1. PSN Client Service Team

 

 

PSN Client Service Team will provide:

 

·      On-line Web Training 

 

·      Telephone Support

 

If you need training, have questions, comments or suggestions concerning our software; please contact our PSN Client Service Team:

 

 

Client Service Support:

 

Phone:           800-789-5323

E-Mail:            clientservices@informais.com

 

 

 

 

 

 

 


PSN Enterprise logo2

About PSN Enterprise

 

A Direct Path to Separate Account Data

PSN Enterprise, a product developed by Informa Investment Solutions, is the most comprehensive and easy to use investment manager database available.  PSN Enterprise is a web-based application that will be the keystone in building your separate account business.

 

PSN Enterprise is powered by the PSN investment manager database.  Since 1984, PSN has been recognized as the premier investment manager database.  We earned this reputation because of PSN’s wealth of accurate data, flexibility, exclusive functions and exceptional service.

 

Data Integrity 

Informa Investment Solutions serves as an objective, third-party supplier of information.  We maintain no affiliations with any of the investment managers we track, and pride ourselves in providing purely impartial data.  And all PSN information is primary data.  We solicit the information directly from the source, which makes the data more consistent and reliable.

 

Data Breadth

PSN boasts a global database of more than 1,300 investment managers, representing more than 5,000 US, global and international investment products.  This expansive database assures you a thorough representation of the investment management arena.

 

Data Depth

When you use PSN data in PSN Enterprise, you get immediate access to high-quality, detailed information on each firm capturing over 1,000 data points.

 

PSN Enterprise's investment manager profiles provide in-depth information on each manager and their product offerings, including assets, fee structure, composite holdings, and historical returns and statistics.  In addition to quantitative data, PSN Enterprise also includes objective, narrative data.  Categories, such as investment philosophy, portfolio construction biographies of senior investment professionals, enhance your analysis with valuable insight.

 

The Manager Search Made Easy

PSN Enterprise offers you unmatched power to manipulate and evaluate the wealth of information in the PSN database.  Match your investment objectives with the right investment manager in minutes.  All the information you need is at your fingertips. 

 

Built-In Investment Formulas

PSN Enterprise gives you the ability to measure performance, conduct detailed statistical analysis and assess risk.  The system has built-in formulas for the sophisticated calculations that investment professionals require.  From beta and information ratio, to downside risk and upside uncertainty, PSN Enterprise executes the calculations you need.  You can select your own date ranges and benchmarks in your analysis.  Or, you can use over 2 million pre-generated statistical calculations for quick performance comparisons.

 

Universe Comparisons

PSN Enterprise keeps it simple.  We give you all the functions you need without slowing you down with too many choices to make and too many buttons to click.  Either choose from our convenient pre-saved universes or screen on key data fields to create your own custom peer groups.  You can save your favorite universes for later retrieval. What was once an arduous process can now be accomplished with speed, versatility and ease.

 

Self-Entered Module

Include proprietary information in your analysis by using the Self-Entered Module.  Enter monthly or quarterly returns on any individual account, mutual fund, hedge fund, composite, index, etc.  Once entered, you may include these portfolios in any of your PSN Enterprise evaluations.

 

Blended Portfolio Analysis

Combine the returns of indices, investment products, or your Self-Entered data with PSN Enterprise’s blended portfolio analysis.  You can even rebalance or change allocation over time.  Create one or more scenarios and compare them against each other to arrive at a suitable recommendation.  Once created, blends can be saved and automatically updated for future use in a new or existing report.

 

Style Analysis

Determine a product’s return-based style as compared to standard benchmarks.  The Style Analyzer allows you to look at a manager’s style exposure and drift compared to other manager with the same investment style.  Historical, rolling time period and current style analysis information can be displayed in graphical or tabular format.  Style analysis is available for all major asset classes.

 

Asset Allocation

Before choosing allocation percentages for your blended portfolio, inspect an efficient frontier that contains a list of possible optimal portfolio combinations.  Let PSN Enterprise show you the optimal solution based on your risk and return preferences.  Options include manager and asset class optimization. 

 

Report Writer

Define report columns using any data field within PSN Enterprise and arrange the information as you see fit.  Your reports will be thorough and easy to understand.  View it, print it or download it to an Excel spreadsheet.

 

Graphs and Reports

Strengthen your comparative analysis with graphs and reports.  Choose from PSN Enterprise's wide selection of options and produce professional-quality output, without utilizing different software.  Customize your output by easily changing fonts, colors, styles, observations, benchmarks, date ranges and statistics. You can even import your own logo. 

 

Modify graphs and reports for one-time use, or save them as custom templates which can be updated with new data.  Graphs and reports can be saved within PSN Enterprise or exported to other Microsoft Windows software.

 

Report Designer

Report Designer will allow you to design your own report templates by combining data, graphs, text, and images.  Using text blocks and graphics from our library or creating your own, you can do a side-by-side comparison of two or more managers or products, and the choice of content and placement is completely customizable. Features include drag and drop, resizing and menus to customize both individual sections of the report, or to set parameters for the entire presentation.  Report templates created by the report designer can be reused and modified to meet your changing needs.

 

Presentation

PSN Enterprise enables you to combine multiple graph and report templates to create presentation for different clients or prospects.  Maintain consistency and save time preparing for your next meeting.  The instant proposal function compiles reports, graphs, market commentary, compliance information, proprietary fact-sheets, and third party output to create a complete business or client presentation.  Presentations can be saved for individual use or shared between specified users.

 

Batch Production

Each report template in PSN Enterprise contains its own intelligence by storing the default criteria of each report.  Our batch production system enables you to group multiple report templates into a single presentation.  Viewing or printing a large presentation is now just a few keystrokes away.

 

If performance monitoring or batch reporting production is your requirement, PSN Enterprise gives you the power and ease to batch produce countless presentations quickly and efficiently.

 

Custom Solutions Too

Every client is different.  We, at Informa Investment Solutions, pride ourselves in our ability to create custom solutions for our client’s unique needs.  Add extra data fields or develop your own reports with help from our team of skilled developers.  PSN Enterprise is flexible enough to handle any requirement. There is no denying that PSN is the most complete data source for separate account information.  But maybe separate account information is not all your need.  We made PSN Enterprise so flexible that it can handle multiple data sources, such as mutual funds, hedge funds and other investment information.

 

Training & Support

We provide unlimited product training and technical support. Once we get you started, we don't disappear.  Our experienced support team is available to offer assistance, Monday through Friday, 8:30 AM to 6:00 PM (ET).  Help is always just a phone call away.

 

Experience the Best

For over 25 years, Informa Investment Solutions has been providing consultants, brokers, investment managers, and plan sponsors with separate account information.  Extensive data, user-friendly application, and easy deployment make PSN Enterprise the ideal separate account solution.   Informa Investment Solutions has the experience and knowledge to build your separate account business.

 

System Requirement

This application has the following requirements:

 

            Internet Explore 8.0

            Google Chrome

            Firefox

            Mac

User Access Rights

Informa Investment Solutions has granted the user access to the PSN Enterprise system and data based on one user connected to a functional email address.  This is a web-based application it is not contingent on user location. As long as there is an Internet connection, the user will be able to gain access to PSN Enterprise using the same user name (email address) and password.

 

At the time of login, we will authenticate the user using information provided to us by the user’s organization.   ONLY AUTHORIZED USERS WILL BE ALLOWED TO ENTER INTO THE SYSTEM.

 

Other users who are connected to the Internet may not use PSN Enterprise unless they are also valid users of PSN Enterprise, each with their own user name (email address) and password.  Because the security is imbedded in the software, please contact us regarding new users so that we can activate each new user and give them their own access to PSN Enterprise. 

 

To add new users, please contact your account manager for additional services.

Client Service

If you need training, have questions, comments or suggestions concerning our software; please contact the client services by using one of the following methods:

 

E-mail: clientservices@informais.com  Subject:  PSN

 

Phone:

(775) 588-0654 | (800) 789-5323

 

Mail:

Informa Investment Solutions

Client Service Department

4 Westchester Park Drive

White Plains, NY 10604

 

Training & Support

Training sessions and support are available at the user’s convenience.  We provide one on one as well as group training both on-site, off-site or by telephone depending on the client’s request.  Once we get you started, we won't disappear. We stay behind the scenes to offer you help when it's needed.  Our experienced support team is available for questions, Monday through Friday, 8:00 AM to 5:00 PM (ET).  Help is always just a phone call away.

 

Customization

We offer product training that is tailored to meet your specific needs. By applying the principles of the product directly to your work, the training is much more effective. We will walk through real-life work scenarios together to help you apply the Informa Investment Solutions product directly to your work. We also help customize product features to your specifications to help you save time in the future.

 

Tiered Training

We offer three different levels of training, ranging from beginner to expert.

 

v   Start-Up Training ~ for new users or trainers

v   Brush-Up Training ~ a review of the main product features and instruction for new features

v   Master Training ~ for experienced users or trainers who want to use PSN to its full potential

 

Flexibility

We realize that your work schedule is challenging. That's why we offer considerable flexibility in our training sessions. We will conduct training for one person, or the entire team. And, we are willing to come to you, or we can hold the training in our offices in White Plains, New York. (30 Minutes north of New York City).  Though we would rather get to know you in person, we also offer training by phone.

Personal Support

All client service calls are returned in one business day or less.  Close to 100% of calls are answered immediately or in less than one hour. There is also a help system in our software for those who prefer to figure it out for themselves.

On Line Support

As a user of our system, you will be provided with an online user reference guide.  The guide contains quick steps on how to perform certain functions within the system.  Detailed definition on data and modules are just small parts of this helpful user reference guide. To keep users informed of the latest enhancement to the product they licensed, we created IIS Messenger, our own mass email system.  IIS Messenger was developed by our own programming department as a client service tool and has evolved into an Informa Investment Solutions product offering.

Client Forum

Every year Informa Investment Solutions surveys our clients to find out what new enhancements they would like in the product they licensed.  This is done through electronic survey, phone survey, individual face-to-face meetings, as well as client group meetings.  After compiling the responses, we try to best accommodate our client’s wishes.

 

Our philosophy is quite simple.  We created databases and applications to service the investment community so feedback from the investment community is vital.  Thanks to our ongoing client communication effort and our open-door policy, many improvements to our manager information system are generated from actual client comments.


2. About PSN Data

 

When it’s time to research investment managers, we at Informa Investment Solutions understand your need for the most accurate, complete and up-to-date information.  We offer you just that.  In September of 2006, the industry’s two most comprehensive investment manager databases, M-Search and PSN Data, were combined to form the much enhanced PSN database.

 

Consistently updating and validating the data from investment managers is key to maintaining the integrity of the database and has been our core competency for more than 20 years.  No one else in the industry can make that claim.

 

Data Collection and Validation

 

Collecting the Data

Manager Neighborhood is Informa’s central data collection site for investment managers.  Due to the deep penetration of PSN data into the market, participating managers understand and appreciate the importance of including their data in the database.  Informa charges no fee to investment managers for participation, and managers have 24/7 online access to Manager Neighborhood to allow for data input whenever it’s convenient for them.  To ensure the most-up-to-date information, managers must report on a regular basis in accordance with published deadlines.

 

Validating the Data

Because the quality and reliability of the data is as important as the quantity of information provided in the database, data completeness and accuracy are crucial.  Data analysts of the M-Search and PSN teams have been combined to form a dedicated, highly knowledgeable team working together to apply best practices in data validation.  Each member of our experienced team of data analysts is assigned to specific managers with whom they work closely to secure and validate the data.

 

The PSN database is powered by a rigorous data validation process designed by Informa that incorporates steps to ensure that the most complete and accurate data resides in the database at all times.   Our process consists of four separate checks to provide data validation prior to the uploading of information to the database.

 

  1. Automated Input Verification

    During data input, Manager Neighborhood checks for incomplete, incorrect or inconsistent data.  For instance, if a manager indicates that they use prior firm performance returns or simulated returns, the application will not allow the manager to exit the page without inputting a start or end date, ensuring that all data is complete.

     

    Managers cannot input data that conflicts with data entered elsewhere in the application.  For instance, the totals for assets in one area have to match the total in another area. 

     

    There are hundreds of automated checks run within Manager Neighborhood during the input process to prevent such incompleteness or inconsistency.

     

  2. Manual Input Verification

    In addition to the automated system checks, each new entry is reviewed by an experienced data analyst for consistency.  Analysts will contact the manager when any of the following occurs:

     

    ·         Data is inconsistent relative to the manager’s own historical information

    ·         Data is inconsistent relative to market standards

    ·         Data is inconsistent relative to other managers who manage similar products

     

    Until the data verification is made, no new data will be uploaded to the database. 

     

  3. Change Verification

    Whenever a manager makes a change to an entry, the data analyst specifically assigned to that manager is notified of the change.  The data analyst receives a statement noting both the previous entry and the new entry.  If the new entry varies significantly from the previous entry, the analyst will contact the manager to verify that the data is correct.  Until this verification is made no new data will be uploaded to the database. 

     

  4. Pre-production Check

Prior to the final data being uploaded to the PSN database, there are additional automated checks that are run before the production cycle begins.  Some examples of checks done at this phase of the process include the following:

 

·         Duplicate firm names and duplicate product names under the same firm.  Names do not have to match exactly for an alert to occur.  Similar names will be flagged for the data analyst to manually review. 

·         Products that are reporting returns for a future date. 

·         Products that have no returns in any monthly or quarterly table.

·         Firm/product “orphans”.  Products must have an accompanying firm and each firm must have at least one product.

 

As with the other sets of checks, no data is published until all issues have been resolved.

 

Informa employs this meticulous data verification process to make certain that you are accessing information that has been continuously validated.

 

Client Feedback about Data

 

Questions about the data?  Simply contact Client Service.  Client service will inform the Data Services department who will immediately contact the investment manager in question.

 

Users can call or email the Client Service division with any suggestion about manager inclusion or data.  Some clients ask us to solicit a manager to join our database so they can remain anonymous.  Other clients will call the investment manager directly and tell them to join PSN. 

Participating in the PSN Database

 

To satisfy the needs of our diverse client base, Informa Investment Solutions is constantly on the lookout for new managers and investment products.  Many of our clients make inclusion in PSN the mandatory starting point for all their searches. 

 

We welcome your suggestions and referrals for firms and/or products:  simply send your request to psndata@informais.com and we will do the rest.  If you prefer, you can contact the manager and ask the manager to send us the information listed below.

 

An investment management firm can participate in the PSN database by sending an e-mail to psndata@informais.com with the following information:

 

1.            Firm

v  Name

v  Address

v  Assets under management

 

2.            Data Contact information (the data contact is responsible for submitting the required information and communicating with Informa Investment Solutions on any data issues)

v  Name

v  Telephone number

v  E-mail Address

 

3.            Product List

v  Specify the product name and asset class.

 

Upon receiving that email, the Data Services department of Informa Investment Solutions will set up the new database participant, and contact the Data Contact.  The Data Contact can then provide complete data through Manager Neighborhood.

3. PSN Enterprise Reference Guide

 

PSN Enterprise is a web-based application.  Each licensed user is assigned a Login Name and Password to access PSN Enterprise on our company’s web site: www.informais.com. The information (graph and report templates, universes, custom templates, batched presentations, self-entered products and hybrids) created under the user’s Login Name and Password is proprietary to the user.  

 

PSN Enterprise is comprised of the following:

 

Selection

Selection is the first screen to appear when you open PSN.  This screen allows the user to locate and select the product(s) or retrieve a specific universe (either a PSN Published Universe or a User Created Universe) to view (and select the product(s) within this universe) before going to the Report area to generate graphs, reports or Firm/Product profiles.        

 

Search

The Search screen allows the user to screen for a universe by selecting from the criteria listed in the Search Toolbar.  The criteria available consist of Firm level data information (Firm Basics) and Product level (Product Basics) data information.  The user can also screen for a universe based on statistical performance (Statistics or Advanced Stats).

 

Logic

Takes manager research and reporting to an important next level. Logic enables investment professionals to apply and effectively showcase their intellectual capital, fiduciary process, research philosophy and repeatable process.

 

Quick – Stat

The Quick-Stat screen allows the user to view calculated statistic performance for products, the product assigned benchmark, ADV Part I and II, Marketing Brochures, Compliance/Attestation Letter, Return Based Style Category breakdown, Latest Returns Available for products, Manager Web Site and Advanced View (create custom view).

 

Self-Entered System

The Self-Entered System is the user’s own input system.  This allows the user to create or import proprietary products.  This is maintained in PSN.  The self-entered products can be used as a comparison against other products in the PSN database.

 

Hybrids

The Hybrid System allows the user to create hypothetical manager blends or index blends. Once created, the hybrid products can be used as a comparison against other products in the PSN database.

 

Reports

The Reports screen allows the user to create and save graphs, pre-set reports, custom reports (to export to Excel), Universe Reports and generate Firm and Product data and narrative profiles. 

 

The Report Writer is located here.  This function allows the user to create a custom report to export to Excel.  Available to select: Firm Information, Product Information and Statistical Performance. 

 

Depending on the PSN Version, the Statistics Writer function is also here.  This function allows the user to create a statistical performance report which is exportable to Excel.

 

Batch Reports

The Batch Reports screen allows the user to compile graph templates (System and User Created), Firm and Product data and narrative profiles or Report Designer custom templates into a presentation.  The presentation can then be generated in batch mode for multiple selected products.  The output can be saved as a PDF file or PowerPoint file (graphs only).  The saved presentation can be re-used again.  

 

Report Designer    

The Report Designer screen allows the user to create custom templates using available graphs, firm and product data and narrative information.  The custom templates can be used again in the Reports and Batch Reports areas.

 

Setup

The Setup screen allows the user to re-set certain settings system wide.  This includes system ending date, headings and footnotes in graphs and default colors and symbols in graphs.

Selection

Selection is the first screen to appear when you open PSN.  At the Selection screen, you are able to:

 

 

Within the Selection screen are the following functions:

Data Set

Depending on your subscription, here are the available Data Sets:

ü  Products (Gross of Fee)

ü  Barclay Hedge Funds

ü  Barclay Managed Futures

ü  Lipper Mutual Funds

ü  Market Indices

ü  Morningstar Asia Pacific Funds

ü  Morningstar Canada Funds

ü  Morningstar Equities

ü  Morningstar Europe Funds

ü  Morningstar Exchange Traded Funds

ü  Morningstar Close Ended Funds

ü  Morningstar Global ETF Funds

ü  Morningstar Middle East Funds

ü  Morningstar Mutual Funds

ü  Morningstar Off Shore Funds

ü  Morningstar South Africa Funds

ü  Morningstar United Kingdom Funds

ü  Mutual Funds

ü  Products – Net of Fee

ü  SMA Indices

ü  Self-Entered

ü  Hybrids

 

For the entire help system, we will use the term “product or products” to indicate one or more items from one or more of the data sets listed above. 

Universe

The universe drop down box lists the PSN Published Universes.  There are two types of PSN Universes available.  The first type is Manager Defined universes based on Primary Fields: Primary Investment Style, Primary Market Capitalization and for Fixed Income Primary Maturity.  These Primary Fields are located in the Product Data Profile.  A participating manager is asked to choose only one option for these fields. 

The second type is Return Based Style Analysis (RBSA) universes.   To retrieve a PSN Universe:

 

 

Note: User created universes can also be selected from this drop down box.

Locate a Product

In the Locate box, type in the first few letters of the firm name and click on the Go button. 

 

Note: Use the Locate Option drop down window (click on >>) to locate a firm by: Any of the words, All of the words or Exact Phrase.

Clear All

The Clear All button is used to turn off the selected products across all data sets.  To turn off the checkmark(s) next to the product(s), click on the Clear All button.

Save/Copy Selected

This button is used to re-arrange the order of appearance (the selected products) in the graph legend.  To use the function:

 

 

Retrieve Universe

The Retrieve Universe button allows the user to retrieve user created universes.  User created universes can be created using the Search function or by hand selecting the products to create a custom universe. To use this function:

 

 

Note: When you save a universe, it becomes a static universe.  By clicking on the Load <name of saved universe> button, you are retrieving the same list of products that met your criteria at the time the Universe was created.  If you want the universe to be dynamic (new products added to the saved universe over time), check off Update members after loading before clicking on the Load <name of saved universe> button.  The system re- screens the universe with the same criteria listing.  This function should be done on the 15th of every month when the manager database is updated.

Delete a Saved Universe or Custom Universe

 

 

Copy Product(s) to the Self-Entered System

This function is used when a manager is missing a return(s) for a product and you want to transfer the historical returns to the Self-Entered System.  You have the option to enter the missing return(s) and save as a self-entered product.  You can graph the product as a self- entered product:

 

 

Note:  Only Products and Market Indices can be copied to self-entered.

Select Universe

The Select Universe button will be activated when the user retrieves a PSN Published Universe or a saved universe from the Universe drop down window.  To use the function:

 

Export ROR

The Export ROR button is used to export the historical returns of a retrieved universe.  To use the function:

 

 

Note: This function is only available to PSN Platinum level Users

Compare Selected

The Compare Selected function is used to isolate the selected products and view their performance.  To use the function:

 

 

Search

 

At the Search screen, you are able to:

 

·         Go to the Search area and construct a universe by selecting from the criteria listed.

·         Click the View Results button to retrieve your new universe members and the corresponding product and manager count.

·         Click the Save Universe button to save the results as a User Created Universe. 

·         Select a PSN Published Universe from the Universe drop-down box.  Once the universe is selected, screen down the universe further by clicking on Search.

