Lesson 18 of 34 · All lessons in this module
  1. Standard I: ProfessionalismVideo lesson
  2. Standard I cases: knowledge of the law and dissociation
  3. Standard I cases: pressure on analysts and performance staff
  4. Standard I cases: gifts, travel, manager selection and paid research
  5. Standard I cases: misrepresenting services, products and results
  6. Standard I cases: plagiarism, third-party material and online content
  7. Standard I cases: misconduct and competence
  8. Standard II: Integrity of Capital MarketsVideo lesson
  9. Standard II(A) cases: material, nonpublic or mosaic?
  10. Standard II(A) cases: tipping, experts and firm controls
  11. Standard II(B) cases: rumours, trades and intent
  12. Standard II cases: extra 2026 examples and procedures
  13. Standard III(A)–(B): Loyalty, Prudence, Care and Fair DealingVideo lesson
  14. Standard III(A) cases: client identity, loyalty and brokerage
  15. Standard III(B) cases: dissemination, allocation and priority
  16. Standard III(C)–(E): Suitability, Performance Presentation and ConfidentialityVideo lesson
  17. Standard III(C) cases: IPS, total portfolio and mandates
  18. Standard III(D) cases: fair, accurate and complete performance
  19. Standard III(E) cases: exceptions, channels and firm limits
  20. Standard IV: Duties to EmployersVideo lesson
  21. Standard IV(A) cases: loyalty, outside work and leaving
  22. Standard IV(B) and IV(C) cases: outside pay and supervision
  23. Standard V: Investment Analysis, Recommendations, and ActionsVideo lesson
  24. Standard V(A) cases: reasonable basis and outside research
  25. Standard V(A) cases: models, advisers and providers
  26. Standard V(B) cases: services, costs and process changes
  27. Standard V(B) cases: risks, limitations, facts and opinions
  28. Standard V(C) cases: records and retention
  29. Standard VI: Conflicts of InterestVideo lesson
  30. Standard VI(A) cases: avoiding and disclosing conflicts
  31. Standard VI(B) and VI(C) cases: who trades first and who gets paid
  32. Standard VII: Responsibilities as a CFA Institute Member or CFA CandidateVideo lesson
  33. Standard VII(A) cases: exams, confidentiality and volunteering
  34. Standard VII(B) cases: using the designation, membership and candidacy

Lesson 18 of 34 · 15 min

Standard III(D) cases: fair, accurate and complete performance

Performance figures must let a reader judge what was achieved, by whom, over which period and by what method: leave out, relabel or reshape nothing that changes the picture.

In short

  • Test every claim as the client will read it: is it fair, accurate and complete in period, source, who earned it, what is included and how it was calculated?
  • Never state or imply that past returns will repeat; one strong year is not a trend, and a firm-wide claim must reflect all account categories.
  • Composites include every account that meets the criteria (terminated ones too) and are asset-weighted. No selective membership, no single hand-picked 'representative' account.
  • Label what a figure is: simulated or model, prior firm, gross or net of fees, after tax, time- or money-weighted.
  • A GIPS compliance claim must be true in every respect; one failed requirement makes the claim itself the violation.
  • Changing a method or a policy (attribution, period end dates, when new accounts enter a composite) needs disclosure and reasons. Switching to whichever looks best, unannounced, misleads.

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