In regards to timing, it has become commonplace for managers to produce monthly performance updates on their strategies, regardless of the liquidity of the strategy and product structure in which it is sold. Quarterly is simply a long time in today’s 24/7/365 world. More detailed, qualitatively driven materials may still be produced quarterly. Regardless of which timeframe you commit to, all materials must be produced and disseminated as close to month/quarter end as is feasible.
It is surprising that managers often believe their commentary, largely a regurgitation of what others have already said, delivered in month three following a given quarter, will be read. The early bird gets the worm applies to investment management as well.