·         Add screening criteria as required and then save your universe by clicking on Query and Keep Results as Universe or Save Universe buttons.

 

Select any criteria within the following categories:

Product Basics

Product level information including database and asset class, investment styles, market capitalization, decision making process, fixed maturity, fixed duration, AIMR-PPS/GIPS compliant, open for investment, offered as mutual/commingled fund, offered as wrap/tamp program, performance incentive fee, manager tenure, manager designated benchmark, wrap products and wrap sponsor.

 

Firm Basics

Firm level information including location, type, legal structure, year founded, percentage owned by employees, total assets under management, tax-exempt and taxable assets, non-US assets, ownership, minority owned and firm ownership break-down.

 

Assets Breakdown

Firm assets break-down by investment approaches (US Equity, US Fixed, US Balanced, US Cash, International Equity, International Fixed, International Balanced, International Cash, Global Equity, Global Fixed, Global Balanced and Global Cash), U.S. Tax Exempt, U.S. Taxable and Non-US client assets and client types.

 

Statistics

Available for searching based on statistical performance.  The Statistics screen is set up in a drop-down window format with the following:

 

Statistics against Benchmark

Select the statistic, time period, operator (greater than, less than, greater or equal and less or equal), relative to a selected benchmark

 

Statistics against Values

Select the statistic, time period, operator (greater than, less than, greater or equal and less or equal), relative to a selected minimum value, maximum value or a range in value.

 

Statistics against Percentile

Select the statistic, time period, and comparison universe, rank is (greater than, less than, greater or equal and less or equal) and Percentile

 

Note: Greater than=higher numerical percentile ranking 

Less than=lower numerical percentile ranking

 

Styles

Select the Equity or Fixed Income investment styles for screening.  The manager is asked to rank each investment style from 1 to 5: 1= Very Important, 2= Important, 3=Utilized, 4=Not Utilized and 5=Not Important.

Advanced Statistics (Adv Stats)

Select a statistic(s) and enter a Custom Date range(s) for statistical performance screening.

Product Information

Select Product Information in the following categories: Total Assets and Accounts, Fees and Portfolio Turnover, Assets and Accounts by Tax Status, Total Assets and Accounts by Account Type and Median Account Size.

Fixed Income Information (Fixed)

Here are some of the available fields: Average Maturity, Average Duration, Average Yield to Maturity %, Average Coupon%, Quality Distribution, Sector Distribution, Maturity Distribution and Duration Distribution

Equity Information

Here are some of the available fields: % In ADR's Low and High, % In Ordinary Shares Low and High, % Cash Reserve Low and High, % In Hedged Low and High, of Stocks Low and High, Max in one Security %, Max in one Industry %, Max in one Sector %, Max in Equity % , (balanced products only), Max in U.S. %, Max in Single Non-U.S. Country %, Max Outside of U.S. %, Micro Capitalization (<500 $Million), Small Capitalization (>500 $Million - <2 $Billion), Medium Capitalization (2-10 $Billion), Large Capitalization (10-50 $Billion), Mega Capitalization (> 50 $Billion), Industry Sector Breakdown, Equity Characteristics.

Global

Select Global Product information in the following categories: Query for Developed Countries, Query for Emerging Countries and Query for Geographic Regions.

Narratives

Select the Firm and Product Narratives in the following categories:

 

Firm Narrative - Here are some of the available fields: Organization and Ownership, Product Offerings and Services, Business Objectives and Strategy, Investment Approaches, Senior Investment Professional information (Name, Professional Accreditation, Present Job Position, Undergraduate Institution, Previous Company Name, Responsibilities in this Firm, etc.)

 

Product Narrative - Here are some of the available fields: Investment Philosophy, Investment Decision-Making Process, Portfolio Construction, Investment Approach, Key Investment Officer information (Name, Professional Accreditation, Present Job Position, Undergraduate Institution, Previous Company Name, Responsibilities in this Firm, etc.)

 

Available functions in the Search screen:

 

View Results button

Click on this button anytime you wish to see the list (including manager and product count) that matched your criteria.  To come back, click on the Search tab again.

 

Query and Keep Results as Universe button

Click on this button when you want to complete your current search session and save your criteria and the list of products.

 

Clear Criteria button

Click on this button when you want to start fresh, delete all of your current criteria and bring the entire universe of products back.

 

Save Universe button

Click on this button when you want to complete your current search session and save your criteria and the list of products.

 

Full Universe button

Click on this button when you want to delete all of your current criteria and bring the entire universe of products back.

 

Retrieve Universe button

Click on this button when you want to retrieve one of your saved universes.

 

Create a Universe Using the Search function:

Click the Search function on the main toolbar

 

Note: You can also retrieve a PSN Published Universe (from the Universe drop-down window at the Selection screen) as the starting point, and click Search to screen down further.

 

The Product Basics category will appear

 

·         Select the desired Database and Asset Class: U.S. Equity, U.S. Fixed Income, U.S. Balanced, Non-U.S. Equity, Non-U.S. Fixed Income, Non-U.S. Balanced, Global Equity, Global Fixed Income and Global Balanced

 

·         To create an Equity Universe: Under the Equity Options, select the desired Investment Style(s), Market Capitalization(s) or Equity Decision Making Process(s)

 

·         To create a Universe Fixed Income: Under the Fixed Options, select the desired Fixed Income Style(s), Fixed Maturity(s), Fixed Decision Making(s) or Fixed Duration(s)

 

Note: At any time, to view your screening results, click the View Results button.  The system will process the screening and show the current criteria selected and the current firm/product count.  Click Search to go back or click the Save Universe button to save results as user universe.

 

·         For Non-U.S. or Global Universe with a specific Geographic Concentration region, select the desired region in the Geographic Concentration:

 

Asian (Ex-Japan), Canadian, Continental Europe, EAFE, EAFE (Ex-Japan), EAFE (Ex-Pacific Basin), EAFE (Ex-UK), Emerging Markets (All Regions), Europe (Ex-UK), Europe (including UK), Global, International (Non-U.S.), Japan Only, Latin America, Other, Pacific (Ex-Japan), Pacific Basin or United Kingdom

 

·         Select the desired Investment Approach: Index Enhanced, Index Passive or Active

 

·         Under Other Options, select the desired product data fields.  Here are some of the available fields: Offered as Mutual Fund, Offered as Commingle Fund, and Open for Investment, AIMR –PPS/GIPS Compliant

 

·         Select the desired Minimum Fee and Account Size.  Here are some of the available fields: Institutional or High Net Worth SMA Minimum Annual Fee and Account Size, Mutual Fund Minimum Annual Fee and Account Size, Hedge Fund Minimum Annual Fee and Account Size

 

·         Other available product data fields to select for screening include: Manager Tenure, Weighted Average Market Cap, Manager Designated Benchmark and Wrap Sponsor

 

Note: At any time, to view your screening results, click the View Results button.  The system will process the screening and show the current criteria selected and the current firm/product count.  Click Search to go back or click the Save Universe button to save results as user universe.

 

·         Select Firm Basics category to screen for firm information

 

·         Select the desired Firm Location: City, State, Country

 

·         Select the desired Firm Type, Legal Structure and Year Found and %Employee Owned

 

·         Select the desired Firm Assets.  Enter the minimum and/or maximum assets amount in Millions (i.e. 1000 = 1 Billion) for screening.  Here are some of the available firm assets:  Total Assets Under Management, Total U.S. Tax-Exempt Assets, Total U.S. Taxable Assets, Total U.S. Assets and Total Non-U.S. Assets

 

·         Select to screen for Minority Owned (Yes or No)

 

·         Select the desired Firm Ownership by entering the minimum and/or maximum percentage: American Indian/Alaskan Native, Hispanic, Women, Asian, African American, Disabled, Disabled Veteran and Overall

 

·         Select the Assets Breakdown category to screen for Investment Approach and Client Assets:

 

·         Select the desired Investment Approach.  Enter the Minimum and/or Maximum value in Millions (i.e. 1000 = 1 Billion)

 

·         Select the desired U.S. Tax Exempt client asset(s).  Enter the Minimum and/or Maximum value in Millions (i.e. 1000 = 1 Billion)

 

·         Select the desired U.S. Taxable client asset(s).  Enter the Minimum and/or Maximum value in Millions (i.e. 1000 = 1 Billion)

 

·         Select the desired Non-U.S. client asset(s).  Enter the Minimum and/or Maximum value in Millions (i.e. 1000 = 1 Billion)

 

·         Select Statistics category to screen based on performance.  There are three options:

 

Statistics against Benchmark

From the drop-down boxes, select the statistic, time period, operator (greater than, less than, greater or equal and less or equal), relative to a selected benchmark

 

Statistics against Values

From the drop-down boxes, select the statistic, time period, operator (greater than, less than, greater or equal and less or equal), relative to a selected minimum value, maximum value or a range in value

 

Statistics against Percentile

From the drop-down boxes, select the statistic, time period, and comparison universe, rank is (greater than, less than, greater or equal and less or equal) and Percentile

 

Note: At any time, to view your screening results, click the View Results button.  The system will process the screen and show the current criteria selected and the current firm/product count.  Click Search to go back to screening or click the Save Universe button to save results as user universe.

 

·         Select the Advanced Statistic (Adv Stats) category to screen based on performance

 

·         Click the Select Statistic drop-down window to select the desired statistic.  The Date Range box will appear

 

·         In the Type of Date Range drop-down box, select the macro dates from the listing:

Latest Month, Latest Quarter, Year to Date, 1 Yr, 2 Yr, 3 Yr, 4 Yr, 5 Yr, 6 Yr, 7 Yr, 8 Yr, 9 Yr, 10 Yr

 

·         To enter your own custom date, use the Date Range boxes.  Type in the beginning date and the ending date

 

Note: For certain statistics, you are required to select an appropriate Risk Index.  Select the risk index from the Risk Index drop-down box or click the orange button (with 3 dots) to bring up the Data Set drop-down box and select from the available data sets.

 

·         You have the option to screen for products that outperform a Value.  Enter the Minimum and/or Maximum Value

 

·         Select the Period Type: Quarterly or Monthly.  The system defaults is Quarterly

 

·         You have the option to screen for products that outperform based on Percentile. Enter the desired percentile Minimum and/or Maximum Value

 

·         Click OK button

 

·         For Equity Universe, select the Product Information (Product Info) category to screen for: Product Total Assets and Accounts, Fees and Portfolio Turnover, Assets and Accounts by Tax Status, Total Assets and Accounts by Client Type, Median Account Size

 

·         For Fixed Income Universe, select Fixed Income (Fixed) category to screen for: Average Maturity, Average Duration, Average Yield to Maturity %, Average Coupon %, Quality Distribution, Sector Distribution, Maturity Distribution and Duration Distribution

 

·         For Non-U.S. or Global Universe, select Global to screen for:

 

Query for Developed Countries, Query for Emerging Countries and query for Geographic Regions

 

·         Select the Narratives category to screen for qualitative information in the Firm and Product Narratives.  The available fields include:

 

Firm Narrative - Here are some of the available fields: Organization and Ownership, Product Offerings and Services, Business Objectives and Strategy, Investment Approaches, Senior Investment Professional information (Name, Professional Accreditation, Present Job Position, Undergraduate Institution, Previous Company Name, Responsibilities in this Firm, etc.)

 

Product Narrative - Here are some of the available fields: Investment Philosophy, Investment Decision-Making Process, Portfolio Construction, Investment Approach, Key Investment Officer information  (Name, Professional Accreditation, Present Job Position, Undergraduate Institution, Previous Company Name, Responsibilities in this Firm, etc.)

 

·         Click the View Results button to process the screening

·         Click the Save Universe button to save results as a user universe.

Create a Custom Universe by Hand Selecting the Products:

 

·         At the Selection screen, locate and check off the square box next to each product(s).  Use the Data Set drop down window to locate other product types (market index, self-entered product, hybrid, mutual fund, etc.).

·         Click on the View Selected button

·         All the selected products will be listed in the window.  Use the black Up and Down buttons to the right of the screen to change the order of appearance.  (Note: the order of appearance will be saved.  This will be the same order as seen in the legend of the graph(s) when you go to the Reports area).

·         Click on Save Current Selection button

·         Enter Short Abbreviation and Description for the universe and click the Save button

How to Merge Universes

 

·         At the Selection screen on the main tool bar, click Retrieve Universe button (located in the upper right hand corner of the screen)

·         Click Create Merged button

·         Enter the name of the merged universe (Short Abbrev/Description)

·         Under Universe Option, select the universe type (PSN Published Universes, Non-Published Universes,           etc). The universes will be loaded into the window for you to select

·         Select the universe and click the > button to add to the Universe to be Included window. Repeat to add more.

·         Click Save button

·         The Universe Directory screen will appear.  The merged universe will be listed

·         To retrieve the merged universe, under the Name column, select the universe name and click on Load <name of universe> button

PSN Logic

Logic enables investment professionals to efficiently apply and effectively showcase their

·         Intellectual capital

·         Fiduciary process

·         Research philosophy

·         Repeatable process

 Every great database has a search and selection function that allows the pros to screen managers down to a select list or finalists; only Logic allows you to show which ones fell from the list at each stage and why. And, only Logic satisfies the increasing need to demonstrate fiduciary responsibility and a repeatable process.

Logic is immediately available to PSN Enterprise Platinum subscribers.

·         On the fly Pass/Fail analysis allows the user to see search constituents who are successful or unsuccessful for inclusion in the search

·         Breakdowns for constituents can be done for individual search criteria or the cumulative set of selected criteria

·         “Force Pass/Fail provides the user the authority to be inclusive or exclusive of products that have either failed or passed the search

·         “Report Card” offers the user to have more transparency into a product’s performance, providing the ability to drill in on a particular manager to see why they passed or failed specific criteria.

·         Advanced Report Writer delivers on the fly previews of selected criteria, search column definition, advanced sorting with drag and drop functionality, and a “ghost filter” mode for masking criteria from the final report.

·         Smart Exporting gives the user the ability to export their custom reports to Excel with a record of the Filter Constituents and their individual and cumulative pass/fail analysis

·         New Criteria Search enables the user to quickly and easily find criteria by name for use within a product search enabling prioritization of criteria within a research construct.

·         “Beats” functionally allows querying based on exceeding a benchmark, over a percentage of multiple time frames, for each criterion. Similar to PSN’s Batting Average, Beats can be calculated for every statistic.

·         Formula feature allows for the creation of custom algorithms for assigning weightings to specific criteria for use within queries and numeric function allows numeric values to be assigned to non-numeric criteria for use within queries.

·         All queries can easily be seen in PSN’s “Quick View” Reports, be saved as universes, and shared across the enterprise.

Put Logic to work for you today! Contact PSN Client Services today for a personalized tour or training on Logic or any aspect of PSN’s manager research and due diligence solutions.

Contacts
www.informais.com
clientservices@informais.com
914-509-1577

 

Quick-Stat

 

The Quick-Stat screen allows the user to view: (this function is not available for Self Entered and Hybrid Products:

 

·         Calculated statistic performance for selected universe.  This can be exported to Excel.

·         Product assigned benchmark:  PSN designated and Manager designated

·         ADV Part I and II, Marketing Brochures, Compliance /Attestation Letter.  The user can view the information on-line or save as PDF file

·         Return Based Style Category breakdown

·         Latest returns available for products.  Returns are posted the next business day in PSN

·         Manager Web Site

·         Advance View allows user to create custom performance and data columns to view and export to Excel

 

Available functions under Quick-Stat:

Statistics

The Statistic screen shows calculated performance for a selected statistic (use the Current Stat drop down window to choose the desired statistic.)  Available dates shown on this screen are: Latest Month, Quarter, 1 Year, 2 Year, 3 Year, 4 Year, 5 Year, 6 Year, 7 Year, 8 Year, 9 Year and 10 Year.  To sort performance descending, click once on the column header name. The Statistics screen is refreshed on the 15th of every month.

Latest

Returns are refreshed on the next business day after a manager updates their performance.  The Latest screen allows the user to view the latest returns as of that day.  You can also view the returns prior to the latest year by clicking on the Year drop down window to the right of the screen.

Advance View

The Advance View function allows the user to re-select the performance/data columns to view. The user can also save this view.   To create a new view and export to Excel:

 

Note:Advance View only works with Data Set: PRODUCTS.  Load a universe or select the desired product(s) at the Selection screen before going to Advance View

 

Benchmarks

The Benchmarks screen lists the PSN Designated Benchmark for the product (each product is assigned a PSN default benchmark base on how the manager completes the Primary Investment Style, Primary Market Capitalization and for Fixed Income Primary Maturity fields in the Product Data Profile), the Manager’s Designated Benchmark selection and the product’s assignment to a PSN Published Universe.

Return Based Style

The Return Based Style Analysis category breaks-down (T-Bills, Large Value, Large Growth, Medium Value, Medium Growth, Small Value, and Small Growth).

Manager ABC

The product’s ADV Part I, ADV Part II, Marketing Brochures and Compliance/ Attestation and a short video.  Letter are available to view online or download by saving as a PDF file.

Manager Web

This screen allows the user to click on the manager’s web link to go directly to the manager’s home web site to do more research.

Universe Counts

Universe count gives you the count of available managers within a universe and the count of how many have data as of the current quarter.

Self-Entered System

 

The Self-Entered System is located on the main tool bar.  This is the user’s input system for proprietary return sets (products, indexes and portfolios).  The user has the option to maintain a separate database in PSN using the Self-Entered System.  Once the self-entered product is saved, it is available to be graphed with other products in the PSN database. To create a self-entered product:

Self-Entered Product:

 

·         Select Self-Entered located on the main tool bar

·         Select New Self-Entered

·         Enter the Firm Abbrev

·         Enter the Product Abbrev

·         Enter the Description

·         Enter the Date as of Date (this field is option, you can leave it blank)

·         Select Period Type: Quarterly or Monthly

 

The following fields are optional (you can leave them blank):

Assets

Type

Default Return Type

Scope

Primary Investment Style

Primary Market Cap

Primary Maturity

Primary Decision Making

 

The following two fields you may want to use:

Default Benchmark

Default Universe

 

·         You have the option to assign a Default Benchmark or a Default Universe for the self-entered product.  In the Reports area under the Single Manager tab (manager versus benchmark analysis); the system will bring up the assigned benchmark for the self-entered product as comparison.  If you create any universe charts, the system will also bring up the assigned universe.

·         Enter the inception year in the Performance begins on year (yyyy) box.  This field is required to generate the ROR grid for inputting returns.  Click the Accept button.

·         The historical return grid will appear at the bottom of the screen.  Enter the returns.  Click the Tab key to move over to the next box.

·         Click the Save button

 

Note:If you have the historical returns in Excel with the following: Single column format, left justified, Earliest Dates to Latest dates from top to bottom and negative number using minus sign (no brackets), you can select the Import Historical Rates of Returns button:

 

·         Step 1 - Enter the first quarter or month for which you have return information

·         Step 2 - Copy and Paste the returns from Excel spreadsheet to the available window

·         Step 3 - Click OK button

·         Click the Close Window button to go back to the main Self-Entered screen

·         Click the Save button

Upload Center

You can use the Upload Center function to import a large number of self-entered products into PSN.  The import file has to be in the PSN specified format:

 

Upload Rules:

 

·         Your file must be a comma separate value ("CSV") file.

·         Your CSV file cannot exceed 500K. Depending on the performance history of each record, this roughly translates to 500 self-entered products or so.

·         Each record must be completed and dictated by the RECORD FORMAT for the Upload Center.

·         Once the upload process is started, you can proceed to perform other tasks in PSN Enterprise.

·         If a record is new, that record will be inserted into the system by the upload process.

·         If a record currently exists in PSN Enterprise, it will be updated by the upload process.

·         An email will be sent to your inbox once the entire upload process is completed.

 

Each record in the CSV file must be in the following format ("RECORD FORMAT"):

 

·         Each data field must be separated by a comma.

·         Text must be surrounded with quotation marks.

·         Number and date must have no quotation mark.

·         Each data field is provided from left to right as indicated below:

o   Firm Abbreviation ("20 characters max")

o   Product Abbreviation ("20 characters max")

o   Description ("60 characters max")

o   Product ("36 characters max")

o   Return Type ("Pre-tax gross of fees", "Pre-tax net of fees")

o   Period Type ("Monthly or Quarterly")

o   Fiscal Year End Month (12)

o   Performance Begin Date (mm/yyyy)

o   Performance Values (#1, #2, #3, … #n)


To proceed, please select a Comma Separated Value (CSV) file to upload:

 

·         Click the "Browse" button

·         Find a file on your computer and select it

·         Click the "Open" button

·         After file is selected, click the "Upload" button

·         Once the process is completed, you will receive a confirmation e-mail from IIS informing you of the status of your upload.

·         Once the self-entered product is saved, it will be available for you to select for reporting.  To select the self-entered product, go to the Selection screen.  In the Data Set drop down window, bring up the Self-Entered listing.

 

Hybrids

 

The Hybrid System is located on the main tool bar.  It is a powerful tool that allows the blending of any combination of manager returns and market indexes to help you determine what mixture of products will meet your risk and return criteria.  PSN will calculate the performance of the hybrid based upon your mixture and re-balancing criteria.  The hybrid can be profiled and incorporated in any graph or report as a separate product.

 

·         At the Selection screen, locate and select the members to create your hybrid

·         Select  Hybrids on the main toolbar

·         Under Options, type in the Hybrid Name and the Description

·         Select one of the following in Mixing Mode:

o   If member has no ROR for a period, rebalance its % to the rest of the members

o   If member has no ROR for a period, make hybrid ROR = N/A from this period on

·         Type in the Initial Amount (optional).  Use this option if you want to generate the hybrid mixing results to export to Excel or to proceed to the Advanced function to add Contributions, Withdrawals and Fees.

