The Marketing Rule includes specific requirements for certain types of performance results, including predecessor performance. For example, fund managers may not include predecessor performance in any advertising unless there is appropriate similarity with regard to the personnel and accounts at the predecessor adviser and the personnel and accounts at the advertising adviser, which must include all relevant disclosures clearly and prominently in the advertisement. Fortunately, the Marketing Rule largely codified the existing SEC staff guidance on the use of predecessor performance. Because the new rule is generally consistent with the no‑action guidance in this space, managers will not need to dramatically change their approaches with regard to the use of predecessor performance in their marketing materials. Thus, this guest article by Sean O’Brien and Sara A. Welch, partner and counsel, respectively, at O’Brien LLP, and Joel A. Blanchet, partner at Kirkland & Ellis, on the portability and protection of hedge fund investment track records remains largely relevant. The article explores the manner in which the law affects investment funds, investment adviser firms and individuals when it comes to the portability of track records and identifies steps that funds and portfolio managers can take to protect their respective rights as to those track records. For a look at the originally proposed changes regarding performance advertising, see “SEC Proposes Expanding Permissible Performance Advertising Practices With Favorable Treatment for Private Fund Managers” (Dec. 5, 2019).