Annual reports have marketing copy which talks about what the company’s done over the past year, photographic highlights, and a moderately detailed breakdown of company finances. In addition to laying out text and tables, we created charts and checked the balance sheet for math errors. (Originally this was a way to “spellcheck the numbers,” but when we realized the numbers were right and the math was wrong, we went back to the client, who was grateful we’d caught the mistake.)
Fund reports are periodic updates (every month, quarter, six months) which discuss how a particular fund is performing, what’s happening in the markets which may have affected the fund, the performance of companies within it, and the decisions made by the fund’s managers. Some reports are only performance numbers, heavy on the tables and charts, while others have lengthy copy putting the fund’s performance in context and explaining the philosophy and actions of the fund’s managers. These reports are updated cyclically throughout the year.