·         The default Time Period is Common (The system will find the common start date for all members).  You have the option to select the following Time Periods:

 

Longest - System selects start date based on product with the greatest longevity.

Other - Use if you want to select a specific quarter/month start date by entering Start Date field with the user selected date.

 

·         Select the Rebalance Period from drop down menu requiring the system to restore the original percentage allocations to the blend members for the period selected.   System defaults to No Rebalance.

·         Type in the percentage for each member under the Allocation % column (total must equal to 100%)

·         To create a custom benchmark for your manager blend, select I want to Build Custom Benchmark.   The system will choose a default benchmark for each item using the same allocations as those applied to the hybrid members.  The user can re-select the benchmark by using the drop down box to the right of the item. Select the appropriate risk index for each member.

·         Under the Advanced button, you have the option to set up Contributions/Withdrawal, Add Fees and Add Rebalanced Thresholds for your hybrid:

 

Contributions/Withdrawal:

 

·         In the Product drop-down box, select member

·         In the Beginning Date drop-down box, select the beginning date (the default date is the common date for all members)

·         In the Frequency drop-down box, select the frequency

·         In the Amount drop-down box, type in the dollar amount (i.e.: 10,000).  Use minus sign for Withdrawal (i.e.: -10,000)

·         Click the OK button

·         Click on Apply button

 

Add Fees:

 

·         In the Product drop-down box, select All Manager or a specific member

·         In the Beginning Date drop-down box, select the beginning date (the default date is the common date for all members)

·         In the Frequency drop-down box, select the frequency

·         In the Percent drop-down box, type in the fee percentage (i.e.: ten percent = 10)

·         Check off the De-annualize if you want the system to proportion the annual fee percentage for each member on a quarterly basis

·         (i.e.: select quarterly frequency and check off De-annualize)

·         Click the OK button

·         Click on Apply button

 

Add Rebalance Threshold:

 

·         This function allows the user to set the allocation limit for each member.  For example, if the initial weighting for member A is 75% and the actual allocation (based on performance) is 90%, you can apply an Up Threshold of 10, which means the system will force a rebalance (back to 75%) if the actual allocation for the member exceeds 85%.

·         In the Product drop-down box, select the member you want to set the threshold

·         In the Up Threshold drop-down box, enter the offset from the initial allocation. If the actual allocation goes above the initial %, plus this offset, the system will force rebalance

·         In the Down Threshold drop-down box, enter the offset from the initial allocation. If the actual allocation goes below initial %, minus this offset, the system will force rebalance

·         Click the OK button

·         Click the Apply button

·         Once all desired settings have been applied, click the Save Mix button to save the Hybrid

·         Click the Blended Results button to view the mixing report.  Click on Export to Excel button to extract mixing report to Excel

·         Click the Return & Risk button to view the saved hybrid statistics: ROR, Standard Deviation and Dollar Growth.

·         Once the Hybrid product is saved, it will be available for you to select for reporting.  To select the Hybrid product, go to the Selection screen.  In the Data Set drop down window, bring up the Hybrid listing.

 

Asset Allocation Optimizer

This function is located in the Hybrids area.   It is used to find an optimal solution (preferred percentages) that is efficient in building the hybrid (Note: make sure all members have same end date). 

The information is viewed on the screen.

Asset Allocation Optimizer:

 

·         At the Selection screen, locate and select the members to create your hybrid

·         Select Hybrids on the main toolbar

·         Select Hybrids

·         Under Options, type in the Hybrid Name and the Description

·         Select one of the following the Mixing Mode:

      If member has no ROR for a period, rebalance its % to the rest of the members

      If member has no ROR for a period, make hybrid ROR = N/A from this period on

·         Type in the Initial Amount (optional).  Use this option if you want to generate the hybrid mixing results to export to Excel or to proceed to the Advanced function to add Contributions, Withdrawals and Fees

·         The default Time Period is Common (The system will find the common start date for all members).  You have the option to select the following Time Periods:

 

Longest - System selects start date based on product with the greatest longevity.

 

Other - Use if you want to select a specific quarter/month start date by entering Start Date field with the user selected date.

 

·         Select the Rebalance Period from drop down menu requiring the system to restore the original percentage allocations to the blend members for the period selected.   System defaults to No Rebalance.

·         Click on Select Optimal Solution button

·         Under Chart Parameters to the left, select Allocate Manager Selection for manager blend or Allocate Indices Selection for index blend

·         To the right of the screen is the Efficient Frontier curve.  Each point on the curve represents the return versus risk tolerance. 

·         Select a point that represents your return versus risk tolerance.  The system will apply the appropriate allocation for each member based on your selection.

·         Click on Accept button at the bottom left of the screen to go back to the Hybrids/Options screen.  The system will re-apply the percentage for each member based on the Risk Tolerance point selection.

·         Click the Save Mix button

 

Additional Options:

 

Allocation– Shows the ROR, standard deviation and allocation for each point on the efficient frontier curve.  It allows you to sort and select a point.

 

Correlation – Shows how the members correlate to each other.  It allows you to edit the correlation matrix and/or ROR and Standard Deviation.

 

Best/Worst– Shows the best and worst returns (calendar years) and the best and worst risk (rolling three years) for the members

 

Risk Tolerance – Shows the color-coded risk legend from low risk to high risk

 

Constraints – Allows the user to apply minimum and maximum allocations for each member

 

Group Constraints– Allows the user to link more than one member together as a group and apply minimum and maximum allocations for the group.

Monte Carlo

The Monte Carlo function is located in the Hybrids area.  Thisfunction allows the user to apply the available parameter settings to view the probability of growth over time for the portfolio.

The information is viewed on the screen.

 

How to use the Monte Carlo function:

 

·         At the Selection screen, locate and select the members to create your hybrid

·         Select Hybrids on the main toolbar

·         Under Options, type in the Hybrid Name and the Description

·         Select one of the following the Mixing Mode:
If member has no ROR for a period, rebalance its % to the rest of the members

      If member has no ROR for a period, make hybrid ROR = N/A from this period on

·         Type in the Initial Amount (optional).  Use this option if you want to generate the hybrid mixing results to export to Excel or to proceed to the Advanced function to add Contributions, Withdrawals and Fees

·         The default Time Period is Common (The system will find the common start date for all members).  You have the option to select the following Time Periods:

 

Longest - System selects start date based on product with the greatest longevity.

Other - Use if you want to select a specific quarter/month start date by entering Start Date field with the user selected date.

 

·         Select the Rebalance Period from drop down menu requiring the system to restore the original percentage allocations to the blend members for the period selected.   System defaults to No Rebalance.

·         Type in the percentage for each member under the Allocation % column (total must equal to 100%).

·         Select the Monte Carlo button.

·         The Monte Carlo Simulation screen will appear.

·         The Parameters listing is located on the left side of the screen.  Available parameters to apply:

 

Number of Iterations – The default is 1000.  You can enter another value from 500 to 5000.

Inflation Rate – Enter the desired inflation rate

Target Value – Enter the desired target value

Target Annual Return- Enter the desired target annual return

Initial Amount- Enter to desired initial amount (i.e. $1 Million entered as 1000000)

Time Horizon (Years) – Enter the time frame in years

 

Note:The Annual ROR and Standard Deviation values listed are based on the historical returns of the hybrid

 

·         Click the Accept button

·         The results will be shown on two graphs located on the left side of the screens:

 

Probability on Growth

 

This graph will plot (in a line format) the growth of the Portfolio Value over Time and the probability in percentage of achieving the expected growth.

 

Range of Asset Values

 

This graph will plot (in a bar format) the growth of the Portfolio Value over Time.

 

·         Click the Back button to go back to the Hybrids/Options screen.

 

Note:The Monte Carlo button is also located in the Asset Allocation Optimizer. 

Reports

 

The Reports screen allows the user to generate:

·         Graphs

·         PSN Profiles

·         Report Writer

·         Universe Reports

·         Report Designer custom templates

 

Export Graphs

All graphs and reports are generated by default in a PDF file format.  However, the user can click on the Export button at the bottom of the screen to export to:  Microsoft PowerPoint, Word, Excel or Windows Metafile. 

 

Maximum Dates and Statistics

For Multiple Dates graph templates, you have the option to select up to 12 dates.  For Multiple Statistics graph templates, you have the option to select up to 12 statistics.

 

The Reports screen is divided into two areas.  The graph or report output is on the right side.  The menu is on the left side of the screen and listed in a tab format.  Here are the available tabs:

Multiple Managers

Available system graph and report templates that can accommodate up to 30 observations (products, risk indexes, mutual funds, self-entered products and hybrids); the Report Writer (or Statistics Writer) is also located here.

Single Manager

Available system graph and report templates that can accommodate only one selected product and the PSN Default Benchmark for the product (Note: the user can re-select the benchmark); manager versus benchmark analysis.

Single Blended Portfolio

Available system graph and report templates that will let the user create and graph a custom manager blend or index blend on the fly with the option to save the hybrid blend.  The graph format is the same as Single Manager: Only one Product versus Benchmark analysis.

Multiple Scenario Options

Available system graph and report templates that will let the user create and graph a custom manager blend or index blend on the fly with the option to save the hybrid blend.  The user is able to add “multiple scenarios” of differing percentage allocations for of the blend members and rebalance modes of the hybrid.  The multiple scenarios will be listed in the graph(s) for comparison.

PSN Profiles

The PSN Profiles display all the data available for PSN Firm and Product listings within multiple profile formats.  Depending on your subscription level these may include:  

 

·         Executive Summary

·         Executive Summary 11

·         Firm Assets- Client Type

·         Firm Data

·         Firm Narrative

·         Firm Policy & Procedures

·         Firm Summary

·         Performance Historical ROR by Period

·         Performance ROR vs Benchmark

·         Performance Summary

·         Product Assets -  Historical

·         Product Assets – Summary

·         Product Data Profile

·         Product Fee Summary

·         Product Holdings –Full

·         Product Holdings - Summary

·         Product Narrative

 

The PSN Profiles can be saved as a PDF file.

Manager ABC

 

·         ADV Part I and II

·         Compliance and Attestation Letters

·         Marketing Brochures

 

The user can download the information by saving it as a PDF file.

Universe Reports

 

Best and Worst Performers- Select the universe, the statistic and one date.  This report highlights the Best and Worst performers within the universe.  The use has the option to select the number of products to highlight (i.e. the top 10 and the bottom 10).

 

Distribution Threshold- Select the universe, the statistic and multiple dates.  This report allows the user to highlight the universe in different tiles (user enters the desired tile, it can be 10, 20, 25, etc.) for multiple date ranges.

 

Percentile Report- Select up to 8 universes and up to 8 system macro dates.  The report highlights the Distribution break down (High, First Quartile, Median, Third Quartile, Low and Mean) for each selected universe. 

 

Percentile Writer- Select the products (to generate the report), multiple statistics, multiple dates and universes.  This report shows the value and the percentile ranking for each selected products within the selected Universe.   Also included is the distribution break down for each statistic (High, First Quartile, Median, Third Quartile, Low and Mean). 

 

Universe Fee - Select up to 8 universes and one date.  This report highlights the Distribution break down (High, First Quartile, Median, Third Quartile, Low and Mean) for $Million Account Size, $5 Million Account Size, $10 Million Account Size, $25 Million Account Size, $50 Million Account Size and $100 Million Account Size.  The dollar amount is in thousands.

 

Universe Percentile- Select one universe, select one statistic with multiple dates or one date with multiple dates.  This report highlights the percentile ranking and value for each product within the selected universe. All the Universe Reports can be export to Excel. 

Private Templates

Graph and Report Templates previously created and saved by the user.

User Uploaded Reports

Reports uploaded from an external source.  Available file format to import: Adobe PDF, Microsoft Word, Excel, PowerPoint and Text file.  Once uploaded into PSN, it is saved as a template.  The uploaded template can now be used in the Batch Report area to create presentation.

Public

These are Graph and Report Templates previously saved by the user and transferred (by the user) to this Public Folder.  This function allows the user to share the saved templates with other colleagues (they must be assigned user licenses to access to PSN).  In order for this function to work, everyone (PSN user licenses) must be grouped together under a department name (i.e. Marketing, Research, etc.) by PSN.

Report Designer

These are the customized templates created and saved by the user using the Report Designer function on the main toolbar.  Please see:  Report Designer in section 3

Custom Benchmark

This function allows the user to create and build a custom benchmark (index blend) to use as a comparison for the selected product under the Single Manager tab.  To create a Custom Benchmark:

 

·         Click Custom Benchmark located on top of the main Reports screen

·         Use the Type drop down box to locate and select the members to build a custom benchmark.  Available types include: market indexes, products, self-entered products, mutual funds, etc.

·         Click Next button

·         Enter the name in the Custom Benchmark box

·         Enter the description in the Description box

·         Select Mixing Mode

·         Select Time Period

·         Select Rebalance Period

·         Enter the percentage allocation for each member.  The total has to equal to 100%

·         Click Finish button

 

To use the Custom Benchmark created:

 

·         Go to Single Manager Tab

·         Select the graph to generate

·         In the Benchmark dropdown window located on top of the main Reports screen, scroll down the market index list and highlight Custom Benchmark to activate the one just created.  Any graphs selected under the Single Manager tab will now show the selected product versus the custom benchmark created. 

 

Proposal (Add to Proposal)

This function allows you to add your current graph or report as displayed on the screen to your current proposal.  Once added, you can continue with one of the following:

 

·         To change the order of the profiles and graphs selected, highlight the report that you want to change from the Compile window and use the Up and Down arrow buttons to the right of the list to re-arrange the order.

·         Click on the Add More button if you want to continue adding graphs or reports to your current proposal

·         To delete any of the selected profiles or graphs, highlight the profile or graph and click on the Delete Highlighted button

·         Click on the Compile button to preview the proposal

·         Click on the Save (floppy disk) icon at the top of the PDF window to save the final proposal to a PDF file.

·         Select file name and where to save the file and click on the Save button to continue.

·         Click on the Print icon to the right of the Save icon to print the current proposal

 

Note: The Add to Proposal function allows you to compile graphs and reports “on the fly”.  The proposal will not be saved in PSN.  If you would like the system to save your presentations, use the Batch Reports function located on the main tool bar.

 

 

·         Click Import Logo located on top of the main Reports screen

·         Click the Browse button to locate the logo file to import. 

 

Acceptable Logo File Format:

Only JPG and GIF formats

Maximum file size is 200K

Indexed 256-Colors (8 bit)

Maximum amount of 128 colors in color table

No compressions including LZW compression

100 x 50 pixels is recommended

 

·         Click the Upload button

·         You can use the Logo Attributes to specify logo size and placement

 

Note: The No Logo button allows you to view a report without a logo.  To bring back the PSN logo, click onto the PSN Logo button.  This button does not appear if PSN logo is the current default. 

Colors

For selected graph only.  Click on this function if you want to specify your preferred color for each observation plotted on a report or graph.  To modify the color, click on the color box for the one you want to change.  Select the new color from this grid and click on the Graph button to continue.

Import Reports

The Import Reports function allows you to upload reports from an external source.  Available file format to import: Adobe PDF, Microsoft Word, Excel, PowerPoint and Text file.  Once uploaded into PSN, it is saved as a template.  The uploaded template can now be used in the Batch Report area to create presentation or the Add to Proposal function.  How to import an external report:

 

·         Click Import Reports located on top of the Reports screen

·         Click the Import New Report button

·         Enter the name in the Report Name box

·         Click the Upload button

·         Click on Save button

·         Click the Browse button

·         Locate the report file to import and click Open button

·         Click the Upload button

·         The external report is now listed as a template in the User Uploaded Reports tab

Settings

Allows you to quickly change any default graph settings or to roll the system ending date to selected ending date.

Change Names/Order

The Custom Name function allows you to re-label the names of the products as shown by default in the graph legend.  Enter the new name under the Custom Description box for each product.  Click the Graph button to generate to output.  This function is used “on the fly”.  This will not be saved in the template.

 

Save Template

The Save Template button will save the modified graph or report as a private template for later retrieval.  The saved template will be listed under the Private Templates tab.

 

Delete Template

Click on this button if you want to delete one or more previously saved report templates. 

 

Export

The Export button will export the current graph and report to an external working environment.  These include:  MS Power Point, MS Word, MS Excel, Windows Metafile and Adobe Acrobat. To export this report or graph, choose the environment that you want.  Click on the Download button to continue.  You will be prompted to save or to open to file.

 

Report Writer

The Report Writer function (available in the Platinum Version) is located in the Reports area under the Multiple Managers tab.  This function allows the user to create a custom report in a column format to export to Excel. The user has the option to select data fields from the following categories:

 

Firm Information

Firm level information including location, type, legal structure, year founded, percentage owned by employees, total assets under management, tax-exempt and taxable assets, non-US assets, ownership, minority owned and firm ownership break-down.

 

Product Information

Product level information including database and asset class, investment styles, market capitalization, decision making process, fixed maturity, fixed duration, AIMR-PPS/GIPS compliant, open for investment, offered as mutual/commingled fund, offered as wrap/tamp program, performance incentive fee, manager tenure, manager designated benchmark and wrap sponsor.

 

Performance

Performance information including Product Performance Benchmark, Compliance Classification, Equal or Dollar Weighted, Verification Firm, and calculated statistics

 

How to Create a Report using the Report Writer:

 

·         To generate a report for selected products, at the Selection screen, located and select the products before proceeding to the Reports/Report Writer area

 

·         To generate a report for a PSN Universe or User Created Universe, at the Selection screen, select ANY product before proceeding to the Reports/Report Writer area.  When you are running a report on a universe, they system will generate the report output quicker if you load the universe in the Report Writer area (the Universe option is available to select a universe).

 

·         When you select the Report Writer, a system default report will appear.  To re-select the data columns on the report, click the Modify button at the bottom of the screen.

 

·         The Report Writer screen will appear.  Available functions on the tool bar:

 

Column Selection

 

The Column Selection screen contains the data fields available to select. The data fields are categorized by Firm Information, Product Information and Performance.

 

Format Columns

 

The Format Columns screen lists all selected data fields to be generated on the report

 

Header and Footer

You have the option to customized 4 lines of headings or 3 lines of Footnotes.  Click on this option if you want to change current default headings and/or footnotes for the graph.  Use the macros (Firm Name, Product Name, Latest Date, etc.) provided whenever you can.  This practice is more efficient since the system will reflect changes based on the macro used. 

 

Fonts

The Fonts screen allows you to change general font type, font size, case, style and color settings for the graph.

 

Universe

The Universe screen allows the user to select a universe to run the report.  Available Universe categories are listed under the Universe Option.  They include the PSN Published Universes or select a saved universe created by the user located in the Non-Published Universes category.  

 

·         Select Format Columns located on the top of the screen

·         Highlight the default field(s) to delete and click Delete Item button at the bottom of the screen

·         Click the Delete All button to delete all the default fields

·         Select Column Selection located on top of the screen

·         Choose the desired data fields located in the Firm Information, Product information and Performance tabs

·         Under the Performance tab, if you are selecting statistics:

·         Choose the desired statistic(s)

·         The Date Range box will appear

·         Select the desired date(s)

 

Dates

 

·         Click this option if you want to change the dates.  Select from the Type of Date Range drop down window.  Available macro dates: Latest Qtr, Year to Date, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 and Since Inception (relative only for the first selected product).  The macro dates will roll to the next quarter ending automatically when you save the graph.

·         To enter your own custom dates, use the Date Range boxes to enter the beginning date and ending date.  The custom date ranges entered by the user will not roll to the next quarter automatically.  The dates have to be updated manually.

·         You have the option to select the Period Type: Quarterly or Monthly calculation.  The system defaults to Quarterly

·         You have the option to set up rolling date periods.  For example, to setup up 8 Calendar Year Periods:  In the Date Range boxes type in the most current Calendar Year: 12/2006 – 12/2007.  For the #of Rolling Periods drop down window, select 7.  For the #of Trailing Months drop down box, select 12.  Click the Add Rolling Periods button.  They system will set up the following calendar years:

 

12/2006 - 12/2007

12/2005 - 12/2006

12/2004 - 12/2005

12/2003 - 12/2004

12/2002 - 12/2003

12/2001 - 12/2002

12/2000 - 12/2001

12/1999 - 12/2000

 

·         If you are generating the report for the selected products, click the View Report button at the bottom of the screen

·         If you are running the report for a PSN universe or User Created Universe, select Universe located on top of the screen.  Under Universe Option, select the desired universe and click on the View Report button

 

Note: If you are running the report for a universe and want the system to generate the summarization (High, First Quartile, Median, Third Quartile, Low, Mean, Count and Sum) for each selected column, go to Format Columns, highlight the data field to summarize (from the selected data fields listed on the left side of the screen), locate Column on the right side of the screen.  Under Column, select Summarize.  Repeat as needed.

 

·         Once the report is generated to view on the screen (in a PDF output format), if you want to export the report to Excel, click the Export button at the bottom of the screen.

·         If you want to re-use this report again, click the Save Template button.  The saved report template will be listed under the Private Templates tab.

Statistics Writer

The Statistics Writer allows the user to create a calculated statistical report to export to Excel.

