minimum of 5 years of annual performance. However, if the composite hasn&#8217;t been around for 5 years yet, returns since inception can be presented instead. Furthermore, firms must continue to extend the GIPS-compliant performance record each year until at least 10 years of performance data are provided.<\/p>\n<h2>Required Elements of a GIPS Composite Report<\/h2>\n<p>The core elements of a GIPS Composite Report that presents a time-weighted return include the following: <\/p>\n<ol type=\"1\">\n<li>Composite and benchmark annual returns for all years. <\/li>\n<li>The number of portfolios (if six or more) in the composite at each period end. <\/li>\n<li>The amount of assets in the composite; the amount of total firm assets at the end of each period. <\/li>\n<li>A measure of <strong>internal dispersion<\/strong> of individual portfolio returns for each annual period if the composite contains six or more portfolios for the full year. <\/li>\n<li>If monthly composite returns are available, a three-year annualized <em>ex post<\/em> standard deviation of the composite and benchmark returns as of each annual period end.<\/li>\n<\/ol>\n<h2>Dispersion measures<\/h2>\n<p>The GIPS standards mandate the presentation of a measure of internal dispersion of returns for each annual period within a composite. This measure reveals how consistently the firm applies its strategy across individual portfolios. If there&#8217;s a significant range in results, it prompts users to investigate why there&#8217;s variability in returns among portfolios that should follow the same strategy.<\/p>\n<p><strong>The dispersion of annual returns for individual portfolios within a composite can be measured in various ways. <\/strong>\n<\/p>\n<p>The table below displays the initial dollar values and annual returns of portfolios in the Example equity composite for the entire year 2032. The portfolios are arranged in descending order based on their returns, from highest to lowest.<\/p>\n<p>$$ \\begin{array}{c|c|c}<br \/>\n\\textbf{Beginning} &#038;\t\\bf{2032} &#038;\t\\bf{(In \\ \\$)} \\\\ \\hline<br \/>\n\\textbf{Portfolio} &#038;\t\\textbf{Value} &#038;\t\\textbf{Return} \\\\ \\hline<br \/>\nA &#038;\t   122,517 &#038; \t4.02\\% \\\\ \\hline<br \/>\nB &#038;\t     81,878 &#038;\t3.99\\% \\\\ \\hline<br \/>\nC &#038; \t   121,586  &#038;\t3.57\\% \\\\ \\hline<br \/>\nD &#038;\t     86,998  &#038;\t3.53\\% \\\\ \\hline<br \/>\nE &#038;\t   114,900  &#038;\t3.51\\% \\\\ \\hline<br \/>\nF &#038;\t   112,100  &#038;\t3.46\\% \\\\ \\hline<br \/>\nG &#038;\t     98,692 &#038;\t3.41\\% \\\\ \\hline<br \/>\nH &#038;\t   191,045 &#038;\t3.36\\% \\\\ \\hline<br \/>\nI &#038;\t   107,791 &#038;\t3.31\\% \\\\ \\hline<br \/>\nJ &#038;\t     96,595 &#038;\t3.24\\% \\\\ \\hline<br \/>\nK &#038;\t     75,900 &#038;\t3.19\\% \\\\ \\hline<br \/>\nL &#038;\t     77,407 &#038;\t3.09\\% \\\\ \\hline<br \/>\nM &#038;\t     31,300 &#038;\t2.50\\% \\\\ \\hline<br \/>\nN &#038;\t     84,556 &#038;\t1.98\\%<br \/>\n\\end{array} $$<\/p>\n<p>Internal dispersion, as defined by the GIPS Standards for Firms, measures how individual portfolio returns within a composite vary. Acceptable measures include high\/low, range, and standard deviation of portfolio returns, whether equal-weighted or asset-weighted. The sample data will illustrate these methods.<\/p>\n<h3>&#8220;Highest Lowest Method&#8221;<\/h3>\n<p>Using the &#8220;Highest Lowest Method&#8221; for the Example equity composite, the highest return was 4.02% and the lowest was 1.98%. An alternative is the high\/low range, which is the difference between the highest and lowest return, equaling 2.04% in this case.<\/p>\n<p>While the high\/low method is easy to grasp, it can be affected by outliers \u2013 portfolios with exceptionally high or low returns \u2013 leading to a less representative measure of dispersion. Other, more complex dispersion measures may provide a better understanding of return distribution.<\/p>\n<h3>Standard Deviation<\/h3>\n<p>The standard deviation is an approved measure of internal dispersion for portfolios within the composite. It gauges the variation of returns among the included portfolios for the entire year. Here&#8217;s the formula for population standard deviation:<\/p>\n<p>$$<br \/>\n\\sigma = \\sqrt { \\frac {\\sum ( X_i &#8211; X )^2 }{ N}}  $$<\/p>\n<p><em>Where:<\/em><\/p>\n<p>\\(\\sigma\\) = Population standard deviation.