GIPS Verification

For the equity-neutral closed-end fund, the *most appropriate* return calculation metric is calculated according to GIPS using:

Right! MWR can be used for closed-end funds where the firm controls the external cash flows. Thus, MWR is appropriate here. In addition, the 2020 GIPS standards indicate that daily external cash flows must be used.

Incorrect. The five-year time period is too long for an investment return calculation.

Incorrect. GIPS requires TWR to be done monthly, not quarterly.

TWR on a quarterly valuation basis.

MWR and daily external cash flows after 2020.

MWR calculated every five years.