Wrap Fee/SMA identify, existing, only, net, another

ASSet_MANagemen

One of the provisions is:
Reported returns must be after deductions of all bundled fees - does this mean net of all fees and hence only net returns?

We can identify sponsor when we prepare results for a sponsor-specific composite - but can we present this to another prospective SMA client - would this not be a breach of confidentiality (to the existing client)?