The T Standard

Helping investors understand portfolio performance during a transition

How can the T Standard help investors?

If a transition manager uses the T Standard, you can:

  • View the results from your perspective, consistent with CFA Institute performance standards.
  • Compare and evaluate proposals from potential transition managers.
  • Analyze outcomes more effectively. If the T Standard is applied to your transitions consistently, you can also use the results to analyze and compare transition managers' track records.

Used industry-wide for almost a decade, the T Standard has been updated over the years to reflect feedback requested from plan sponsors, providers and consultants. Feedback after the initial launch of the T Standard indicated that few changes were needed. In response to industry input, we clarified ambiguities, expanded reach into uncovered areas, and improved the level of transparency.

The T Standard is...

  • Portfolio performance measurement methodology for portfolios in transition.
  • Time-weighted performance measurement consistent with the performance perspective of asset owners.
  • A performance methodology that can be applied to any transition event.

The T Standard is not...

  • A singular metric which can explain the reason for the performance outcome. Although the T Standard methodology will provide asset owners with the total performance outcomes, further attribution will be required to understand the factors that generated the outcome.
  • Synonymous with the T Charter. The T Charter is a code of best practices for transition managers. However, the T Charter stipulates that the T Standard methodology should be applied to the performance evaluation.

Because we use the T Standard, you can count on the accuracy of our performance estimates and the actual results we report. We also use the T Ratio to give you a context for comparing transitions that differ in complexity.

Russell Investments Implementation Services, LLC., member of FINRA, SIPC. www.finra.org

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