[Verse 1] Investment firms need standards clear To show their performance year by year GIPS will guide the way they report Making comparisons fair across the board Group portfolios with strategies the same Into composites, that's the name of the game [Chorus] GIPS compliance, show me the way Time-weighted returns for every display Five years minimum, benchmarks too Disclosure requirements, verification true GIPS compliance, industry wide Standardized performance you can't hide [Verse 2] Time-weighted returns are what we need Not money-weighted when clients add or feed Cash flows from clients shouldn't affect The manager's skill that we want to reflect Calculate returns without the noise Time-weighted gives us the clearer choice [Chorus] GIPS compliance, show me the way Time-weighted returns for every display Five years minimum, benchmarks too Disclosure requirements, verification true GIPS compliance, industry wide Standardized performance you can't hide [Bridge] Real estate needs special care Private equity values aren't always there Independent verification is the key Third party review for all to see Firm-wide compliance, not just one part GIPS standards right from the start [Verse 3] Present your data for five years or more Since inception if that's less than four Benchmarks help investors compare Disclosures make everything fair and square Verification gives the final seal GIPS compliance keeps it real [Final Chorus] GIPS compliance, show me the way Time-weighted returns for every display Five years minimum, benchmarks too Disclosure requirements, verification true GIPS compliance, industry wide Global standards we can trust and rely [Outro] Firm-wide composites all aligned GIPS standards keep performance refined
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