Fees Guidance Statement.
On page 5 we find the following:
I do not interpret this to be "as opposed to gross-of-fee performance," since this entire guidance statement deals with fees; it is not positioning itself relative to gross-of-fee returns. This guidance statement (page 2) and the standards themselves (¶ I.5.B.1) recommend gross-of-fee returns. Therefore, my interpretation isn't that this is taking a new direction on the recommendations, but rather stating that if you're going to report net-of-fee, this is how you should in these cases. If I am mistaken, hopefully someone will correct me.