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Net vs. Gross

I read GIPS today and took notes, so I hope we all agree on this:

AMC: Gross AND Net
GIPS General Provisions: Gross OR Net, but Gross recommended
P/E: Gross AND Net
P/E Fund of Funds: Gross (while presentation should be gross of management fees, it should still be net of parternship, fund, expenses, and carried interest--and of course, trading expenses)
Real Estate: Gross OR Net
Wrap fee/SMA: Net

Chain linking noncompliant returns: 1/1/2000 for Generral GIPS, 1/1/2006 for RE, P/E, SMA

Why doesn't CFAI just make it required to report both net and gross then it'll be easier for you, me, them, everyone.

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paraguay---you agree with the fund of funds disclosure?

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We can chainlink not compliant returns only if they occur pre-2000..otherwise, no go.

Wrap/SMA - you can present gross if you can somehow break out trading expenses from the bundled fee. IF you cant break um out, you have to report net and remove the entire bundled fee.

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