Past Performance
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In general, "past performance" refers to how something has performed in the past, for example how an athlete, a business, an investment portfolio, an individual stock, a sports team or a race horse has performed. The term "past performance" is used more specifically in relation to
government procurement Government procurement or public procurement is the purchase of goods, works (construction) or services by the state, such as by a government agency or a state-owned enterprise. In 2019, public procurement accounted for approximately 12% of GDP ...
,
horse racing Horse racing is an equestrian performance activity, typically involving two or more horses ridden by jockeys (or sometimes driven without riders) over a set distance for competition. It is one of the most ancient of all sports, as its bas ...
and
mutual fund A mutual fund is an investment fund that pools money from many investors to purchase Security (finance), securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in ...
disclosure Disclosure may refer to: Arts and media Film and television *'' CBC News: Disclosure'', a television newsmagazine series in Canada * ''Disclosure'' (1994 film), an American erotic thriller film based on the 1994 novel by Michael Crichton * ''Dis ...
documents.


Government Procurement


United Kingdom

Crown Commercial Service The Crown Commercial Service (CCS) is an executive agency and trading fund of the Cabinet Office of the UK Government. The CCS is responsible for managing the procurement of common goods and services, increasing savings for the taxpayer by cen ...
's Procurement Policy Note 04/15, applicable to central government departments,
executive agencies An executive agency is a part of a government department that is treated as managerially and budgetarily separate, to carry out some part of the executive functions of the United Kingdom government, Scottish Government, Welsh Government or Nort ...
and
non-departmental public bodies In the United Kingdom, non-departmental public body (NDPB) is a classification applied by the Cabinet Office, Treasury, the Scottish Government, and the Northern Ireland Executive to public sector organisations that have a role in the process of na ...
, sets out UK government policy effective from 1 April 2015 regarding use of suppliers' past performance information when awarding public contracts.


United States

Past performance is a central element of the process used by U.S. government agencies when they evaluate companies and proposals to determine which ones will be awarded contracts. Knowledge and awareness of how past performance is evaluated are critical to successful proposals to perform government work. Although past performance is a natural consideration and has been used as an implied evaluation factor, its use was not formalized by the U.S. government until the 1960s through a Department of Defense past performance reporting system known as the Contractor Performance Report. Defining past performance as an evaluation factor distinguishes it from past performance information, or relevant information about a contractor’s actions under previously awarded contracts. In practice in the U.S. government contracting market, the term “past performance” includes three elements; 1) what work a contractor performed, 2) judgments about the breadth, depth and relevance of that experience and 3) judgments about how well the contractor performed. The Contractor Performance Assessment Reporting System (CPARS), accessible through the Past Performance Information Retrieval System (PPIRS) until the two systems were merged on 15 January 2019, is the U.S. government enterprise solution for collection and retention of contractor past performance information. The main activity associated with this system is the documentation of contractor and grantee performance information that is required by federal regulations (see Federal Acquisition Regulations part 42.15). This is accomplished in web-enabled reports referred to as CPARS reports or report cards. These reports are available to U.S. government agencies making contract award decisions.


Horse Racing

Past Performances appear on horse racing programs such as the DRF (
Daily Racing Form The ''Daily Racing Form'' (DRF) (referred to as the ''Racing Form'' or "Form" and sometimes "telegraph" or "telly") is a tabloid newspaper founded in 1894 in Chicago, Illinois, by Frank Brunell. The paper publishes the past performances of rac ...
), Equibase, and Brisnet. Information on
jockey A jockey is someone who rides horses in horse racing or steeplechase (horse racing), steeplechase racing, primarily as a profession. The word also applies to camel riders in camel racing. The word "jockey" originated from England and was used ...
s,
trainers Sneakers ( US) or trainers ( UK), also known by a wide variety of other names, are shoes primarily designed for sports or other forms of physical exercise, but are also widely used for everyday casual wear. They were popularized by compani ...
, date of races, finishes in races, speed figures,
odds In probability theory, odds provide a measure of the probability of a particular outcome. Odds are commonly used in gambling and statistics. For example for an event that is 40% probable, one could say that the odds are or When gambling, o ...
and more of the last 10 races are provided to give handicappers a sense of history and information to bet with. Horse racing handicappers study the past performance of each horse in a race, examining among other things the combination of speed, endurance and grit demonstrated by the animal in prior meets.


Mutual Fund Disclosures

The phrase “past performance is not an indicator of future performance” (or similar) can be found in the fine print of most
mutual fund A mutual fund is an investment fund that pools money from many investors to purchase Security (finance), securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in ...
literature. Nonetheless, past performance of an investment fund or portfolio, and the management thereof, is frequently considered when judging the fund or the management of it. Demonstrating the ability to outperform peers or index funds repeatedly is seen as a way to evaluate a fund manager’s skill. The S&P Persistence Scorecard is published twice a year to answer the question of whether past performance in investment funds matters. This report tracks the consistency of top performers over yearly consecutive periods and measures performance persistence through transition matrices. The
University of Chicago The University of Chicago (UChicago, Chicago, or UChi) is a Private university, private research university in Chicago, Illinois, United States. Its main campus is in the Hyde Park, Chicago, Hyde Park neighborhood on Chicago's South Side, Chic ...
’s
Center for Research in Security Prices The Center for Research in Security Prices, LLC (CRSP) is a provider of historical stock market and investable index data. CRSP is an affiliate of the Booth School of Business at the University of Chicago. CRSP maintains some of the largest and mo ...
(CRSP) Survivorship Bias Free Mutual Fund Database serves as the underlying data source for these reports.S&P Dow Jones Indices, January 2016, Does Past Performance Matter? The Persistence Scorecard
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References

{{reflist Government procurement Horse racing terminology Mutual funds