 

How to create a report using the Statistics Writer:

 

·         To generate a report for selected products, at the Selection screen, located and select the products before proceeding to the Reports/ Statistics Writer area

·         To generate a report for a PSN Universe or User Created Universe at the Selection screen, select ANY product before proceeding to the Reports/ Statistics Writer area.  When you are running a report on a universe, they system will generate the report output quicker if you load the universe in the / Statistics Writer area (the Universe option is available to select a universe).

·         When you select the Statistics Writer, a system default report will appear.  To re-select the data columns on the report, click the Modify button at the bottom of the screen.

·         The Statistics Writer screen will appear.  Available functions on the tool bar:

 

Column Selection

The Column Selection screen contains the available statistics to select.

 

Format Columns

The Format Columns screen lists all the statistics available to select

 

Header and Footer

You have the option to customized 4 lines of headings or 3 lines of Footnotes.  Click on this option if you want to change current default headings and/or footnotes for the graph.  Use the macros (Firm Name, Product Name, Latest Date, etc.) provided whenever you can.  This practice is more efficient since the system will reflect changes based on the macro used. 

 

Universe

The Universe screen allows the user to select a universe to run the report.  Available Universe categories are listed under the Universe Option.  They include the PSN Publish Universes or select a saved universe created by the user located in the Non-Published Universes category.

 

·         Select Format Columns locate on top of the screen

·         Highlight the default field(s) to delete and click Delete Item button at the bottom of the screen

·         Click the Delete All button to delete all the default fields

·         Select Column Selection located on top of the screen

·         Choose the desired statistic(s)

·         The Date Range box will appear

·         Select the desired date(s):

 

Dates

 

·         Click this option if you want to change the dates.  Select from the Type of Date Range drop down window.  Available macro dates: Latest Qtr, Year to Date, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 and Since Inception (relative only for the first selected product).  The macro dates will roll to the next quarter ending automatically when you save the graph.

·         To enter your own custom dates, use the Date Range boxes to enter the beginning date and ending date.  The custom date ranges entered by the user will not roll to the next quarter automatically.  The dates have to be updated manually.

·         You have the option to select the Period Type: Quarterly or Monthly calculation.  The system defaults to Quarterly

·         You have the option to set up rolling date periods.  For example, to setup up 8 Calendar Year Periods:  In the Date Range boxes type in the most current Calendar Year: 12/2004 – 12/2005.  For the #of Rolling Periods drop down window, select 7.  For the #of Trailing Months drop down box, select 12.  Click the Add Rolling Periods button.  They system will set up the following calendar years:

 

12/2004 - 12/2005

12/2003 - 12/2004

12/2002 - 12/2003

12/2001 - 12/2002

12/2000 - 12/2001

12/1999 - 12/2000

12/1998 - 12/1999

12/1997 - 12/1998

 

·         If you are generating the report for the selected products, click the View Report button at the bottom of the screen.

·         If you are running the report for a PSN universe or User Created Universe, select Universe located on top of the screen.  Under Universe Option, select the desired universe and click the View Report button.

 

Note: If you are running the report for a universe and want the system to generate the summarization (High, First Quartile, Median, Third Quartile, Low, Mean, Count and Sum) for each selected column, go to Format Columns, highlight the data field to summarized (from the selected data fields listed on the left side of the screen), locate Column on the right side of the screen.  Under Column, select Summarize.  Repeat as needed.

 

·         Once the report is generated to view on the screen, if you want to export the report to Excel, click the Export button at the bottom of the screen.

·         If you want to re-use this report again, click the Save Template button.  The saved report template will be listed under the Private Templates tab.

 

Dynamic Style

By default, the Return Based Style Analysis information in PSN is available only for PSN Products.  It remains static until the next monthly update.  Also, the style categories cannot be changed.

 

In contrast, the Dynamic Style function allows the user to:

 

·         Create custom style category models by re-selecting the benchmarks and generating the information via Style Analysis graphs.

·         Generate Return Based Style Analysis on Self-Entered Products, Hybrids and Mutual Funds

·         Generate style information using less than 5 years historical: 20 rolling periods on a monthly basis.

 

How to Create a Custom Style Model:

 

·         Click Setup located at the Selection screen on the main toolbar

·         Select Styles (located on the right side of the tool bar).  The Style Models Directory will appear

·         Click Create New Model button at the bottom of the screen

·         Enter the Name and Description

·         Under Select Index, select the desired risk indexes using the drop down button

·         You have the option to rename the risk index.  Under Custom Name, enter the new name for each risk index

·         Click Save button at the bottom of the screen

 

How to Activate the Custom Style Model in the Style Analysis Graphs:

 

Available Style Analysis graphs:

Style Quadrant

Style Allocation History

Style Summary

 

To Activate the Custom Style Model:

 

·         Select the product(s) at the Selection screen 

Note: You can select PSN products, Self-Entered Products, Hybrids or Mutual Funds

·         Click Reports on the main tool bar

·         If you select more than one product, under the Multiple Managers tab (select up to 30
products), the available graph is the Style Quadrant graph to compare the products together

·         If you select one product and want to do manager versus benchmark comparison, under Single Manager tab, available graphs are the Style Quadrant, Style Allocation History or Style Summary graphs. 

·         The default graph will appear.  Click the Modify button at the bottom of the page

·         Select Styles on the tool bar

·         You have the option to select Period Type: Quarterly or Monthly.  The system defaults to Quarterly

·         For the Style Quadrant Graph, you have the option to select what to show: Summary, History or Both

·         Select Dynamic for Choose how to Run Style

·         Locate your custom style model in the Style Model drop down box

 

Note: The appropriate custom model(s) created by the user will appear for the selected graph.  For example, the Style Quadrant graph can accommodate 4 factors (risk indexes) per style model and 8 factors (risk indexes) per model for balanced products.  The Style Allocation History graph can accommodate up to 11 factors (risk indexes) per model.

 

Batch Reports

The Batch Reports function allows the user to create, edit and save presentations.  The user is able to select saved graph / report templates and profiles to create a presentation.    

 

Presentation Directory

 

Type

 

Multiple Replacement- Select this option if you want to create a presentation that will enable you to make multiple replacements at run time:

 

·         Select one or more product(s)

·         The entire presentation will be produced with your entire product list

·         When a MULTIPLE TEMPLATE is encountered, ALL OBSERVATIONS of the template will be replaced with your entire selected product list

·         When a SINGLE TEMPLATE is encountered, replacement will be ONE PRODUCT AT A TIME UNTIL YOUR ENTIRE SELECTION IS EXHAUSTED for that template

·         There will be only one PDF presentation file produced with this option

 

Note: # of pages = # of multiple templates + (# of products * # single template)

 

Single Replacement- Select this option if you want to create a presentation that will enable you to do the following at run time:

 

·         Select one or more product(s)

·         Produce the selected presentation by plotting the FIRST OBSERVATION of each template with a product from your selected product list

·         Replacement will be ONE PRODUCT AT A TIME UNTIL YOUR ENTIRE SELECTION IS EXHAUSTED.

 

Note: # of pages = # of templates * # of products you have selected to run the batch production

 

·         Click on the Save button

Templates

 

·         The Templates screen will appear.  Select the graphs and report templates that you would like to add to your presentation

·         Double click on the left to add your graph/report selection or highlight graph/report selection and click on Add Template

·         You can modify the following options on the Batch Reports toolbar.  You can either keep or replace all of the following selections. 

·         If your selection is to KEEP, then the batch production process will use all defaults for this category as previously saved in each template.  If your selection is to REPLACE, then the batch production process will use all replacement values as modified under this tab.  Make the appropriate changes by specifying your criteria and clicking on Replace or just simply click on another tab to continue with setting up your presentation.

 

Dates

This function allows you to modify the date setting for the entire presentation.  Choose from the available date ranges or type in your own custom date range.

Benchmarks

This function allows you to modify the benchmark setting for the entire presentation.  Choose the appropriate replacement benchmark from the available options.

Footnotes

This function allows you to modify the footnote setting for the entire presentation.  Choose from the available Macro’s or type in the information.

Universe

This function allows you to modify the universe setting for the entire presentation.  Choose the appropriate Universe by opening the various categories and clicking on the appropriate Universe.

Fonts

This function allows you to modify the font setting for the entire presentation.   Choose the appropriate fonts.

Options

This function allows you to change the graph dimensions to 2D or from color to black and white. 

Colors

This function allows you to modify the color setting for the entire presentation.  Click the Key color and select a color.  

 

Stamping

 

·         This function allows you to number the pages or add custom text in the presentation. If your selection is to Apply, then the batch production process will stamp every page with the settings. Choose from the available macros or type in the information.

·         Click the Save button if you want to save the setup of the current presentation.  This is highly recommended before starting the production process.

·         Click the Start Production button to continue.  Confirm the production process by clicking on the Start Production button again.

·         Select an output format.  Choose either PDF or Microsoft PowerPoint.

 

View: User has the option to click on the name of each graph/report that you want to see as the presentation is being produced.  Note: you may proceed to other areas of the software as the final presentation is being generated by minimizing this screen.

 

Presentation is ready: View final results, the entire contents of the presentation will be in one file.

Report Designer

 

Report Designer allows the user to design their own unique report templates by combining data, graphs, text and images.  Features include drag and drop, resizing and menus to customize both individual sections of the report, or to set parameters for the entire report.  Report templates can be reused and modified to meet your changing needs.

 

With Report Designer, you can:

·         Create fact sheets that can be used for multiple managers and are instantly updated each quarter

·         Design side by side comparisons of firms and products

·         Edit Firm and Product narratives

·         Add your own text, logos or images

·         Set all dates for each graph in the report using one menu

·         Use your own self-entered portfolios in the design page

·         Add the finished template to your batch reporting process

 

How to Create a Custom Template Using the Report Designer:

·         Open PSN Enterprise

·         At the Selection screen, select your products and/or market indexes using the Data Set drop down window.  Use the Locate box to search for a specific manager/product name (Note: most PSN graphs allow a maximum of eight observations)

·         Click Report Designer on the main tool bar

·         Click Create New Presentation button at the bottom right of your screen

·         Type the name of your presentation

·         Select Presentation Type.  Multiple Managers is used to place more than one observation in the legend of the graph.  Most PSN graphs allow a maximum of eight observations.  Single Manager is used to place one observation in the legend of the graph including the PSN assigned default benchmark. When finished, click the Save button.

 

The Report Designer screen will appear with the following functions:  

 

Presentation Directory

Select this function to view/retrieve/edit your saved Report Designer presentation

 

Object Directory

Select this function to view/retrieve/edit your saved formatted objects

Modify Presentation

Modify all objects or certain objects in the presentation using the following tools: Dates, Benchmarks, Universe, Fonts, Options, Colors, Symbols, Page, Observations, Blend(s).

 

Modify Object

Modify the selected object using the following tools: Position, Dates, Statistics, Headers & Footnotes, Options, Fonts and Observations.

 

Save

Save changes to presentation

 

Preview

Preview the design page layout with the selected objects

 

+Page

Add an additional page

 

-Page

Remove a page

 

Page Set-up

Select Landscape/Portrait page selection

 

Align (No Change, Top Sides and Left Sides)

Objects will align to the first object selected on the page.  Multiple objects can be selected and aligned by holding down the Shift key on your PC while selecting objects for alignment.  The target objects will then align to the primary object using the Top Sides and Left Sides options, as required.

 

Size

Based on the objects selected, the user can re-size the width and height of the selected objects to either Shrink to the Smallest or Grow to the Largest.  The re-sizing function is always relative to the objects selected. The primary object (either largest or smallest) will determine the size of the selected target modules. Multiple objects can be selected and re-sized by holding down the Shift key on your PC while selecting objects for re-sizing. 

 

Object Choice

To the left of the screen are available graphs, profile blocks and narrative blocks to select. The Multiple Managers tab is the system default for graphs and is used when you want to display more than one manager on a graph.  Use the graphs listed in the Single Manager tab if you want to display manager versus benchmark analysis.  You may also choose from Single Blended Portfolio, and Multi-Scenario tabs.  Select the Profile Blocks tab to access the firm and product data blocks that exist as unique sections in our firm data and product data profiles.  Select the Narrative Blocks tab to access the firm and product narrative blocks that exist as unique sections in our firm narrative and product narrative.  Select the Performance Profile Blocks tab to access the graph legend blocks. 

 

Note:  Graph templates created in Reports by the user are available to use in the Report Designer under the Private Graph Templates tab.  Public graph templates are also available to use in Report Designer under the Public Graph Templates tab.

 

Page Set Up

The default page set-up is Landscape.  To change page set-up to Portrait, click on the drop down button to the right of Landscape and select Portrait.

 

·         When you select a graph, profile block or narrative block, the item will appear on the design page layout to the right. 

·         To move the item, click on it and drag with your mouse to where you would like it to appear on the page.

·         Click the Preview button to see the report. 

·         Click on Design to go back and make changes.

·         To delete an object, click on the object and then your delete key.

·         Objects can be aligned or resized quickly by using the Align or Size button explained earlier.

·         To modify your selected item, click on it and select the Modify Object button.  The Modify Object screen will appear.  Select the following functions on the toolbar to modify your object:

 

Modify Object

 

Positions

This function is used to re-set the object position and size on the page.  Click Apply button to save the change.  To save this formatted function, provide a name and click on the Save Object As button.  The saved object will be listed in the Object Directory on the main design page or as a Private/Shared Object on the design page.  Saved object can be used again in other designs.

 

Dates

This function is used to re-select the desired dates (Note: the system default dates for most PSN graphs are Latest Qtr, 1, 2, 3, 5, and 10 year periods ending latest quarter).  Click Apply button to save the change.  To save this formatted function, provide a name and click on the Save Object As button.  The saved object will be listed in the Object Directory on the main design page or as a Private/Shared Object on the design page.  Saved object can be used again in other designs

 

Statistics

This function is used to re-select the desired statistic(s).  Click Apply button to save the change.  To save this formatted function, provide a name and click on the Save Object As button.  The saved object will be listed in the Object Directory on the main design page or as a Private/Shared Object on the design page.  Saved object can be used again in other designs

 

Universe

This function is used to re-select the desired universe when applicable.  The universe option includes PSN Published Universes and Non-Published Universes created by the user.  To save this formatted function, provide a name and click on the Save Object As button.  The saved object will be listed in the Object Directory on the main design page or as a Private/Shared Object on the design page.  Saved object can be used again in other designs

 

Headers and Footnotes

This function is used to customize the heading and footnote areas.  There are four lines available for headings and three lines for footnotes.  Click Apply button to save the change.  To save this formatted function, provide a name and click on the Save Object As button.  The saved object will be listed in the Object Directory on the main design page or as a Private/Shared Object on the design page.  Saved object can be used again in other designs

 

Options

This function is used to re-format the look of the graph (3D format, visible legend (simple/value), vertical/horizontal titles, etc.).  Click Apply button to save the change.  To save this formatted function, provide a name and click on the Save Object As button.  The saved object will be listed in the Object Directory on the main design page or as a Private/Shared Object on the design page.  Saved object can be used again in other designs.

 

Fonts

This function is used to change the fonts (heading case, justification, font type/style/size) and color for the heading, footnote, legend and axis areas.  Click Apply button to save the change.  To save this formatted function, provide a name and click on the Save Object As button.  The saved object will be listed in the Object Directory on the main design page or as a Private/Shared Object on the design page.  Saved object can be used again in other designs.

 

Observations

This function is used to re-arrange the order of appearance for the selected products and/or market indexes in the legend of the graph object. Most PSN graphs allow a maximum of eight observations.  The maximum eight products are represented by the term Key #1, Key #2, Key #3, Key #4, Key #5, Key #6, Key #7 and Key #8.  The system default benchmarks for the eight products are represented by the term Default Benchmark for Key #1, Default Benchmark for Key #2, Default Benchmark for Key #3, Default Benchmark for Key #4, Default Benchmark for Key #5, Default Benchmark for Key #6, Default Benchmark for Key #7 and Default Benchmark for Key #8. 

 

If the object is a narrative, you may edit the narrative here. Click Apply button to save the change.  To save this formatted function, provide a name and click on the Save Object As button.  The saved object will be listed in the Object Directory on the main design page or as a Private/Shared Object on the design page.  Saved objects can be used again in other designs

 

Design

 

·         After applying the changes, click on Design to go back to the design page layout screen.

·         At the design page layout screen, Click on the Save button to save all your changes to the presentation.

·         The Report Designer saved presentations are now available to compile using the Batch Reports function on the PSN main toolbar.

 

Modify Presentation

To modify all objects or certain objects in the presentation, click on the Modify Presentation button.   The Modify Presentation screen will appear.  Modify Presentation has similar functions as Modify Objects except it will affect the entire presentation. 

 

Understanding the Report Designer Layout Grid

To situate objects on the report designer grid the user can ‘eyeball’ the location of a given module and place it on the page.  To refine the position and size of the object, use the MODIFY OBJECT selection from the toolbar.  This will access numerical information based on the X/Y Axis of the grid.  X/Y information appears in the lower left corner of the main Design page.

 

Object Position

The upper left corner of the design page grid reflects the lowest numerical quantity for the X/Y Axis; essentially 0/0. As you move the cursor toward the lower right corner of the grid the X/Y numbers increase proportionately until they reach their maximum in the far right bottom corner.  

 

The object position coordinates are determined by the positioning on the grid of the upper left corner of each selected object.  Place the 4 arrow cursor at this point to determine these values while noting the X/Y information at the base of the page.  This point equates with the numerical values you see in Object Position: Left and Top.

 

Object Size

The user can re-size a selected object by reassigning the values in the Width/Height fields.  The original values can be increased or decreased, as required, to alter the size of a specific object.  This function is very useful if you want your objects to be identical in size.  For example, if you want 2 selected modules to have identical widths and heights, and the original module dimensions are 300 x 200, you can input the same values for your new object and it will match the dimensions of the primary object.

 

Object Directory

This function is used to view/retrieve/edit your saved formatted objects.  It is also used to create a new Text or Image object.

 

To Create a Text Object: (heading, comments, footnotes)

 

·         Select Object Directory

·         Click on Create New Object at the bottom right of your screen

·         Type in the name of your object

·         Click on the drop down button to the right of the Object Type window

·         Select Text to add custom text, select Macro Text to also use the System default macro fields (Firm Name, Firm Abbrev, Product Name, Product Abbrev, and Today’s Date) or select Key Macro Text to add a custom text to a select observation(s).

 

Note: If you select to create a Macro Text Object, along with the option to add basic macro fields (firm name, product name, etc.), you can also select the field’s macro button to access data fields from Firm Information, Product Information and Performance categories.

 

·         Click on the Save button

·         The next screen allows you to add your text, re-select the font style/type/size and the position of the object.

·         Click on the Save Object button to save your object. This text object is now available for your use and is listed under your Private/Shared Objects tab.

 

To Create an Image Object: (logo, picture)

 

·         Select Object Directory

·         Click on Create New Object button

·         Type in the name of your object

·         Click on the drop down button to the right of the Object Type window and select Image

·         Click on the Save button

·         The next screen allows you to upload an image and re-select the position of the object

·         Click on the Save Object button to save your object.  This image object is now available for your use and is listed under your Private/Shared Image Objects tab.

 

To retrieve a saved Object:

 

·         Select Object Directory

·         Under Object Name column, click on the name of a saved object

·         The object editing screen will appear

 

Presentation Directory

 

To retrieve a saved Report Designer presentation:

 

·         Open PSN Enterprise

·         At the Selection screen, use the Locate box to locate and select your observation(s)

·         On the main tool bar, select Report Designer

·         The Presentation Directory screen will appear

·         Under Presentation Name column, click on the name of a saved presentation

·         The design layout screen will appear for you to preview the presentation or to edit

 

Setup

 

The Setup screen contains available system wide settings.  The user has the option to change settings for current session or permanently.  All changes are applied system wide. 

System

 

System Ending Date

User can select an ending date different than the default system ending date for reports and graphs.  Input ending month or quarter you require for your output.

 

Ending Date in the macros will be the system ending date. Default period type will be monthly. - Choose this option to create output with monthly intervals.

 

Ending Date in the macros will be the last ending quarter month i.e. 3, 6, 9 or 12. Default period type will be quarterly. – Select this option to generate output with quarterly intervals.

 

Note: The System Ending Date can be changed for Current Session only

 

Hybrid System Settings

 

Default Mixing Mode

User can select system-wide instructions for system to handle hybrid members with no ROR for a given period. 

 

Custom Benchmark

Users can now choose to Build Custom Benchmark While Building the Hybrid and apply this option permanently from the Setup menu.

 

Simulated and prior firm returns settings:

Give you the option to ignore all products that check YES as having simulated data.  Give you the option to ignore all products that check YES to have data from a prior firm.

 

Default Currency

PSN can now translate product and firm data, including asset values, minimum account size and fees as well as returns, into 23 different global currencies. Currency calculations can be applied to over 30 years of data, simply by clicking on Set Up>System in the blue main toll bar and changing the default currency in the drop down available. After changing the currency (for the current session or permanently) all graphs and output will appear in the new base currency.

 

Miscellaneous

 

Show Active Only

Output includes products and managers actively participating in the PSN database. 

 

Keep Market Indexes at the bottom of selection

Check this option to always keep benchmarks at the bottom of the graph’s legend.

 

Set Number of Products in Browser View

Feature allows the user to permanently select the number of products in view on the Selection page.

 

Set Time Out

Feature allows user to set the time PSN Enterprise will automatically log out without any activity.  The default is currently 45 minutes but can be set for up to 2 hours. 

