According to GIPS:
Advertisements that state a claim of compliance and present performance must also
present one of the following sets of total returns:
a. one-, three-, and five-year annualized composite returns through the most recent period;
b. period-to-date composite returns in addition to one-, three-, and five-year annualized
composite returns through the same period of time as presented in the corresponding
compliant presentation; or
c. period-to-date composite returns in addition to five years of annual composite returns
calculated through the same period of time as presented in the corresponding compliant
presentation.
what is period to date return??????????