A performance composite is comprised of a number of accounts that  are managed in the same manner.  When IPEX evaluates a money manager's investment record, the evaluation is based upon a firm's particular "performance composite."  IPEX obtains from each manager all performance composites that relate to the targeted investment style before selecting the composite that most closely matches the client's objectives.

The manner in which the performance composite is constructed and the return calculated are extremely important, as this data is the basis for all analysis.  Therefore, IPEX encourages managers to have a third party verify their investment results, and IPEX thoroughly reviews these verifications.

IPEX closely adheres to industry standards in analyzing the integrity of each managers' performance composite.  Specifically, IPEX attempts to ensure that the information substantially compiles with the Performance Reporting Standards of the Investment Management Consultant's Association and the Performance Presentation Standards of the Association of Investment Management and Research.  While many of the Standards can be of a rather technical nature, several of the critical provisions are summarized below.

IPEX attempts to ensure that all of a manager's discretionary, fee paying portfolios are included in at least one performance composite for whatever time period such portfolios were under management' that composite results not be altered to reflect personnel or other organizational changes; and that any significant changes with in the firm be fully disclosed by the manager.

IPEX recognizes that past performance results belong to the management firm that achieved those results, not to any individual.  However, if there is  continuity of key investment personnel and clients, and the track record can be traced back for those clients to a prior firm, then transferability is allowed. IPEX requires that the manager fully disclose all such instances.

IPEX attempts to obtain underlying information from the manager to ensure that the performance results presented accurately reflect the investment product.  In all cases, IPEX discloses all exclusions from , or changes to, a performance composite that a prudent investor would consider  significant.