Quarterly client letter poll: Where do you put performance?

Performance is an important component of quarterly letters to asset management clients, so I wasn’t surprised to hear the following question at an investment commentary workshop: “Where should you discuss performance—at the beginning or end of your quarterly letter?”

Here is what I think:

• Either spot can work but your placement should be consistent from quarter to quarter. This lets your clients know where you answer the question of “How am I doing?”
• It’s good to relate performance to your market commentary no matter where you place your clients’ performance.

Below are the results of a poll I conducted. Placing performance at the beginning of the letter was by far the most popular choice.

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Note: On January 28, 2014, I deleted the poll and replaced it with a screenshot of the poll results.