Graph Settings

 

Multiple Manager Settings

Include Benchmark as a key to 'Multiple Managers' graphs - Selecting this option will place your benchmark in the body of the graph.  It will also appear in the legend of the graph and set it as a key or intersection point when utilizing 4 quadrant graphs.  If you select a graph that uses the benchmark as a computational reference point, it will NOT appear as an individual member of the output.

 

Single Manager Settings

Include Benchmark as a key to 'Single Manager' graphs - Selecting this option will place your benchmark in the body of the graph.  It will also appear in the legend of the graph and set it as a key or intersection point when utilizing 4 quadrant graphs.  If you select a graph that uses the benchmark as a computational reference point, it will NOT appear as an individual member of the output.

 

Single Blended Portfolio

Include Benchmark as a key to 'Single Blended Portfolio' graphs - Selecting this option will place your benchmark in the body of the graph.  It will also appear in the legend of the graph and set it as a key or intersection point when utilizing 4 quadrant graphs.  If you select a graph that uses the benchmark as a computational reference point, it will NOT appear as an individual member of the output.

 

Include Single Managers as keys to 'Single Blended Portfolio' graphs - Selecting this option will include the individual members of the Blend in the body of the graph and in the legend.

 

Generate second page with blend allocation - If you want your output to include the allocation, in percentage terms, of your Blend - check this box. A second page will be generated displaying this information.

 

Remove blend members with 0 percent from the legend – If a member of your hybrid has 0% allocation, it will not appear in the blend allocation legend.

 

Multiple Scenarios

 

Include Benchmark as a key to 'Multiple Scenarios' graphs. – See explanation above.

 

Include Single Managers as keys to 'Multiple Scenarios' graphs. - Selecting this option will include the individual members of the Blend in the body of the graph and in the legend.

 

Generate second page with blend(s) allocation. - If you want your output to include the allocation of your Blend in percentage terms, check this box. A second page will be generated displaying this information.

 

Remove blend members with 0 percent from the legend         - If a member of your hybrid has 0% allocation it will not appear in the blend allocation legend.

Colors

User’s color choices are saved between graphs and between sessions. When running a report, users can select different colors for their observations. These color choices are stored in the database so the next time the user logs in, he/she does not have to re-select the scheme again.

 

Headers

The option allows the user to re-enter 4 lines of headers and 3 lines of footnotes for graphs and reports.  This can be saved for the current session or applied permanently.

 

Fonts

The option allows the user to re-set the font for the following: Heading Font, Footnote Font, Axis Font and Legend Font.  This can be saved for current session or applied permanently.

 

Folders

The user has the option to re-organize the private templates into different folders.

 

Styles

This function allows the user to create custom Style (Return Based Style Analysis) Models to be used in the Style Graphs with the Dynamic Style function activated.   The user can select the desired risk indexes to represent the user defined style categories.  

Introducing Presentation Designer, a New Reporting Tool for PSN Enterprise

 

We are very excited to introduce Presentation Designer, a very user friendly & intuitive reporting tool for PSN.  Presentation Designer allows user to quickly craft a customized presentation; saving time and automating the report process for future use.

 

Presentation Designer

 

We are very excited to introduce Presentation Designer, a very user friendly & intuitive reporting tool for PSN.  Presentation Designer allows user to quickly craft a customized presentation; saving time and automating the report process for future use.

 

 

Features

 Benefits

User Interface

Very user friendly and intuitive

Presentation View Window

Ability to view (on the screen) individual pages along with selected report objects while designing presentation; no need to preview

Edit Layout

Ability to easily slice the page area into spaces for graph and text objects placement

Add Objects

Ability to easily select graph and text objects and dropping them to page template

Object - Properties

Ability to right click to edit object properties on page layout: dates, statistics, headings/footnotes, Options and Fonts

Data Properties

Ability to re-select products and benchmarks (or other product types: self-entered and hybrids) within Presentation Designer; no need to navigate away from Presentation Designer screen

Download as PDF

Ability to preview selected page or entire presentation via PDF output

Library

Ability to create folders to organize presentations, page templates and report objects for easy access

Clone Presentations

Ability to easily clone presentations

Share Presentations and  Page Templates with other PSN Users

Ability to easily share presentations and page templates with other PSN users.  Thus, organizing work process or controlling the flow of information.

 

Getting Started:

 

·         Open PSN Enterprise to the Selection screen

·         Use the Data Set window to bring up the product category (i.e. Product – Gross of Fees, Market Indices, Self-Entered and Hybrids)

·         Use the Locate window to search for selected products

·         Select (check) the product(s)

·         Select Presentation Designer on the main tool bar (highlighted; to the far right of tool bar):

 

·         Presentations screen will appear

·         Locate Create a new presentation window and enter name of new presentation.  Also select presentation type: Multiple Managers (default) or Single Manager (focused on selected manager vs. comparison benchmark)

·         Click Create button:

 


 The Presentation View window will appear.  The Presentation Designer Tool Bar is above the window area:

Presentation Designer - Tool Bar Definitions:

 

Create New Page - Create new page template to start designing

 

Save Page – Save all changes to current page template

 

Download As PDF – View current page template or entire presentation via PDF output

 

Page Properties – Select page mode: Landscape or Portrait, add page border, background color and edit page margins

 

Apply Template – Allows users to access saved templates and add to current page template

 

Edit Layout – Edit layout spaces on page template for object placement

 

Add Objects – Add report objects (i.e. graph objects, macro text objects, narrative text objects) to page template

 

Object Properties – Edit object properties such as: dates, statistics, headings/footnotes and fonts

 

Data Properties- Re-select product(s) and benchmark to display in presentation

 

Presentation Properties – Edit changes to a report object and apply to all report objects or selected

report objects in presentation

 

Library – Allows user to create folders to organize saved presentations, page templates and report objects

 

Setting - Select Rendering Quality: Low (default) or High (very CPU and memory intensive).  Also, option to display grid on page template.

 

Exit Designer – Exit Presentation Designer and back to PSN Enterprise / Selection screen

 

·         Click Create New Page; see screenshot below A new page template will appear:

 

Create New Pageicon (highlighted)

 

 

·         Click Page Properties to select page mode: Landscape (default) or Portrait, set page margins, border styles/width/color and background color:

 

Page Propertiesicon (highlighted)

 

 

 

Page Propertiesoptions

 

 

 

·         Click on Edit Layout to start designing spaces on the page template for report object(s) placement:

 

Edit Layouticon (highlighted)

 

 

 Use mouse to slice the page template into spaces for report object(s) placement.  Right click on mouse to move line to Left, Right, Grow, Shrink or Delete:

 

 

Here is an example of selecting “grow” to expand the line spacing:

 

 

 

·         Click Add Object to locate and select report object(s) to place on page template:

 

Add Objecticon (highlighted)

 

·         Select report object category (i.e. Multiple Managers, Single Manager).  Enter  object name in the Search objects window; hit enter on keyboard:

 

 

 

·         Click Add to Page button to add object to page template (Note: report object will be placed on page in available spaces from left to right); or use mouse to drag object out and drop to desired space on page:

 

 

·         Repeat same steps to add additional report object(s):

 

 

 

·         To edit report object, click object on page, right click and select Properties:

 

·         Available to edit under Properties: Dates, Statistics, Headers & Footnotes, Options, Fonts and Observations. 

 

 

 

 

·         NOTE: Options give user wide range flexibility to edit object’s General Appearance, Symbols and Lines, Legend, Axis, Texts and Descriptions: 

 

·         Click x to save changes and exit Properties.  Repeat steps to edit other report object(s) on page template.

 

·         Alternatively, instead of right click on mouse to select Properties, user can click the report object on page template to edit and select Object Properties icon / Advanced (highlighted):

 

 

Presentation Designer                                            Reference Guide

·         Below is an example of a finished page template.   The following were changed in Object Properties:

Change look from 2-D to 3-D, reselected dates: Latest, 1, 3 and 5, update headings for both objects, Performance Bar: remove vertical and horizontal lines, change legend font size.  Growth of Investment: remove legend and remove vertical lines.   Click Save Page icon (highlighted) to save changes to current page template:

 

·         NOTE: For wide screen monitor, right click on selected object, select Properties.  The Properties menu can be visible to the left of the screen by clicking Toggle dock mode (circled in red, next to x).  This will allow user to edit object using Properties menu and see changes to page template at same time:

 

 

 

·         To add another page template, click Create New Page (highlighted) and repeat previous steps to design new page:

 

 

 

Here is an example of additional page templates added to current presentation.  To view presentation as PDF output, click Download as PDF icon / select down arrow and Download Presentation as PDF (highlighted):

 

 

Sharing User Information

 

User Information can be shared among PSN users from the same firm and the users have to be grouped by PSN to a department name (i.e. Marketing, Research, Sales, Consultant Group, etc.).

Users can be grouped to more than one department.  The owner/originator (of the shared information) is the only one who can edit and update the shared information.

 

The following User Information can be shared:

Graph and Report Templates

 

·         When the user creates a graph or report and clicks the Save Template button, the user can:

·         Save the template to appear under the user’s Private Templates tab and at the same time, under Share Your Work, select the department(s) listed to share under Groups Visible to you for Distribution

·         The shared template will be listed under the Public tab (in Reports area) for other users (in the department) to use

·         The shared template cannot be altered.  Only the owner can edit and update the shared template.

 

Universes or custom universes created by the User

 

·         Universes and custom Universe can be shared.  To share a saved universe(s) or custom universe (s):

·         At the Selection screen, click the Retrieve Universes button

·         Select Universe Directory

·         Select the universe(s) and custom universe(s) to share by placing a checkmark inside the square box located to the right side of each universe and custom universe. Note: To select all universes and custom universes to share, click the Select All button at the bottom of the screen.

·         Click the Share Selected button at the bottom of the screen

·         Under Share Your Work, select the department(s) listed to share underGroups Visible to you for Distribution

·         Click the Share button

 

The other users in the department can select any products in the shared universe or custom universe to create a graph or report by going to the Universe drop down window at the Selection screen and selecting the shared universe or custom set from the listing.

 

The shared universes or custom universes cannot be altered.  Only the owner can edit and update them.

 

Note: When the user saves a universe or custom universe for the first time by clicking the Save Universe button, Save Current Universe button or Query and Keep Results as Universe button, the user can:

 

Save the universe or custom universe to appear under the user’s Universe Directory (under the Retrieve Universe button) and at the same time, under Share Your Work, select the department listed to share under Groups Visible to you for Distribution.  

 

The shared universe or custom universe will be listed under the Universe drop down box at the Selection screen. The other users in the department can retrieve the shared universe or custom universe and use any products listed to create a graph or report.

 

The shared universe or custom universe cannot be altered.  Only the owner can edit and update the shared universe or custom universe.

 

Hybrids created by the User

Hybrids created by the user can be shared.  To share a hybrid(s):

 

·         Select Hybrids on the main tool bar

·         Select Hybrids Directory

·         Select the hybrid(s) to share by placing a checkmark inside the square box located to the right side of each hybrid.  Note: To select all hybrids to share, click the Select All button at the bottom of the screen.

·         Click the Share Selected button at the bottom of the screen

·         Under Share Your Work, select the department listed to share under Groups Visible to you for Distribution

·         Click the Share button

 

The other users in the department can select the shared hybrid(s) to create a graph or report by going to the Selection screen, in Data Set drop down window, select the Hybrids listing

 

The shared hybrids cannot be altered.  Only the owner can edit and update them.

 

Self-Entered Products created by the User

 

·         Self-Entered Products created by the user can be shared.  To share a self-entered product(s):

·         Select Self-Entered on the main tool bar

·         Select Self-Entered Directory

·         Select the self-entered product(s) to share by placing a checkmark inside the square box located to the right side of each hybrid.  Note: To select all self-entered products to share, click the Select All button at the bottom of the screen.

·         Click the Share Selected button at the bottom of the screen

·         Under Share Your Work, select the department listed to share under Groups Visible to you for Distribution

·         Click the Share button 

 

The other users in the department can select the shared self-entered product(s) to create a graph or report by going to the Selection screen, in Data Set drop down window, select the Self-Entered listing.

 

The shared self-entered products cannot be altered.  Only the owner can edit and update them.

 

Batch Report Presentations created by the User

 

Batch Report Presentations created by the user can be shared.  To share a presentation(s):

 

·         Select any product at the Selection screen

·         Select Batch Reports on the main tool bar

·         Under Presentation Directory, select the presentation(s) to share by placing a checkmark inside the square box located to the right side of each presentation.  Note: To select all presentations to share, click the Select All button at the bottom of the screen.

·         Click the Share Selected button at the bottom of the screen

·         Under Share Your Work, select the department listed to share under Groups Visible to you for Distribution

·         Click the Share button

 

The other users in the department can select the shared presentation to generate the output. The shared presentation(s) will be listed under their Presentation Directory.

 

The shared presentation(s) cannot be altered.  Only the owner can edit and update the shared presentation(s).

 

Report Designer Custom Templates created by the User

 

Report Designer Presentations created by the user can be shared.  To share a presentation(s):

 

·         Select any product at the Selection screen

·         Select Report Designer on the main tool bar

·         Under Presentation Directory, select the presentation(s) to share by placing a checkmark inside the square box located to the right side of each presentation.  Note: To select all presentations to share, click the Select All button at the bottom of the screen.

·         Click the Share Selected button at the bottom of the screen

·         Under Share Your Work, select the department listed to share under Groups Visible to you for Distribution

·         Click the Share button

 

The other users in the department can select the shared presentation to generate the output. The shared presentation(s) will be listed under the Report Designer tab in the Reports area.

 

The shared presentation(s) cannot be altered.  Only the owner can edit and update the shared presentation(s).

 

Report Designer Objects created by the User

 

Report Designer User Objects created by the user can be shared.  To share a User Object(s):

 

·         Select any product at the Selection screen

·         Select Report Designer on the main tool bar

·         Under Objects Directory, select the object(s) to share by placing a checkmark inside the square box located to the right side of each object.  Note: To select all objects to share, click the Select All button at the bottom of the screen.

·         Click the Share Selected button at the bottom of the screen

·         Under Share Your Work, select the department listed to share under Groups Visible to you for Distribution

·         Click the Share button

 

The other users in the department can select the shared object(s) to use in their own Report Designer template. The shared object(s) will be listed under the Private/Shared Objects tab when creating a Report Designer template.  The shared object(s) cannot be altered.  Only the owner can edit and update the shared object(s).

 

4. QUICK STEPS - Frequently Asked Questions

 

How to view Quick Information

How to Create a Graph

How to Modify and Save a Graph

 

How to Export a Graph   

 

 

 

How to Import a logo to Report Designer

 

How to Export Returns to Excel

·         From SELECTION, locate and select the manager(s) you want to use

·         For Platinum users click on Export ROR button at the bottom of the page

·         All other users go to REPORTS

·         Go to Multiple manager and find Statistic Writer

·         Go to Modify

·         Double click  Rate of Return

·         Select the performance dates you want to see

·         Click View Report

·         Click Export at the bottom of the page

 

How to create a Search

How to Create a Custom Universe

 

How to Create a Report and Export to Excel

 

 

How to Create a Hybrid

 

Products or market indexes you wish to include in your blend. 
Click HYBRIDS on the main toolbar

 

You are now in the OPTIONS area where you can name your blend and reallocate the default hybrid percentages

 

How to Create a Presentation using Batch Reports

 

5. Hidden Treasures that make life easier

In Setup

 

Headers - The capability to set custom graph/report header and footnotes; once set, this header and footnote will appear on all of the graphs and reports in the program.

 

 

Folders - Create your own folder tab in the Reports area to organize your graph and report templates. 

 

 

System Ending Date - The capability to generate graph/report output on Month End data ending as well as Quarter End data ending for the current session (Note: This feature will not change the Quick-Stat screen)

 

 

The capability to view Active and Inactive products within the database

 

 

Increase the number of products to view on the Selection screen

 

 

In Quick –Stat

 

Latest -View the most current returns for the products

 

Quick-steps:

 

 

Manager Web - Quick link to the manager website to do research

 

 

Advance View – Export Quick-Stat View to Excel

 

 

In Selection

 

Export ROR – Export the historical returns of a universe to Excel (CSV format)

 

 

Retrieve Universe - The capability to create merged universes into a single one

 

 

In Selection and Quick-Stat

 

The double arrow function allows users to enter partial names to search for observations

 

 

In Reports/Graphs

 

Set-up - Option to automatically plot Benchmarks to all Multiple Managers graphs 

 

 

Custom Names – Re-label names of observations on graphs

 

 

Modify /Add Your Manager – Insert your manager in the legend of the graph (this feature is available for most graphs)

 

 

Modify/Dates – Re-label the selected dates in the Description Box

           

 

Circle on the top left area of the Reports screen allows user to see the Full Screen of any graph or report they are generating.

 

 

Adobe Select Graphic tool - Copy part of any graph or report and paste to another format such as PowerPoint, MS Word, etc.

 

 

In Reports/PSN Profiles

 

Performance Historical ROR by Period – Export historical return of selected product to Excel

 

 


 

6. Definition

PSN Return-Based Style Analysis Definition

 

This section contains information on PSN return-based styles analysis available via PSN Enterprise.  Based on your level of PSN Enterprise subscription, some of them may not be available to you.  Please contact Informa Investment Solutions client services at clientservices@informais.comfor further details.

 

The PSN Style Analysis module examines how much of a product’s return is attributable to the manager’s investment style and how much is attributable to the manager’s skill in selecting securities.  The module provides quick insights into a products current and historical style consistency.  The module also evaluates the selection skill of the manager by comparing the manager’s actual return to the returns associated with a representative style index.  Our model is based on William F. Sharpe’s theories.

 

PSN Style Analysis offers both static and dynamic reporting functions.  In dynamic reports the user has the option to change the associated indices and time periods.  In static reports, the indices used are listed below.

 

US EQUITY

 

Style Category

Representative Index

Large Cap Value

Russell 1000 Value

Mid Cap Growth

Wilshire Mid Growth*

Mid Cap Value

Wilshire Mid Value*

Small Cap Growth

Russell 2000 Growth

Small Cap Value

Russell 2000 Value

Treasury Bills

Treasury Bills

 

 

Style Quadrant

Representative Index

Large Cap Growth

Russell 1000 Growth

Large Cap Value

Russell 1000 Value

Small Cap Growth

Russell 2000 Growth

Small Cap Value

Russell 2000 Value

 

 

US FIXED INCOME

                                                                       

Style Category

Representative Index

Intermediate Bonds

Barclays Capital Intermediate Government

Long Term Bonds

Barclays Capital Long Term Government

Corporate Bonds

Barclays Capital Credit

Mortgage Backed

Barclays Capital Mortgage Backed

Treasury Bills

Treasury Bills

 

 

Style Quadrants

Representative Index

Long Credit

Citigroup Credit 7-10 Years

Short Credit

Citigroup Credit 1-3 Years

Long Treasury

Citigroup Treasury 7-10 Years

Short Treasury

Citigroup Treasury 1-3 Years

 

 

US Balance

                                                                       

Style Category

Representative Index

Large Cap Growth

Russell 1000 Growth

Large Cap Value

Russell 1000 Value

Mid Cap Growth

Wilshire Mid Growth*

Mid Cap Value

Wilshire Mid Value*

Small Cap Growth

Russell 2000 Growth

Small Cap Value

Russell 2000 Value

Treasury Bills

Treasury Bills

Intermediate Bonds

Barclays Capital Intermediate Government

Long Term Bonds

Barclays Capital Long Term Government

Corporate Bonds

Barclays Capital Credit

Mortgage Backed

Barclays Capital Mortgage Backed

 

 

Style Quadrant

Representative Index

Large Cap Growth

Russell 1000 Growth

Large Cap Value

Russell 1000 Value

Small Cap Growth

Russell 2000 Growth

Small Cap Value

Russell 2000 Value

Long Credit

Citigroup Credit 7-10 Years

Short Credit

Citigroup Credit 1-3 Years

Long Treasury

Citigroup Treasury 7-10 Years

Short Treasury

Citigroup Treasury 1-3 Years

 

 

INTERNATIONAL/GLOBAL EQUITY (Regional)

 

Style Category

Representative Index

Europe

MSCI Europe

Pacific

MSCI Pacific

North America

MSCI North America

Asia Emerging

MSCI EMF Asia

Europe Mid East Emerging

MSCI EMF Europe & Mid East

Latin America

MSCI EMF Latin America

Treasury Bills

Treasury Bills

 

 

INTERNATIONAL EQUITY (Style/Cap)

 

Style Category

Representative Index

Large Cap Growth

Citigroup PMI World X US Growth

Large Cap Value

Citigroup PMI World X US Value

Small Cap Growth

Citigroup EMI World X US Growth

Small Cap Value

Citigroup EMI World X US Value

 

 

GLOBAL EQUITY (Style/Cap)

 

Style Category

Representative Index

Large Cap Growth

Citigroup PMI World Growth

Large Cap Value

Citigroup PMI World Value

Small Cap Growth

Citigroup EMI World Growth

Small Cap Value

Citigroup EMI World Value

 

 

INTERNATIONAL FIXED INCOME

 

Style Category

Representative Index

Global X U.S. Fixed Income

Citigroup World Government X US

U.S. Fixed Income

Citigroup Broad Bond

Treasury Bills

Treasury Bills

 

 

Style Quadrants

Representative Index

Unhedged Long Term

Citigroup World Gov’t X US 7-10 Years

Unhedged Short Term

Citigroup World Gov’t X US 1-3 Years

Hedged Long Term

Citigroup World Gov’t X US 7-10 Years Hedged

Hedged Short Term

Citigroup World Gov’t X US 1-3 Years Hedged

 

 

GLOBAL FIXED INCOME

 

Style Category

Representative Index

Global X U.S. Fixed Income

Citigroup World Government X US

U.S. Fixed Income

Citigroup Broad Bond

Treasury Bills

Treasury Bills

 

 

Style Quadrants

Representative Index

Unhedged Long Term

Citigroup World Gov’t 7-10 Years

Unhedged Short Term

Citigroup World Gov’t 1-3 Years

Hedged Long Term

Citigroup World Gov’t 7-10 Years Hedged

Hedged Short Term

Citigroup World Gov’t 1-3 Years Hedged

 

 

INTERNATIONAL BALANCED

 

Style Category

Representative Index

Europe

MSCI Europe

Pacific

MSCI Pacific

North America

MSCI North America

Asia Emerging

MSCI EMF Asia

Europe Mid East Emerging

MSCI Europe & Mid East

Latin America

MSCI EMF Latin America

Treasury Bills

Treasury Bills

Global X U.S. Fixed Income

Citigroup World Government X US

U.S. Fixed Income

Citigroup Broad Bond

 

 

Style Quadrants

Representative Index

Large Cap Growth

Citigroup PMI World X US Growth

Large Cap Value

Citigroup PMI World X US Value

Small Cap Growth

Citigroup EMI World X US Growth

Small Cap Value

Citigroup EMI World X US Value

Unhedged Long Term

Citigroup World Gov’t X US 7-10 Years

Unhedged Short Term

Citigroup World Gov’t X US 1-3 Years

Hedged Long Term

Citigroup World Gov’t X US 7-10 Years Hedged

Hedged Short Term

Citigroup World Gov’t X US 1-3 Years Hedged

 

 

GLOBAL BALANCED

 

Style Category

Representative Index

Europe

MSCI Europe

Pacific

MSCI Pacific

North America

MSCI North America

Asia Emerging

MSCI EMF Asia

Europe Mid East Emerging

MSCI Europe & Mid East

Latin America

MSCI EMF Latin America

Treasury Bills

Treasury Bills

Global X U.S. Fixed Income

Citigroup World Government X US

U.S. Fixed Income

Citigroup Broad Bond

 

 

Style Quadrants

Representative Index

Large Cap Growth

Citigroup PMI World Growth

Large Cap Value

Citigroup PMI World Value

Small Cap Growth

Citigroup EMI World Growth

Small Cap Value

Citigroup EMI World Value

Unhedged Long Term

Citigroup World Gov’t 7-10 Years

Unhedged Short Term

Citigroup World Gov’t 1-3 Years

Hedged Long Term

Citigroup World Gov’t 7-10 Years Hedged

Hedged Short Term

Citigroup World Gov’t 1-3 Years Hedged

 

*Wilshire is used because the Russell Mid Cap Indices do not contain the length of history needed for complete analysis of some products.

