As part of their commitment to ethical practices, asset managers must adhere to the guidelines outlined in the Asset Manager Code, particularly in the context of performance reporting. Firm ABC recently published a performance report that highlighted an impressive annual return of 15% for its flagship fund. However, the report included performance results based only on the assets that were invested for the full year, excluding other assets that were added partway through the year.

Given this scenario, which of the following statements best reflects the ethical approach to performance reporting according to the Asset Manager Code?