GIPS : gross of fee, net of fee return return

Palantir

As I know,
Gross of fee return : Return
Net of fee return : Return - Fees

And I would like to know what fee above means? my guess is 'management fee'.

Then above Return is already deducted by trading expenses (trading fee) ?

Then,
Gross of fee return : Total return - trading fee
Net of fee return : Total return - trading fee - management Fees

Is that right?

Then, where should the custody fee be put in above?

mar350

ADMINISTRATIVE FEE:

All fees other than TRADING EXPENSES and the INVESTMENT MANAGEMENT FEE. ADMINISTRATIVE FEES include CUSTODY FEES, accounting fees, auditing fees,
consulting fees, legal fees, performance measurement fees, and other related fees.

--new in GIPS 2010.

Darien

pg 292 first sentence of second paragraph. custody fees are NOT considered trading expenses.

cityboy

unless its bundled, and you can`t break out the trading expense, you would deduct the adminfee.