not quite right. FX plays a massive part (esp with wild swings like it has)! last few months it has hidden many sins - this month it counted against them!
as ive stated multiple times - good fund mngrs clearly split the three elements out. Smoke screen MFG does not!!!
see PDL:
A = starting qtr
1= Flows - true FUM flows - clients adding mandates or removing them
2=Market movt - the % return the funds yielded in the qtr
3 = FX movt - as mandates can be across multplie currencies - massive swings and roundabouts here when we're talking billions!
all that equals B.
ZERO AMBIGUITY!!!
NOTHING TO HIDE....HMMM...WONDER WHY MFG DOESNT DO THIS??!!!
Also, many do it across their mandates, not just lump it all into two groups, so even the weighted BPS lost cant not be easily ascertained.....
SMOKE SCREEN THIS MOB!!!
Ann: Funds Under Management - November 2022, page-12
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