PSN Defined Universes & Associated Benchmarks

This section contains all pre-defined universes generated by Informa Investment Solutions and available via PSN Enterprise.  Based on your level of PSN Enterprise subscription, some of them may not be available to you.  Please contact Informa Investment Solutions client services at clientservices@informais.com for further details.

 

PSN Defined Universes & Benchmarks:

 

PSN Defined Universe

PSN Defined Associated Benchmark

PSN Large Cap

Russell 1000

PSN Mid Cap

Russell Mid Cap

PSN Small Cap

Russell 2000

PSN REIT/Real Estate

NAREIT Equity

PSN Large Cap Growth

Russell 1000 Growth

PSN Large Cap Value

Russell 1000 Value

PSN Large Cap Core

Standard & Poor's 500

PSN Mid Cap Growth

Russell Mid Cap Growth

PSN Mid Cap Value

Russell Mid Cap Value

PSN Mid Cap Core

Standard & Poor's 400 Mid Cap

PSN Small Cap Growth

Russell 2000 Growth

PSN Small Cap Value

Russell 2000 Value

PSN Small Cap Core

Russell 2000

PSN All Cap Growth

Russell 3000 Growth

PSN All Cap Value

Russell 3000 Value

PSN All Cap Core

Standard & Poor's 500

PSN Micro Cap

Russell 2000

PSN All Cap

Russell 3000

PSN Convertibles

Merrill Lynch All US Convertibles

PSN Less than 1 Year Maturity

Merrill Lynch US Treasury Notes & Bonds 0-1 Year

PSN Short Term Fixed Income

Barclays Capital 1-3 Year Government Bond

PSN Intermediate Fixed Income

Barclays Capital Intermediate Government/Credit Bond

PSN Long Term Fixed Income

Barclays Capital Long Term Gov’t/Credit Bond

PSN High Yield Fixed Income

CSFB High Yield Index

PSN Municipal Fixed Income

Barclays Capital Municipal Bond

PSN Core Fixed Income

Barclays Capital Aggregate Bond

PSN Core Plus Fixed Income

Barclays Capital Aggregate Bond

PSN Mortgage Backed

Barclays Capital Mortgage-Backed Securities

PSN All/Variable Maturity

Barclays Capital Aggregate Bond

PSN US Balanced

60% S&P500/40% BCGC

PSN EAFE

MSCI EAFE Gross

PSN Intl Emerging Markets

MSCI Emerging Markets

PSN International Equity

MSCI EAFE Gross

PSN Japanese Equity

MSCI Japan Gross

PSN European Equity

MSCI Europe Gross

PSN Global Equity

MSCI World Gross

PSN Global/International REIT

MSCI World Real Estate

PSN Global Fixed Income

Citigroup World Government Bond

PSN International Fixed Income

Citigroup World Government Bond X US

PSN Global/Intl Balanced

60% World/40% CG World Govt

PSN Commodities and Energy

S&P Goldman Sachs Commodity Index

PSN MA Core Fixed Income

Barclays Capital Aggregate

PSN MA Global Equity

MSCI World Gross

PSN MA Intermediate Fixed Income

Barclays Capital Intermediate Govt/Credit

PSN MA International Equity

MSCI EAFE Gross

PSN MA Large Cap Core

Standard & Poor's 500

PSN MA Large Cap Equity

Russell 1000

PSN MA Large Cap Growth

Russell 1000 Growth

PSN MA Large Cap Value

Russell 1000 Value

PSN MA Mid Cap Equity

Russell Mid Cap

PSN MA Mid Cap Growth

Russell Mid Cap Growth

PSN MA Municipal Fixed Income

Barclays Capital Municipal

PSN MA Global/Intl Fixed Income

MSCI World Gross

PSN MA Small Cap Equity

Russell 2000

PSN MA Small Cap Value

Russell 2000 Value

PSN MA US Balanced

60% S&P500/40% BCGC

PSN MA US Equity

Standard & Poor's 500

PSN MA US Fixed Income

Barclays Capital Aggregate

PSN CF Intermediate Fixed Income

Barclays Capital Intmdt Government/Credit

PSN CF International Equity

MSCI EAFE Gross

PSN CF Large Cap Core

Standard & Poor's 500

PSN CF Large Cap Equity

Russell 1000

PSN CF Mid Cap Equity

Russell Mid Cap

PSN CF Other

MSCI World Gross

PSN CF Small Cap Equity

Russell 2000

PSN CF US Equity

Standard & Poor's 500

PSN CF US Fixed Income

Barclays Capital Aggregate

PSN MF International Equity

MSCI EAFE Gross

PSN MF Other

MSCI World Gross

PSN MF US Balanced

60% S&P500/40% BCGC

PSN MF US Equity

Standard & Poor's 500

PSN MF US Fixed Income

Barclays Capital Aggregate

 

 

Lipper Mutual Fund Data:

 

PSN Defined Lipper Universe

PSN Defined Associated Benchmark

Money Market

Merrill Lynch 6-Month Treasury Bill

Municipal Debt

Barclays Capital Municipal Bond

Telecommunication Funds

MSCI US IMI/Telecommunications Services

Ultra-Short Obligations Funds

Merrill Lynch 6-Month Treasury Bill

Emerging Markets Debt Funds

Citigroup Global Emerging Markets Sovereign Index

Japanese Funds

MSCI Japan Gross

GNMA Funds

Barclays Capital Mortgage-Backed Securities

Pacific Ex Japan Funds

MSCI Pacific X Japan Gross

Pacific Region Funds

MSCI Pacific Gross

Short U.S. Government Funds

Merrill Lynch 6-Month Treasury Bill

Specialty Diversified Equity Funds

Standard & Poor's 500

Convertible Securities Funds

Merrill Lynch US Convertible Bonds

Short-Intermediate U.S. Government

Barclays Capital Intermediate Government Bond

Specialty/Miscellaneous Funds

Standard & Poor's 500

Natural Resources Funds

Standard & Poor's 500

U.S. Mortgage Funds

Barclays Capital Mortgage-Backed Securities

Utility Funds

MSCI US IMI/Utilities

Global Income Funds

Citigroup World Government Bond

Other States Intermediate Muni Debt

Barclays Capital Municipal Bond

Intermediate U.S. Government Funds

Barclays Capital Intermediate Government Bond

Financial Services Funds

MSCI US IMI/Financials

Multi-Sector Income Funds

Barclays Capital Aggregate Bond

Short Investment Grade Debt Funds

Barclays Capital 1-3 Year Government Bond

Short-Intermed. Invest. Grade Debt

Barclays Capital 1-3 Year Government Bond

Real Estate Funds

NCREIF National Property Index

S&P 500 Index Objective Funds

Standard & Poor's 500

Corporate Debt Funds BBB-Rated

Barclays Capital Aggregate Bond

General U.S. Government Funds

Barclays Capital Government Bond

European Region Funds

MSCI Europe Gross

Equity Income Funds

Standard & Poor's 500

Emerging Markets Funds

MSCI Emerging Markets

Mid-Cap Value Funds

Russell Mid Cap Value

Health/Biotechnology Funds

MSCI US IMI/Health Care

Corporate Debt Funds A Rated

Barclays Capital Aggregate Bond

Small-Cap Value Funds

Russell 2000 Value

Mid-Cap Core Funds

Russell Mid Cap

Flexible Portfolio Funds

60% S&P500/40% BCGC

Science & Technology Funds

MSCI US IMI/Information Technology

Large-Cap Value Funds

Russell 1000 Value

High Current Yield Funds

CSFB High Yield Index

Intermediate Investment Grade Debt

Barclays Capital Intermediate Government Bond

Multi-Cap Growth Funds

Russell 3000 Growth

Small-Cap Core Funds

Russell 2000

Small-Cap Growth Funds

Russell 2000 Growth

Multi-Cap Value Funds

Russell 3000 Value

Multi-Cap Core Funds

Russell 3000

Mid-Cap Growth Funds

Russell Mid Cap Growth

Large-Cap Growth Funds

Russell 1000 Growth

Large-Cap Core Funds

Russell 1000

General Bond Funds

Barclays Capital Aggregate Bond

Global Flexible Port Funds

60% EAFE/40% CG World GOVT

Global Large-Cap Core

Citigroup PMI World

Global Large-Cap Growth

Citigroup PMI World Growth

Global Large-Cap Value

Citigroup PMI World Value

Global Multi-Cap Core

Citigroup BMI World

Global Multi-Cap Growth

Citigroup BMI World Growth

Global Multi-Cap Value

Citigroup BMI World Value

Gold Oriented Funds

Standard & Poor's 500

International Income Funds

MSCI World X USA Gross

International Large-Cap Core

Citigroup PMI World X US

International Large-Cap Growth

Citigroup PMI World X US Growth

International Large-Cap Value

Citigroup PMI World X US Value

International Multi-Cap Core

Citigroup BMI World X US

International Multi-Cap Growth

Citigroup BMI World X US Growth

International Multi-Cap Value

Citigroup BMI World X US Value

International Small/Mid-Cap Core

Citigroup EMI World X US

International Small/Mid-Cap Growth

Citigroup EMI World X US Growth

Treasury Inflation Protected Securities

Merrill Lynch US Treasuries Inflation-Linked

China Region Funds

MSCI Emerging Markets Asia

Dedicated Short Bias Funds

CSFB HEDG Dedicated Short Bias

Loan Participation Funds

Barclays Capital Mortgage-Backed Securities

Mixed-Asset Target 2010 Funds

60% S&P500/40% BCGC

Mixed-Asset Target 2020 Funds

60% S&P500/40% BCGC

Mixed-Asset Target 2030 Funds

60% S&P500/40% BCGC

Mixed-Asset Target Alloc Consv Funds

40% S&P500/60% BCGC

Mixed-Asset Target Alloc Growth

60% S&P500/40% BCGC

Mixed-Asset Target Alloc Moderate

50% S&P500/50% BCGC

Long/Short Equity Funds

Standard & Poor's 500

Equity Market Neutral Funds

Standard & Poor's 500

Diversified Leverage Funds

Standard & Poor's 500

Extended U.S. Large-Cap Core Funds

Standard & Poor's 500

Global Financial Services Funds

MSCI US IMI/Financials

Global Health/Biotechnology Funds

MSCI US IMI/Health Care

Global Natural Resources Funds

Standard & Poor's 500

Global Real Estate Funds

MSCI World Real Estate

Global Science/Technology Funds

MSCI US IMI/Information Technology

Global Small-/Mid-Cap Funds

MSCI World Gross

International Real Estate Funds

MSCI World Real Estate

Mixed-Asset Target 2015 Funds

60% S&P500/40% BCGC

Mixed-Asset Target 2025 Funds

60% S&P500/40% BCGC

Mixed-Asset Target 2035 Funds

60% S&P500/40% BCGC

Mixed-Asset Target 2040 Funds

60% S&P500/40% BCGC

Mixed-Asset Target 2045 Funds

60% S&P500/40% BCGC

Mixed-Asset Target 2050+ Funds

60% S&P500/40% BCGC

Commodities Funds

S&P Goldman Sachs Commodity Index

Other

Standard & Poor's 500

 

Morningstar Mutual Fund Data:

 

PSN Defined Morningstar

Mutual Fund Universe

PSN Defined Associated Benchmark

Bank Loan Universe

90 Day U.S. Treasury Bill

Bear Market Universe

Standard & Poor's 500

Conservative Allocation Universe

40% S&P500/60% BCGC

Convertibles Universe

Merrill Lynch All US Convertibles

Diversified Emerging Mkts Universe

MSCI Emerging Markets

Diversified Pacific/Asia Universe

MSCI Pacific Gross

Emerging Markets Bond Universe

Citigroup Global Emerging Markets Sovereign Index

Europe Stock Universe

MSCI Europe Gross

Foreign Large Blend Universe

MSCI AC World Index X US Free Gross

Foreign Large Growth Universe

MSCI AC World Index ex USA Growth

Foreign Large Value Universe

MSCI AC World Index ex USA Value

Foreign Small/Mid Growth Universe

MSCI AC World Index ex USA Growth

Foreign Small/Mid Value Universe

MSCI AC World Index ex USA Value

High Yield Bond Universe

CSFB High Yield Index

High Yield Muni Universe

Barclays Capital Municipal Bond

Intermediate Government Universe

Barclays Capital Intermediate Government Bond

Intermediate-Term Bond Universe

Barclays Capital Intermediate Government/Credit Bond

Japan Stock Universe

MSCI Japan Gross

Large Blend Universe

Standard & Poor's 500

Large Growth Universe

Standard & Poor's 500 Growth

Large Value Universe

Standard & Poor's 500 Value

Latin America Stock Universe

MSCI Emerging Markets Free Latin America

Long Government Universe

Barclays Capital Long Term Government Bond

Long-Term Bond Universe

Barclays Capital Long Term Government/Credit Bond

Mid-Cap Blend Universe

Standard & Poor's 400 Mid Cap

Mid-Cap Growth Universe

Standard & Poor's 400 Mid Cap Growth

Mid-Cap Value Universe

Standard & Poor's 400 Mid Cap Value

Moderate Allocation Universe

40% S&P500/60% BCGC

Multisector Bond Universe

Barclays Capital Aggregate Bond

Muni California Interm/Short Universe

Barclays Capital 5 Year Municipal Bond

Muni California Long Universe

Barclays Capital 10 Year Municipal Bond

Muni Massachusetts Universe

Barclays Capital Municipal Bond

Muni Minnesota Universe

Barclays Capital Municipal Bond

Muni National Interm Universe

Barclays Capital 5 Year Municipal Bond

Muni National Long Universe

Barclays Capital 10 Year Municipal Bond

Muni National Short Universe

Barclays Capital 3 Year Municipal Bond

Muni New Jersey Universe

Barclays Capital Municipal Bond

Muni New York Interm/Short Universe

Barclays Capital 3 Year Municipal Bond

Muni New York Long Universe

Barclays Capital 10 Year Municipal Bond

Muni Ohio Universe

Barclays Capital Municipal Bond

Muni Pennsylvania Universe

Barclays Capital Municipal Bond

Muni Single State Interm Universe

Barclays Capital 5 Year Municipal Bond

Muni Single State Long Universe

Barclays Capital 10 Year Municipal Bond

Muni Single State Short Universe

Barclays Capital 3 Year Municipal Bond

Pacific/Asia ex-Japan Stk Universe

MSCI EAFE X Japan Gross

Short Government Universe

Barclays Capital 1-3 Year Government Bond

Short-Term Bond Universe

90 Day U.S. Treasury Bill

Small Blend Universe

Standard & Poor's 600 Small Cap

Small Growth Universe

Standard & Poor's 600 Small Cap Growth

Small Value Universe

Standard & Poor's 600 Small Cap Value

Specialty-Communications Universe

MSCI US IMI/Telecommunications Services

Specialty-Financial Universe

MSCI US IMI/Financials

Specialty-Health Universe

MSCI US IMI/Health Care

Specialty-Natural Res Universe

Standard & Poor's 500

Specialty-Precious Metals Universe

Standard & Poor's 500

Specialty-Real Estate Universe

NAREIT Equity

Specialty-Technology Universe

MSCI US IMI/Information Technology

Specialty-Utilities Universe

MSCI US IMI/Utilities

Ultra-short Bond Universe

90 Day U.S. Treasury Bill

World Allocation Universe

60% EAFE/40% CG World GOVT

World Bond Universe

Citigroup World Broad Investment Grade Bond

World Stock Universe

MSCI World Gross

Long-Short Universe

Standard & Poor's 500

Target-Date 2000-2014 Universe

40% S&P500/60% BCGC

Target-Date 2015-2029 Universe

50% S&P500/50% BCGC

Target-Date 2030+ Universe

60% S&P500/40% BCGC

Inflation-Protected Bond Universe

Barclays Capital US Treasury Inflation Notes

Money Market- Tax-Free Universe

Merrill Lynch 6-Month Treasury Bill

Money Market-Taxable Universe

Merrill Lynch 6-Month Treasury Bill

Currency Universe

Merrill Lynch 3-Month Treasury Bill

Global Real Estate Universe

MSCI World Real Estate

 

Barclay Hedge Fund Data:

 

PSN Defined Barclay

Hedged Universe

PSN Defined Associated Benchmark

Other Equity Universe

Standard & Poor's 500

Other Fixed Income Universe

Barclays Capital Government/Credit Bond

Sector Technology Universe

MSCI US IMI/Information Technology

Emerging Markets Global Universe

MSCI Emerging Markets

Distress Securities Universe

Standard & Poor's 500

Multi Strategy Universe

Standard & Poor's 500

Macro Universe

Standard & Poor's 500

Event Driven Universe

Standard & Poor's 500

Equity Market Neutral Universe

90 Day U.S. Treasury Bill

Convertible Arbitrage Universe

Merrill Lynch All US Convertibles

Equity Long Bias Universe

Standard & Poor's 500

Equity Long Short Universe

90 Day U.S. Treasury Bill

Fund of Funds Universe

Standard & Poor's 500

Equity Long Only Universe

Standard & Poor's 500

Emerging Markets Asia Universe

MSCI Emerging Markets Asia

Emerging Markets Eastern Europe

MSCI Emerging Markets Europe and Middle East

Emerging Markets Latin America

MSCI Emerging Markets Free Latin America

Fixed Income Arbitrage Universe

Barclays Capital Aggregate Bond

Fixed Income Asset Backed Securities

Barclays Capital Mortgage-Backed Securities

Fixed Income Convertible Bonds

Merrill Lynch All US Convertibles

Fixed Income Diversified Universe

Barclays Capital Government/Credit Bond

Fixed Income High Yield Universe

CSFB High Yield Index

Fixed Income Mortgage Backed

Barclays Capital Mortgage-Backed Securities

Option Strategies Universe

Standard & Poor's 500

Sector Energy Universe

MSCI US IMI/Energy

Sector Finance Universe

MSCI US IMI/Financials

Sector Health Care/Biotech Universe

MSCI US IMI/Health Care

Sector Real Estate Universe

NAREIT Equity

Balanced Universe

60% S&P500/40% BCGC

 

PSN Published Universe Definitions

Unconstrained Universes

 

Unconstrained Investment means, not adhering to a benchmark. Rather than make investment decisions constrained by the weightings of an index, unconstrained managers often look to maximize the total return of the portfolio. Managers would be free to own LG (large growth), LV (large value), MG (mid growth), MV (mid value), SG (small growth), SV (small value), and even international equities in their pursuit of higher absolute returns.  In a global context, fund managers can hold stocks of any size and within any sector, across the geographical spectrum. For Bond investing, the fund retains the characteristics of a bond fund while giving the manager flexibility to own any kind of fixed-income security that might add to returns. For balanced products, there are not restrictions among asset classes.  For PSN universes, we include all vehicles in these universes. You will find SA, MA, CF, and MF.

