What is the difference between the two in the GIPS context? What is the non fee paying portfolio? Any examples?
Some adviser/ managers will “incubate” a fund. That is , they will invest low amount of their own assets, with the purpose of establishing a GIPS track record early ( before large inflows arrive ) These would be considered non-fee paying and must be shown as a percentage if they are substantial which would be the case if the composite was just established.
thanks for it
very very interesting. Thanks!!