韩韩_品职助教 · 2019年03月25日
同学你好，可以看一下GIPS Handbook的解释，如果不明白的话，可以继续追问。
B Firms are required to present any partial-year SI-IRR performance for the initial reporting period, on a non-annualized net-of fees basis, for composites that begin on or after 1 January 2011. For example, a fund that began on 30 November 2011 and has a one-month net-of-fees initial return through 31 December 2011 of 3% would be required to present that 3% as the partial year’s performance. The annualized return of 42.6% must not be presented.
C Most real estate closed-end funds have a finite life, which varies from five to ten years. It is also common practice to have multiple extensions whereby some of the funds may extend their lives in increments of one to two years. On a since inception basis, the returns do not vary much during those extension periods unless the remaining investments have some major events that cause significant revaluation. In the end, the investments are liquidated by some means and the fund eventually is also liquidated. A firm must report a net-of-fees SI-IRR through that composite’s final liquidation date in order to capture the residual value, either good or bad, in the last stages of the composite’s existence.
