Introduction to Global Investment Performance Standards (GIPS)
EN: Why GIPS, who can claim compliance, composite construction. VN: Mục đích GIPS, ai có thể tuyên bố tuân thủ, cấu trúc composite.
1. Why GIPS Exists Concept
About: Standardized performance reporting → comparability across firms and jurisdictions. Voluntary (compliance claimed); verification recommended.Tóm tắt: Báo cáo hiệu suất chuẩn hóa → so sánh được. Tự nguyện.
Comparability Standardized performance presentation across firms and jurisdictions.
Transparency Full disclosure of methodology and assumptions.
Voluntary Self-regulation; firms claim compliance — verification is recommended but optional.
2. Who Can Claim Compliance Concept
About: Firm-wide (entire firm, not product). All-or-nothing. Min 5 years history (or since inception); build to 10. ALL fee-paying discretionary portfolios in composites.Tóm tắt: Toàn doanh nghiệp. Tối thiểu 5 năm. TẤT CẢ portfolio fee-paying discretionary phải vào composite.
Firm-wide An entire investment firm — not a product or individual portfolio.
All-or-nothing If a firm complies, ALL fee-paying discretionary portfolios must be in composites.
Min. history 5 years (or since inception); build to 10.
3. Composite Construction Concept
About: Composite = aggregation of portfolios with similar strategy. TWR required. Compliance statement must use exact wording.Tóm tắt: Composite = nhóm portfolio cùng strategy. TWR. Statement phải đúng wording.
Composite Aggregation of one or more portfolios managed under a similar strategy.
All in All actual fee-paying discretionary portfolios in at least one composite.
Time-weighted TWR is the required return measure (since fund manager doesn't control client cash flows).
Compliance statement Specific wording required.
4. Sections of GIPS Concept
About: 9 sections covering input data, calculation, composite construction, disclosures, presentation, real estate, PE, wrap fee. Comprehensive framework.Tóm tắt: 9 phần phủ input, tính toán, composite, disclosure, presentation, RE, PE, wrap.
Sec. 0 Fundamentals of compliance.
Sec. 1 Input data.
Sec. 2 Calculation methodology.
Sec. 3 Composite construction.
Sec. 4 Disclosures.
Sec. 5 Presentation and reporting.
Sec. 6 Real estate.
Sec. 7 Private equity.
Sec. 8 Wrap fee / SMA.
Practice problem Practice
Practice problem
A firm wants to claim GIPS compliance but has only 4 years of performance history. Can it claim compliance?
Show solution
Minimum 5 years required (or since inception if newer).
If less than 5 years, present full history since inception.
Build to 10 years over time.
Present 4 years (since inception); claim is allowed for inception-to-date.