 

PSN Global/Intl Balanced Unconstrained - Unconstrained Investment means, not adhering to a benchmark. Rather than make investment decisions constrained by the weightings of an index, unconstrained managers often look to maximize the total return of the portfolio. Managers would be free to own LG (large growth), LV (large value), MG (mid growth), MV (mid value), SG (small growth), SV (small value), and even international equities in their pursuit of higher absolute returns.  In a global context, fund managers can hold stocks of any size and within any sector, across the geographical spectrum. For Bond investing, the fund retains the characteristics of a bond fund while giving the manager flexibility to own any kind of fixed-income security that might add to returns. There are not restrictions among asset classes. All vehicles and all Global/ International balanced products are included in these universes. Universe is available on both gross and net of fee.

 

PSN Global/Intl Fixed Income Unconstrained - Unconstrained Investment means, not adhering to a benchmark. Rather than make investment decisions constrained by the weightings of an index, unconstrained managers often look to maximize the total return of the portfolio.  In a global context, fund managers can hold stocks of any size and within any sector, across the geographical spectrum. For Bond investing, the fund retains the characteristics of a bond fund while giving the manager flexibility to own any kind of fixed-income security that might add to returns. For balanced products, there are not restrictions among asset classes. All vehicles and all global/international fixed products are included in these universes. Universe is available on both gross and net of fee.

 

PSN Global Equity Unconstrained - Unconstrained Investment means, not adhering to a benchmark. Rather than make investment decisions constrained by the weightings of an index, unconstrained managers often look to maximize the total return of the portfolio. Managers would be free to own LG (large growth), LV (large value), MG (mid growth), MV (mid value), SG (small growth), SV (small value). In a global context, fund managers can hold stocks of any size and within any sector, across the geographical spectrum. All vehicles and all Global Equity products are included in these universes. Universe is available on both gross and net of fee.

 

PSN International Equity Unconstrained - Unconstrained Investment means, not adhering to a benchmark. Rather than make investment decisions constrained by the weightings of an index, unconstrained managers often look to maximize the total return of the portfolio. Managers would be free to own LG (large growth), LV (large value), MG (mid growth), MV (mid value), SG (small growth), SV (small value), and even international equities in their pursuit of higher absolute returns. All vehicles and all International equity products are included in these universes.  Universe is available on both gross and net of fee.

 

PSN US Balanced Unconstrained - Unconstrained Investment means, not adhering to a benchmark. Rather than make investment decisions constrained by the weightings of an index, unconstrained managers often look to maximize the total return of the portfolio. Managers would be free to own LG (large growth), LV (large value), MG (mid growth), MV (mid value), SG (small growth), SV (small value).For Bond investing, the fund retains the characteristics of a bond fund while giving the manager flexibility to own any kind of fixed-income security that might add to returns. There are not restrictions among asset classes. All vehicles and all US balanced products are included in these universes. Universe is available on both gross and net of fee.

 

PSN US Equity Unconstrained - Unconstrained Investment means, not adhering to a benchmark. Rather than make investment decisions constrained by the weightings of an index, unconstrained managers often look to maximize the total return of the portfolio. Managers would be free to own LG (large growth), LV (large value), MG (mid growth), MV (mid value), SG (small growth), SV (small value), and even international equities in their pursuit of higher absolute returns. All vehicles and all US equity products are included in these universes. Universe is available on both gross and net of fee basis.

 

PSN US Fixed IncomeUnconstrained - Unconstrained Investment means, not adhering to a benchmark. Rather than make investment decisions constrained by the weightings of an index, unconstrained managers often look to maximize the total return of the portfolio. For Bond investing, the fund retains the characteristics of a bond fund while giving the manager flexibility to own any kind of fixed-income security that might add to returns. All vehicles and all US fixed products are included in these universes. Universe is available on both gross and net of fee basis.

 

Covered Option Writing Universe

Includes all SMA strategies that use options within their investment strategy. Option writing funds aim to generate a significant portion of their returns from the collection of premiums on options contracts sold. This category includes covered call strategies, put writing strategies, as well as options strategies that target returns primarily from contract premiums. Investors have a tendency to associate options with increased risk. However, when options are utilized in a "buy-write" or Covered Call strategy, they might actually reduce risk.  In addition, option writing funds may seek to generate a portion of their returns, either indirectly or directly, from the volatility risk premium associated with options trading strategies. Universe is available on both gross and net of fee basis.

 

Global Macro Universes

Global macro strategies generally focus on financial instruments that are broad in scope whose prices fluctuate based on economic, political, and capital flows around the world. Global macro strategies focus on various equity, fixed income, interest rate, currency, and stock index strategies, while using derivatives to manage risk.

NOTE: Offered under US Equity, US Fixed Income, US Balanced Global Balanced, Global Equity, Global Fixed, International Equity, International Fixed Income, International Balanced.  Offered in Gross and Net of Fees.

 

U.S. Equity

 

PSN Active Extension - Includes all US, Global and International Equity products which Short High is between 1 and 90 percent and Long High is between 101 and 190 percent. Products must also rank Short Selling Style as very important. Exclude all equity products that select primary equity style Hedged, REIT or Market Neutral. Universe is available in both Gross and Net of fees.

 

PSN Broad Equity Aggressive- Includes all US equity products which five years Beta using the Russell 3000 index are in the top 25th percentile ranking.  Universe is available on both gross and net of fee basis.

 

PSN Broad Equity Conservative - Includes all US equity products which five years Beta using the Russell 3000 index are in the bottom 25th percentile ranking.  Universe is available on both gross and net of fee basis.

 

PSN Broad Equity Moderate - Includes all US equity products which five years Beta using the Russell 3000 index are between the 25th and 75th percentile ranking.  Universe is available on both gross and net of fee basis.

 

PSN Commodities and Energy - Includes all products independently of asset class that selects Commodities/Commodities related as primary Equity or Fixed income Style. Universe is available on both gross and net of fee basis.

 

PSN Infrastructure - Includes all strategies that invest in infrastructure securities. It is the basic physical systems of a business or nation. The term refers to the technical structures that support a society, such as transportation, bridges, water supply, sewers, electrical grids, telecommunications, schools, power plants. It can be defined as "the physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance social living conditions. These systems tend to be high-cost investments; however, they are vital to a country's economic development and prosperity. Infrastructure projects may be funded publicly, privately or through public-private partnerships. Universe is available on both gross and net of fee basis.

PSN Master Limited Partnerships: Includes all strategies that is publicly traded on a securities exchange. It combines the tax benefits of a limited partnership with the liquidity of publicly traded securities. One of the most crucial criteria that must be met in order for a partnership to be legally classified as an MLP is that the partnership must derive most (90%) of its cash flows from real estate, natural resources and commodities. The advantage of an MLP is that it combines the tax benefits of a limited partnership (the partnership does not pay taxes from the profit - the money is only taxed when unit holders receive distributions) with the liquidity of a publicly traded company. Universe is available on both gross and net of fee basis.

PSN Micro Cap Core - same as Micro Cap Universe plus Core is chosen as primary style.

PSN Micro Cap Growth - same as Micro Cap Universe plus Growth is chosen as primary style.

 

PSN Micro Cap Value - same as Micro Cap Universe plus Value is chosen as primary style.

 

PSN Mega Cap – Includes US equity products that select Mega Cap (> 50 billion) as their primary market capitalization range. REIT and convertible products are excluded. Universe is available on both gross and net of fee basis.

PSN Mega Cap Core- same as Mega Cap Universe plus Core is chosen as primary style.

PSN Mega Cap Growth - same as Mega Cap Universe plus Growth is chosen as primary style.

PSN Mega Cap Value - same as Mega Cap Universe plus Value is chosen as primary style.

PSN US All Cap Core - same as All Cap Universe plus Core is chosen as primary style.

 

PSN US All Cap Growth - same as All Cap Universe plus Growth is chosen as primary style.

 

PSN US All Cap - Includes US equity products that select All Cap or no primary market capitalization as their primary market capitalization range. REIT and convertible products are excluded.  Universe is available on both gross and net of fee basis.

 

PSN US All Cap Value - same as All Cap Universe plus Value is chosen as primary style.

 

PSN US Core - Includes all US equity products that choose Core as their primary style objective. Universe is available on both gross and net of fee basis.

 

PSN US Equity Index Enhanced - Includes all US Equity products which select “Equity Approach” as “Index Enhanced”. Universe is available on both gross and net of fee basis.

 

PSN US Equity Index Passive - Includes all US Equity products which select “Equity Approach” as “Index Passive”. Universe is available on both gross and net of fee basis.

 

PSN US Equity Socially Responsible -Includes all Equity Products which select “ETI/Socially Responsible” as Very Important. Universe is available on both gross and net of fee basis.

 

PSN US Equity - Includes all products that invest in any US equity style. Universe is available on both gross and net of fee basis.

 

PSN US GARP - Includes all US equity products that choose GARP (Growth At a Reasonable Price) as their primary style.  Universe is available on both gross and net of fee basis.

 

PSN US Growth - Includes all US equity products that choose Growth as their primary style objective. Universe is available on both gross and net of fee basis.

 

PSN US High Income - Includes all US equity products which select “High Income” under primary equity style as very important. Universe is available on both gross and net of fee basis.

 

PSN US Large Cap Core - same as Large Cap Universe plus Core is chosen as primary style.

 

PSN US Large Cap Enhanced S&P 500– Includes all US equity products that select Large Capitalization (10-50 billion) or Mega Capitalization (> 50 billion)  as their primary market capitalization range and their investment approach is index enhanced. The manager-designated benchmark for these products is S&P 500 or S&P 500 with income. Universe is available on both gross and net of fee basis.

 

PSN US Large Cap Growth - same as Large Cap Universe plus Growth is chosen as primary style.

 

PSN US Large Cap - Includes US equity products that select Large Cap (10-50 billion) as their primary market capitalization range. REIT and convertible products are excluded. Universe is available on both gross and net of fee basis.

 

PSN US Large Cap Value - same as Large Cap Universe plus Value is chosen as primary style.

 

PSN US Market Neutral– Includes all US equity products whose primary equity style is market neutral. Universe is available on both gross and net of fee basis.

 

PSN US Micro Cap - Includes US equity products that select Micro Cap (Less than 500 million) as their primary capitalization range. REIT and convertible products are excluded.  Universe is available on both gross and net of fee basis.

 

PSN US Mid Cap Core - same as Mid Cap Universe plus Core is chosen as primary style.

 

PSN US Mid Cap Growth - same as Mid Cap Universe plus Growth is chosen as primary style.

 

PSN US Mid Cap - Includes US equity products that select Mid Cap (2 – 10 billion) as their primary market capitalization range.  REIT and convertible products are excluded. Universe is available on both gross and net of fee basis.

 

PSN US Mid Cap Value - same as Mid Cap Universe plus Value is chosen as primary style.

 

PSN US REIT/Real Estate - Includes all US equity products that select REIT as their primary style. Universe is available on both gross and net of fee basis.

 

PSN US Small Cap Core - same as Small Cap Universe plus Core is chosen as the primary style.

 

PSN US Small Cap Growth Universe- same as Small Cap Universe plus Growth is chosen as the primary style.

 

PSN US Small Cap - Includes US equity products that select Small Cap (500 million – 2 billion) as their primary market capitalization range. REIT and convertible products are excluded. Universe is available on both gross and net of fee basis.

 

PSN US Small Cap Value - same as Small Cap Universe plus Value is chosen as the primary style.

 

PSN US Small-Mid Cap - Includes all US equity products excluding all REIT/Real Estate products.  These products select Small Cap (500 million – 2 billion) or Mid Cap (2 – 10 billion) as their primary market capitalization. These products must also have the Small Cap and Mid Cap as either important or very important in their style ranking, and their weighted average market cap must be between 1500 and 5500 where the smallest market cap is from 0 to 2000 and the largest market cap is from 2000 to 25000.  Products that select Large Cap (10-50 billion) or Mega Cap (> 50 Billion) or Micro Cap (Less than 500 million) or All Cap as primary market capitalization are not included. This Universe is available on both gross and net of fee basis.

 

PSN US Small-Mid Core - Same as Small Mid Cap Universe plus Core is chosen as the primary style.

 

PSN US Small-Mid Growth - Same as Small Mid Cap Universe plus Growth is chosen as the primary style.

 

PSN US Small-Mid Value - Same as Small Mid Cap Universe plus Value is chosen as the primary style.

 

PSN US Value - Includes all US equity products that choose Value as their primary style objective. Universe is available on both gross and net of fee basis.

U.S. Fixed Income

 

PSN All/Variable Maturity - Includes products that invest in any US fixed income style and choose all, variable or no particular maturity as their primary maturity.  Convertible and high yield products are excluded.  Universe is available on both gross and net of fee basis.

 

PSN Core Fixed Income - Includes US fixed income products that choose core as their primary style objective.  Universe is available on both gross and net of fee basis.

 

PSN Core Plus Fixed Income - Includes US fixed income products that choose core plus as their primary style objective.  Universe is available on both gross and net of fee basis.

 

PSN Corporate Bond Managers - Includes US fixed income products that choose corporate as their primary style objective.  Universe is available on both gross and net of fee basis.

 

PSN Fixed Income excluding High Yield, Convertible and Cash - Includes all products that invest in any US fixed income style excluding the High Yield, Convertible and Less than 1 Yr Maturity universes. Universe is available on both gross and net of fee basis.

 

PSN Fixed Income Socially Responsible - Includes all US, Global and International Fixed income products which select “ETI/Socially Responsible” under Primary Fixed Income Style as Very important. Universe is available on both gross and net of fee basis.

 

PSN Government Bond Managers - Includes US fixed income products that choose governments as their primary style objective.  Universe is available on both gross and net of fee basis.

 

PSN Government Short Term Fixed- Includes all US fixed income products which primary style is government and primary maturity is less than one year or short maturity. Universe is available on both gross and net of fee basis.

 

PSN High Yield Fixed Income - Includes US fixed income products that choose lower quality/high yield as their primary style objective.  Universe is available on both gross and net of fee basis.

 

PSN High Yield Intermediate- Includes all US fixed income products which primary style is high yield and primary maturity is intermediate maturity. Universe is available on both gross and net of fee basis.

 

PSN Infrastructure - Includes all strategies that invest in infrastructure securities. It is the basic physical systems of a business or nation. The term refers to the technical structures that support a society, such as transportation, bridges, water supply, sewers, electrical grids, telecommunications, schools, power plants. It can be defined as "the physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance social living conditions. These systems tend to be high-cost investments; however, they are vital to a country's economic development and prosperity. Infrastructure projects may be funded publicly, privately or through public-private partnerships. Universe is available on both gross and net of fee basis.

PSN Intermediate Municipal Fixed Income– Includes all US fixed income products that choose municipals as their primary style objective and their primary maturity is intermediate (3-7 years) maturity. Universe is available on both gross and net of fee basis.

 

PSN Investment Grade Fixed Income- Includes all US fixed income products which quality ratings for AAA+, AA+, A+ BBB is equal or more than 75% for the most current calendar year. Universe is available on both gross and net of fee basis.

 

PSN Investment Grade Fixed Income Intermediate - Includes all US fixed income products which primary maturity is intermediate maturity. The products also must have quality ratings for AAA+, AA+, A+, BBB equal or more than 75% for the most current calendar year. Universe is available on both gross and net of fee basis.

 

PSN Investment Grade Fixed Income Long Term - Includes all US fixed income products which primary maturity is long maturity. The products also must have quality ratings for AAA+, AA+, A+, BBB equal or more than 75% for the most current calendar year. Universe is available on both gross and net of fee basis.

 

PSN Investment Grade Fixed Income Short Term - Includes all US fixed income products which primary maturity is less than one year or short maturity. The products also must have quality ratings for AAA+, AA+, A+, BBB is equal or more than 75% for the most current calendar year. Universe is available on both gross and net of fee basis.

 

PSN Long Municipal Fixed Income– Includes all US fixed income products that choose municipals as their primary style objective and their primary maturity is long (over 7 years) maturity. Universe is available on both gross and net of fee basis.

 

PSN Mortgage Backed - Includes US fixed income products that choose mortgage backed, adjustable rate mortgage pools or CMO’s as their primary style objective. Universe is available on both gross and net of fee basis.

 

PSN Municipal Fixed Income - Includes US fixed income products that choose municipals as their primary style objective. Universe is available on both gross and net of fee basis.

 

PSN Short Municipal Fixed Income– Includes all US fixed income products that choose municipals as their primary style objective and their primary maturity is short (1-3 years) maturity. Universe is available on both gross and net of fee basis.

 

PSN US Bank Loans - Includes all US fixed Income products which select “Bank Loans” under fixed income style as very important. Universe is available on both gross and net of fee basis.

 

PSN US Fixed Income - Includes all products that invest in any US fixed income style. Universe is available on both gross and net of fee basis.

 

PSN US Intermediate Fixed Income - Includes products that invest in any US fixed income style and choose intermediate (3-7 years) as their primary maturity. Convertible and high yield products are excluded.  Universe is available on both gross and net of fee basis.

 

PSN US Less than 1 Year Maturity - Includes products that invest in any US fixed income style and choose less than 1 year as their primary maturity.  Convertible and high yield products are excluded. Universe is available on both gross and net of fee basis.

 

PSN US Long Term Fixed Income - Includes products that invest in any US fixed income style and choose long (over 7 years) as their primary maturity.  Convertible and high yield products are excluded.  Universe is available on both gross and net of fee basis.

 

PSN US Short Term Fixed Income - Includes products that invest in any US fixed income style and choose short (1-3 years) as their primary maturity.  Convertible and high yield products are excluded. Universe is available on both gross and net of fee basis.

 

PSN US Stable Value Fixed - Includes all US Fixed Income Products which select “Stable Value/GICS” under fixed income style as “Very important”. Universe is available on both gross and net of fee basis.

 

PSN US TIPS - Includes all US Fixed income products which select “TIPS” under Fixed Income Style as “Very Important”. Universe is available on both gross and net of fee basis.

 

U.S. Balanced

 

PSN Balanced Aggressive - Includes all US balanced products whose equity allocation objective is greater than or equal to 65%. Universe is available on both gross and net of fee basis.

 

PSN Balanced Conservative- Includes all US balanced products whose equity allocation objective is equal or less than 54%. Universe is available on both gross and net of fee basis.

 

PSN Balanced Moderate - Includes all US balanced products whose equity allocation objective is between 55% and 64%. Universe is available on both gross and net of fee basis. 

 

PSN Infrastructure - Includes all strategies that invest in infrastructure securities. It is the basic physical systems of a business or nation. The term refers to the technical structures that support a society, such as transportation, bridges, water supply, sewers, electrical grids, telecommunications, schools, power plants. It can be defined as "the physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance social living conditions. These systems tend to be high-cost investments; however, they are vital to a country's economic development and prosperity. Infrastructure projects may be funded publicly, privately or through public-private partnerships. Universe is available on both gross and net of fee basis.

PSN Target Date - Includes all US, Global and International Balanced products which select Target Date under Balanced Decision Making as very important. Universe is available on both gross and net of fee basis.

 

PSN US Balanced - Includes products that invest, in some portion, U.S. equities, fixed income and cash equivalents.  The product should be run as a whole and not a combination of existing equity and fixed income products.  Average asset allocation is generally 60% equity and 40% fixed income. Universe is available on both gross and net of fee basis.

 

PSN US Convertible - Includes all equity, fixed income and balanced products that choose convertibles as their primary style. Universe is available on both gross and net of fee basis.

 

PSN US TAA - Includes all US Balanced products which select “Tactical Asset Allocation” under Balanced Decision Making as “very important”. Universe is available on both gross and net of fee basis.

Non-US and Global Equity

 

PSN Canadian Equity - Includes all International equity products that choose “Canada” under the “Country” Specific in Regions section. Universe is available on both gross and net of fee basis.

 

PSN Country Specific - Includes all International Equity products that choose “Country Specific” as “Yes”. Universe is available on both gross and net of fee basis.

 

PSN EAFE - Includes all equity products which, as policy, do not invest in U.S. equities.   Products must choose EAFE as their geographic concentration or international equity as a geographic concentration while choosing MSCI EAFE as their benchmark. This excludes all products which choose REIT or Commodities as their primary investment style. Universe is available on both gross and net of fee basis.

 

PSN EAFE All Cap - Includes all equity products which, as policy, do not invest in U.S. equities.   Products must choose EAFE or international equity as their geographic concentration while choosing MSCI EAFE as their benchmark. Products must choose “All Capitalization” as their primary market capitalization. Universe is available on both gross and net of fee basis.

 

PSN EAFE Large Cap - Includes all equity products which, as policy, do not invest in U.S. equities.   Products must choose EAFE or international equity as their geographic concentration while choosing MSCI EAFE as their benchmark. Products must choose Large Capitalization (10-50 billion) or Mega Capitalization (> 50 billion) as their primary market capitalization range. Universe is available on both gross and net of fee basis.

 

PSN EAFE Small Cap - Includes all equity products which, as policy, do not invest in U.S. equities.   Products must choose EAFE or international equity as their geographic concentration while choosing MSCI EAFE as their benchmark. Products must choose “Small Capitalization (500 $Million - 2 $Billion)” as their primary market capitalization range. Universe is available on both gross and net of fee basis.

 

PSN European Equity - Includes all equity products which, as policy, do not invest in U.S. equities.   Products must choose Europe, Europe EX U.K.as their geographic concentration. This excludes all products which choose REIT or Commodities as their primary investment style. Universe is available on both gross and net of fee basis.