<\/p>\n<p>\\(X_i\\) = Each value from population.<\/p>\n<p>\\(X\\) = Population mean.<\/p>\n<p>\\(N\\) = Number of observations.<\/p>\n<p>Candidates can utilize CFA-approved calculators during the exam to compute standard deviation. However, understanding the formula is beneficial for a deeper grasp of the material. In the table example above, the standard deviation would be 0.510%. Candidates should practice this calculation for both the GIPS section and potential quantitative methods questions.<\/p>\n<h2>Portability<\/h2>\n<p>The issue of &#8220;portability&#8221; regarding past performance is intricate. Performance from a prior firm or association can be connected to the new or acquiring firm if specific conditions are met on a composite-specific basis:<\/p>\n<ol type=\"1\">\n<li>Most decision-makers work for the new firm.<\/li>\n<li>The decision-making process remains substantially unchanged and independent within the new firm.<\/li>\n<li>The new firm has proper records supporting the reported performance.<\/li>\n<li>There must be no interruption in the performance track record between the previous firm or affiliation and the new firm.<\/li>\n<\/ol>\n<p>If there&#8217;s a break in the track record but the first three conditions are met, the past performance can represent the historical performance of the new firm, but the two records cannot be linked. When a GIPS-compliant firm acquires another firm, it has a one-year &#8220;grace period&#8221; to bring non-compliant assets into compliance for future reporting periods.<\/p>\n<blockquote>\n<h2>Question<\/h2>\n<p>Based on the presented returns, which of the following is <em>most likely<\/em> a GIPS<sup>&reg;<\/sup> compliant return dispersion calculation?<\/p>\n<p>$$ \\begin{array}{c|c|c}<br \/>\n\\textbf{Beginning} &#038;\t\\bf{20XX} &#038;\t\\bf{(In \\ \\$)} \\\\ \\hline<br \/>\n\\textbf{Portfolio} &#038;\t\\textbf{Value} &#038;\t\\textbf{Return} \\\\ \\hline<br \/>\nA &#038;\t12,395 &#038;\t1.14\\% \\\\ \\hline<br \/>\nB &#038;\t4,506 &#038;\t11.0\\% \\\\ \\hline<br \/>\nC &#038;\t2,632 &#038;\t2.17\\% \\\\ \\hline<br \/>\nD &#038;\t11,764 &#038;\t3.70\\%<br \/>\n\\end{array} $$<\/p>\n<ol type=\"A\">\n<li>The fund experienced returns within a range of 9.86% over the period.<\/li>\n<li>The fund averaged a 4.5% standard deviation.<\/li>\n<li>The fund experienced a 10.2% return over the period.<\/li>\n<\/ol>\n<p><strong>Solution:<\/strong><\/p>\n<p><strong>The correct answer is A.<\/strong><\/p>\n<p>Answer choice A uses the high-low method. This method takes the highest return and subtracts the lowest return (11.0% &#8211; 1.14%) to demonstrate a range of returns experienced by the fund.<\/p>\n<p><strong>B is incorrect.<\/strong> It uses a simple average, and purports to be a standard deviation, which would be a compliant method if it were properly calculated.<\/p>\n<p><strong>C is incorrect.<\/strong> It is neither properly labeled, not properly calculated.<\/p>\n<\/blockquote>\n<p><strong>Performance Measurement: Learning Module 3: Global Investment Performance Standards;<\/strong> Los 3(i) Explain the conditions under which the performance of a past firm or affiliation may be linked to or used to represent the historical performance of a new or acquiring firm<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Firms aiming for GIPS compliance should make a reasonable effort to furnish a GIPS Report to potential clients and investors in limited distribution pooled funds. The report should accurately represent the investment strategy being promoted to these prospective clients. Two&#8230;<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[571],"tags":[],"class_list":["post-40140","post","type-post","status-publish","format-standard","hentry","category-cfa-level-iii","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Requirements for Presenting and Reporting Composites - CFA, FRM, and Actuarial Exams Study Notes<\/title>\n<meta name=\"description\" content=\"The GIPS standards mandate the presentation of a measure of internal dispersion of returns for each annual period within a composite.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/requirements-for-presenting-and-reporting-composites-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Requirements for Presenting and Reporting Composites - 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