ayodayo

Yes, the returns are earned and the portolios were discretionarily managed.
The reason for the question is that I want to understand what the impact for marketing to prospecitve clients is when GIPS is adopted. If past portfolios/composites can not be backfilled, newly GIPS compliant firms would start with a 1 year track record and would have to wait 4 more years until they could show a meaningful analysis of their returns. This seems odd.