When presenting past performance, a money manager must ensure that:

A money manager must ensure that their presentation of past performance constitutes a complete presentation without omission of underperforming stocks. This is critical because clients and stakeholders are entitled to a truthful representation of the manager's results, which includes both successes and failures. Omitting underperforming stocks can lead to a misleading portrayal of the manager's capabilities and performance history.

Providing a full and fair view allows investors to make informed decisions by understanding the manager's entire performance track record, including risk factors and the challenges faced. This practice aligns with ethical standards that emphasize transparency and integrity in financial reporting. By ensuring that both winning and losing investments are accounted for, the manager can maintain trust and credibility with their clients, ultimately fostering a more informed investment decision-making process.

In contrast, focusing only on winning stocks or those that performed well fails to provide a comprehensive view. This could mislead clients about the manager's overall skills and investment strategy. Additionally, including all past performances without restrictions may not adhere to the requirements for a balanced and fair representation, particularly if the data is presented inappropriately. Thus, maintaining complete transparency regarding all aspects of past performance is essential for ethical standards in investment management.