Some firms probably feel as though the largest part of their performance presentations are the GIPS required disclosures, as firms have to disclose many items, including a definition of the firm, whether performance is net of fees or gross of fees, and what additional information must be disclosed upon request.
David Tepper's Appaloosa Management saw his $16 billion fund gain 34% gross of fees in 2010, adding $1.5 billion to his personal net worth, now estimated to be $5 billion.
It's as gross as it sounds.
Total annual Pax High Yield Bond Fund operating expenses, gross of any fee waivers or reimbursements, for Individual Investor Class, Class A, Institutional Class and Class R shares are.96%, 0.96%, 0.71% and 1.21%, respectively, as of 4/1/2016 prospectus.
The right hand panel of Figure 1 shows the relationship between log labor income and log abnormal returns, where abnormal returns are defined as the gross (before fees) return in excess of the benchmark as stated in the fund's prospectus.
This method is known as "gross" reporting of revenue.
Conversely, Amazon generally recognizes sales of items it sells from its own inventory (first party or 1P) and related shipping fees as gross revenues.
The term "net receipts" is defined as gross revenue less actual expenses and administrative fees; specifically, costs of goods sold as well as licensing agents and marketing commitments.
"Warner Music is contractually required to hand over all net income, which is defined as gross receipts minus a 15percentt administration fee," according to the Hollywood Reporter.
At 30percentt of gross revenues, agent fees were Good's largest documented expense of the year.
Doing one of these things could come off as gross.
