From 1 January 2019 wealth managers have been required to provide a full breakdown of the costs borne by a portfolio, as measured by the Key Information Document Reduction in Yield (KID RIY) figure. This includes any underlying fees from collectives. As most of us know, performance after fees is what really counts. So we continue to believe that, while shining a light on costs is entirely right, changes in investment behaviour that are driven solely by cost will do little for investor returns over the long run. That said, the new KID RIY measure does not, in our view, properly represent the reality of future costs. This is not least because it includes interest charges and performance fees incurred historically. Neither of these helps comparability between trusts. Gearing should enhance returns over the long term, and performance fees are (usually) earned only after an investor has benefited from their investment in performance terms. Using either measure as an indicator of future costs is clearly flawed. The ongoing charges (OCF) figure is our preferred statistic, and in our view most representative. Nevertheless, while the AIC has guidelines on how the OCF is calculated, calculation methodologies do vary. This is also the case with KID RIYs, which are meant to be the industry gold standard, but in many cases significant variations in methodology still exist.