A track record is the documented history of a manager's investment returns. Allocators distinguish between an administered track record, where NAVs were calculated by an independent administrator, and self-reported returns from managed accounts, backtests or exchange statements, which carry far less weight.
An administered track record is a NAV series produced by the fund's administrator, net of fees, and tested by the auditor. It can be underwritten because someone other than the manager produced it. Managed-account and vault returns can be genuine but are not independently verified, and backtests are hypothetical.
Length matters too: most allocators want at least six to twelve months of live administered returns, and many institutional programmes require three years.
POD funds build an administered, daily track record from the first dealing day. Funds become visible on POD Discover after six months of it. Past performance is not a reliable indicator of future results.
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