 

PSN Global / International REIT Universe - Includes all global equity or international equity products that choose REIT as their primary equity style. This universe is also included in the Global or International equity universes. Universe is available on both gross and net of fee basis.

 

PSN Global Equity Universe- Includes all equity products that are not constrained by any geographic regions. This excludes all products which choose REIT or Commodities as their primary investment style. Universe is available on both gross and net of fee basis.

 

PSN Global Growth Universe – Includes all global equity products which primary equity style is growth. Universe is available on both gross and net of fee basis.

 

PSN Global High Income - Includes all global equity products which select “High Income” under primary equity style as very important. Universe is available on both gross and net of fee basis.

 

PSN Global Large Cap - Includes all global equity products, the products must choose “Large Capitalization (10-50 billion) or Mega Capitalization (> 50 billion) as their primary market capitalization range. Universe is available on both gross and net of fee basis.

 

PSN Global Small Cap - Includes all global equity products, the products must choose “Small Capitalization (500 $Million - 2 $Billion)” as their primary market capitalization range. Universe is available on both gross and net of fee basis.

 

PSN Global Value Universe – Includes all global equity products which primary equity style is value. Universe is available on both gross and net of fee basis.

 

PSN Global/Intl ADR - Includes all global or international equity products that select “American Depositary Receipts” under primary equity style as very important. Universe is available on both gross and net of fee basis.

 

PSN Global/Intl Equity Socially Responsible - Includes all Global and International Equity Products which select “ETI/Socially Responsible” under Primary Equity style as Very important. Universe is available on both gross and net of fee basis.

 

PSN Infrastructure - Includes all strategies that invest in infrastructure securities. It is the basic physical systems of a business or nation. The term refers to the technical structures that support a society, such as transportation, bridges, water supply, sewers, electrical grids, telecommunications, schools, power plants. It can be defined as "the physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance social living conditions. These systems tend to be high-cost investments; however, they are vital to a country's economic development and prosperity. Infrastructure projects may be funded publicly, privately or through public-private partnerships. Universe is available on both gross and net of fee basis.

PSN International Equity Emerging Markets Universe - Includes all equity products which, as policy, do not invest in U.S. equities and choose Emerging Markets, ‘Brazil, Russia, India and China’(BRIC), Emerging Markets Latin America, Emerging Markets Far East, Emerging Markets Asia, and Emerging Markets Eastern Europe as their geographic concentration. Universe is available on both gross and net of fee basis.

 

PSN International Equity Excluding Emerging Markets Universe - Includes all equity products which, as policy, do not invest in U.S. equities and do not choose Emerging Markets, Emerging Markets Latin America, Emerging Markets Far East, Emerging Markets Asia, ‘Brazil, Russia, India China’(BRIC)  and Emerging Markets Eastern Europe as their geographic concentration. Universe is available on both gross and net of fee basis.

 

PSN International Equity Universe- Includes all equity products which, as policy, do not invest in U.S. equities. This excludes all products which choose REIT or Commodities as their primary investment style. The products which choose Emerging, EAFE and European are excluded from this universe. Universe is available on both gross and net of fee basis.

 

PSN International Growth Universe- Includes all equity products which, as policy, do not invest in U.S. equities and choose Growth as their primary style objective. Universe is available on both gross and net of fee basis.

 

PSN International Large Cap Equity Universe - Includes all equity products which, as policy, do not invest in U.S. equities.  Products must choose large cap (10-50 billion) or Mega Capitalization (> 50 billion) as their primary market capitalization range.  Universe is available on both gross and net of fee basis.

 

PSN International Small Cap Equity Universe - Includes all equity products which, as policy, do not invest in U.S. equities.  Products must choose small cap (500 million – 2 billion) as their primary market capitalization range.  Universe is available on both gross and net of fee basis.

 

PSN International Value Universe- Includes all equity products which, as policy, do not invest in U.S. equities and choose Value as their primary style objective. Universe is available on both gross and net of fee basis.

 

PSN Intl & Global Equity ex Emerging Markets Universe – All international and global equity products excluding those whose product specification based on geographic region is Emerging Markets, Emerging Markets Latin America, Emerging Markets Far East, Emerging Markets Asia, ‘Brazil, Russia, India and China’(BRIC) and Emerging Markets Eastern Europe. Universe is available on both gross and net of fee basis.

 

PSN Japanese Equity Universe- Includes all equity products which, as policy, do not invest in U.S. equities and choose Japan as their Country Specific.  Universe is available on both gross and net of fee basis.

 

PSN Pure International Equity Universe – Includes all international equity products, where the geographic concentration is EAFE or World Ex-US. This excludes all REIT or Real Estate products. Universe is available on both gross and net of fee basis.

 

Non-US and Global Fixed Income

 

PSN Fixed Income Socially Responsible - Includes all US, Global and International Fixed income products which select “ETI/Socially Responsible” under Primary Fixed Income Style as Very important. Universe is available on both gross and net of fee basis.

 

PSN Global Fixed Income Universe- Includes all fixed income products that are not constrained by any geographic regions. Universe is available on both gross and net of fee basis.

 

PSN Global TIPS - Includes all global fixed Income products which select “TIPS” under primary fixed income style as very important. Universe is available on both gross and net of fee basis.

 

PSN Infrastructure - Includes all strategies that invest in infrastructure securities. It is the basic physical systems of a business or nation. The term refers to the technical structures that support a society, such as transportation, bridges, water supply, sewers, electrical grids, telecommunications, schools, power plants. It can be defined as "the physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance social living conditions. These systems tend to be high-cost investments; however, they are vital to a country's economic development and prosperity. Infrastructure projects may be funded publicly, privately or through public-private partnerships. Universe is available on both gross and net of fee basis.

PSN International Emerging Markets Debt Universe – Includes all international fixed income products that choose Emerging Markets Debt as their primary fixed income style. Universe is available on both gross and net of fee basis.

 

PSN International Fixed Income Universe- Includes all fixed income products which, as policy, do not invest in U.S. fixed income products (excluding cash equivalents).  Universe is available on both gross and net of fee basis.

 

Global /International Balanced Universe

 

PSN Global / International Balanced -Includes products that invest, in some portion, equities, and fixed income and cash equivalents and are not constrained by any geographic regions.  The product should be run as a whole and not a combination of existing equity and fixed income products.  Universe is available on both gross and net of fee basis.

 

PSN Global/Intl TAA - Includes all Global and International Balanced products which select “Tactical Asset Allocation” under Balanced Decision Making as very important. Universe is available on both gross and net of fee basis.

 

PSN Infrastructure - Includes all strategies that invest in infrastructure securities. It is the basic physical systems of a business or nation. The term refers to the technical structures that support a society, such as transportation, bridges, water supply, sewers, electrical grids, telecommunications, schools, power plants. It can be defined as "the physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance social living conditions. These systems tend to be high-cost investments; however, they are vital to a country's economic development and prosperity. Infrastructure projects may be funded publicly, privately or through public-private partnerships. Universe is available on both gross and net of fee basis.

PSN Return Based Style Universes

 

PSN RBSA Broad Growth - Includes all US equity products which Large Cap Growth + Mid Cap Growth + Small Cap Growth style allocation is greater than or equal to 50%. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Growth Aggressive - Includes all US equity products which Large Cap Growth + Mid Cap Growth + Small Cap Growth style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have to be in the top 25th percentile ranking for their five year Beta using Russell 3000 Growth. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Growth Conservative - Includes all US equity products which Large Cap Growth + Mid Cap Growth + Small Cap Growth style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have to be in the bottom 25th percentile ranking for their five year Beta using Russell 3000 Growth. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Growth Moderate - Includes all US equity products which Large Cap Growth + Mid Cap Growth + Small Cap Growth style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have to be between the 25th and 75th percentile ranking for their five year Beta using Russell 3000 Growth.  Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Large Cap - Includes all US equity products which Large Cap Growth + Large Cap Value style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell 1000 less than or equal to the median of the Domestic Equity Universe. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Large Cap Aggressive - Includes all US equity products which Large Cap Growth + Large Cap Value style allocation is greater than or equal to 50%.   Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell 1000 less than or equal to the median of the US Equity Universe. Products will also have to be in the top 25th percentile ranking for their five year Beta using Russell 1000. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Large Cap Conservative - Includes all US equity products which Large Cap Growth + Large Cap Value style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell 1000 less than or equal to the median of the US Equity Universe. Products will have to be in the bottom 25th percentile ranking for their five year Beta using Russell 1000. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Large Cap Moderate - Includes all US equity products which Large Cap Growth + Large Cap Value style allocation is greater than or equal to 50%.  Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell 1000 less than or equal to the median of the US Equity Universe. Products will also have to be between the 25th and 75th percentile ranking for their five year Beta using Russell 1000. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Large Cap Growth - Includes all US equity products which Large Cap Growth style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell 1000 Growth less than or equal to the median of the US Equity Universe. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Large Cap Growth Aggressive - Includes all US equity products which Large Cap Growth style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell 1000 Growth less than or equal to the median of the US Equity Universe. Products will also have to be in the top 25th percentile ranking for their five year Beta using Russell 1000 Growth.  Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Large Cap Growth Conservative - Includes all US equity products which Large Cap Growth style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell 1000 Growth less than or equal to the median of the US Equity Universe. Products will also have to be in the bottom 25th percentile ranking for their five year Beta using Russell 1000 Growth.  Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Large Cap Growth Moderate - Includes all US equity products which Large Cap Growth style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell 1000 Growth less than or equal to the median of the US Equity Universe. Products will also have to be between the 25th and 75th percentile ranking for their five year Beta using Russell 1000 Growth.  Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Large Cap Value - Includes all US equity products which Large Cap Value style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell 1000 Value less than or equal to the median of the US Equity Universe. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Large Cap Value Aggressive - Includes all US equity products which Large Cap Value style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell 1000 Value less than or equal to the median of the US Equity Universe. Products will also have to be in the top 25th percentile ranking for their five year Beta using Russell 1000 Value. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Large Cap Value Conservative - Includes all US equity products which Large Cap Value style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell 1000 Value less than or equal to the median of the US Equity Universe. Products will also have to be in the bottom 25th percentile ranking for their five year Beta using Russell 1000 Value. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Large Cap Value Moderate - Includes all US equity products which Large Cap Value style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell 1000 Value less than or equal to the median of the US Equity Universe. Products will also have to be between the 25th and 75th percentile ranking for their five year Beta using Russell 1000 Value. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Small Cap - Includes all US equity products which Small Cap Value + Small Cap Growth style allocations is greater than or equal to 50%. Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell 2000 less than or equal to the median of the US Equity Universe. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Small Cap Aggressive - Includes all US equity products which Small Cap Value + Small Cap Growth style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell 2000 less than or equal to the median of the US Equity Universe. Products will also have to be in the top 25th percentile ranking for their five year Beta using Russell 2000. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Small Cap Conservative - Includes all US equity products which Small Cap Value + Small Cap Growth style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell 2000 less than or equal to the median of the US Equity Universe. Products will also have to be in the bottom 25th percentile ranking for their five year Beta using Russell 2000. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Small Cap Moderate - Includes all US equity products which Small Cap Value + Small Cap Growth style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell 2000 less than or equal to the median of the US Equity Universe. Products will also have to be in between the 25th and 75th percentile ranking for their five year Beta using Russell 2000. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Small Cap Growth - Includes all US equity products which Small Cap Growth style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 Growth less than or equal to the median of the US Equity Universe. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Small Cap Growth Aggressive - Includes all US equity products which Small Cap Growth style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 Growth less than or equal to the median of the US Equity Universe. Products will also have to be in the top 25th percentile ranking for their five year Beta using Russell 2000 Growth. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Small Cap Growth Conservative - Includes all US equity products which Small Cap Growth style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 Growth less than or equal to the median of the US Equity Universe. Products will also have to be in the bottom 25th percentile ranking for their five year Beta using Russell 2000 Growth. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Small Cap Growth Moderate - Includes all US equity products which Small Cap Growth style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 Growth less than or equal to the median of the US Equity Universe. Products will also have to be in between the 25th and 75th percentile ranking for their five year Beta using Russell 2000 Growth. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Small Cap Value- Includes all US equity products which Small Cap Value style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 Value less than or equal to the median of the US Equity Universe. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Small Cap Value Aggressive - Includes all US equity products which Small Cap Value style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 Value less than or equal to the median of the US Equity Universe. Products will also have to be in the top 25th percentile ranking for their five year Beta using Russell 2000 Value. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Small Cap Value Conservative - Includes all US equity products which Small Cap Value style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 Value less than or equal to the median of the US Equity Universe. Products will also have to be in the bottom 25th percentile ranking for their five year Beta using Russell 2000 Value. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Small Cap Value Moderate- Includes all US equity products which Small Cap Value style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 Value less than or equal to the median of the US Equity Universe. Products will also have to be in between the 25th and 75th percentile ranking for their five year Beta using Russell 2000 Value. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Value - Includes all US equity products which Large Cap Value + Mid Cap Value + Small Cap Value style allocation is greater than or equal to 50%. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Value Aggressive- Includes all US equity products which Large Cap Value + Mid Cap Value + Small Cap Value style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have to be in the top 25th percentile ranking for their five year Beta using Russell 3000 Value. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Value Conservative- Includes all US equity products which Large Cap Value + Mid Cap Value + Small Cap Value style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have to be in the bottom 25th percentile ranking for their five year Beta using Russell 3000 Value. Universe is available on both gross and net of fee basis.

 

PSN RBSA Broad Value Moderate- Includes all US equity products which Large Cap Value + Mid Cap Value + Small Cap Value style allocation is greater than or equal to 50%. Moreover, products that pass the criteria will have to be in between the 25th and 75th percentile ranking for their five year Beta using Russell 3000 Value. Universe is available on both gross and net of fee basis.

 

PSN RBSA Mid Cap - Includes all US equity products which Mid Cap Growth plus Mid Cap Value style allocation is greater than or equal to 45 %. Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell Mid Cap less than or equal to the median of the US Equity Universe. Universe is available on both gross and net of fee basis.

 

PSN RBSA Mid Cap Growth - Includes all US equity products which Mid Cap Growth style allocation is greater than or equal to 45%. Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell Mid Cap Growth less than or equal to the median of the US Equity Universe. Universe is available on both gross and net of fee basis.

 

PSN RBSA Mid Cap Value - Includes all US equity products which Mid Cap Value style allocation is greater than or equal to 45%. Moreover, products that pass the criteria will have also a five year Tracking Error (sample) calculated using Russell Mid Cap Value less than or equal to the median of the US Equity Universe. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Growth - Includes all US equity products which Large Cap Growth + Mid Cap Growth + Small Cap Growth style allocation is greater than or equal to 75%. Russell Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Growth Aggressive- Includes all US equity products which Large Cap Growth + Mid Cap Growth + Small Cap Growth style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will have to be in the top 25th percentile ranking for their five year Beta using Russell 3000 Growth. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Growth Conservative- Includes all US equity products which Large Cap Growth + Mid Cap Growth + Small Cap Growth style allocation is greater than or equal to 75%. More over products that pass the criteria will have to be in the bottom 25th percentile ranking for their five year Beta using Russell 3000 Growth. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Growth Moderate- Includes all US equity products which Large Cap Growth + Mid Cap Growth + Small Cap Growth style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will have to be between the 25th and 75th percentile ranking for their five year Beta using Russell 3000 Growth. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Large Cap - Includes all US equity products which Large Cap Growth + Large Cap Value style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 1000 less than or equal to the median of the US Equity Universe. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Large Cap Aggressive - Includes all US equity products which Large Cap Growth + Large Cap Value style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 1000 less than or equal to the median of the US Equity Universe. Products will also have to be in the top 25th percentile ranking for their five year Beta using Russell 1000. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Large Cap Conservative- Includes all US equity products which Large Cap Growth + Large Cap Value style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 1000 less than or equal to the median of the US Equity Universe. Products will also have to be in the bottom 25th percentile ranking for their five year Beta using Russell 1000. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Large Cap Moderate- Includes all US equity products which Large Cap Growth + Large Cap Value style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 1000 less than or equal to the median of the US Equity Universe. Products will also have to be between the 25th and 75th percentile ranking for their five year Beta using Russell 1000. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Large Cap Growth- Includes all US equity products which Large Cap Growth style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 1000 Growth less than or equal to the median of the US Equity Universe. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Large Cap Growth Aggressive- Includes all US equity products which Large Cap Growth style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 1000 Growth less than or equal to the median of the US Equity Universe. Products will also have to be in the top 25th percentile ranking for their five year Beta using Russell 1000 Growth. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Large Cap Growth Conservative - Includes all US equity products which Large Cap Growth style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 1000 Growth less than or equal to the median of the US Equity Universe. Products will also have to be in the bottom 25th percentile ranking for their five year Beta using Russell 1000 Growth. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Large Cap Growth Moderate- Includes all US equity products which Large Cap Growth style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 1000 Growth less than or equal to the median of the US Equity Universe. Products will also have to be in between the 25th and 75th percentile ranking for their five year Beta using Russell 1000 Growth. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Large Cap Value- Includes all US equity products which Large Cap Value style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 1000 Value less than or equal to the median of the US Equity Universe. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Large Cap Value Aggressive- Includes all US equity products which Large Cap Value style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 1000 Value less than or equal to the median of the US Equity Universe. Products will also have to be in the top 25th percentile ranking for their five year Beta using Russell 1000 Value. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Large Cap Value Conservative- Includes all US equity products which Large Cap Value style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 1000 Value less than or equal to the median of the US Equity Universe. Products will also have to be in the bottom 25th percentile ranking for their five year Beta using Russell 1000 Value. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Large Cap Value Moderate- Includes all US equity products which Large Cap Value style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 1000 Value less than or equal to the median of the US Equity Universe. Products will also have to be in between the 25th and 75th percentile ranking for their five year Beta using Russell 1000 Value. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Small Cap - Includes all US equity products which Small Cap Value + Small Cap Growth style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 less than or equal to the median of the US Equity Universe. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Small Cap Aggressive- Includes all US equity products which Small Cap Value + Small Cap Growth style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 less than or equal to the median of the US Equity Universe. Products will also have to be in the top 25th percentile ranking for their five year Beta using Russell 2000. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Small Cap Conservative- Includes all US equity products which Small Cap Value + Small Cap Growth style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 less than or equal to the median of the US Equity Universe. Products will also have to be in the bottom 25th percentile ranking for their five year Beta using Russell 2000. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Small Cap Moderate- Includes all US equity products which Small Cap Value + Small Cap Growth style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 less than or equal to the median of the US Equity Universe. Products will also have to be in between the 25th and 75th percentile ranking for their five year Beta using Russell 2000. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Small Cap Growth- Includes all US equity products which Small Cap Growth style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 Growth less than or equal to the median of the US Equity Universe. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Small Cap Growth Aggressive- Includes all US equity products which Small Cap Growth style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 Growth less than or equal to the median of the US Equity Universe. Products will also have to be in the top 25th percentile ranking for their five year Beta using Russell 2000 Growth. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Small Cap Growth Conservative - Includes all US equity products which Small Cap Growth style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 Growth less than or equal to the median of the US Equity Universe. Products will also have to be in the bottom 25th percentile ranking for their five year Beta using Russell 2000 Growth. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Small Cap Growth Moderate- Includes all US equity products which Small Cap Growth style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 Growth less than or equal to the median of the US Equity Universe. Products will also have to be in between the 25th and 75th percentile ranking for their five year Beta using Russell 2000 Growth. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Small Cap Value- Includes all US equity products which Small Cap Value style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 Value less than or equal to the median of the US Equity Universe. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Small Cap Value Aggressive- Includes all US equity products which Small Cap Value style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 Value less than or equal to the median of the US Equity Universe. Products will also have to be in the top 25th percentile ranking for their five year Beta using Russell 2000 value. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Small Cap Value Conservative- Includes all US equity products which Small Cap Value style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 Value less than or equal to the median of the US Equity Universe. Products will also have to be in the bottom 25th percentile ranking for their five year Beta using Russell 2000 value. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Small Cap Value Moderate- Includes all US equity products which Small Cap Value style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have a five year Tracking Error (sample) calculated using Russell 2000 Value less than or equal to the median of the US Equity Universe. Products will also have to be in between the 25th and 75th percentile ranking for their five year Beta using Russell 2000 value. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Value - Includes all US equity products which Large Cap Value + Mid Cap Value + Small Cap Value style allocation is greater than or equal to 75%. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Value Aggressive- Includes all US equity products which Large Cap Value + Mid Cap Value + Small Cap Value style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have to be in the top 25th percentile ranking for their five year Beta using Russell 3000 Value. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Value Conservative- Includes all US equity products which Large Cap Value + Mid Cap Value + Small Cap Value style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have to be in the bottom 25th percentile ranking for their five year Beta using Russell 3000 Value. Universe is available on both gross and net of fee basis.

 

PSN RBSA Pure Value Moderate- Includes all US equity products which Large Cap Value + Mid Cap Value + Small Cap Value style allocation is greater than or equal to 75%. Moreover, products that pass the criteria will also have to be in between the 25th and 75th percentile ranking for their five year Beta using Russell 3000 Value. Universe is available on both gross and net of fee basis.

 

PSN Exchange Traded Funds Universes

 

ETF Global balanced - Includes products that invest, in some portion, equities, and fixed income and cash equivalents and are not constrained by any geographic regions.  The product should be run as a whole and not a combination of existing equity and fixed income products. It should also meet the following criteria. The criteria are, % in ETF Low should be 50% or more, & or % in ETF High should be 90% or more. Universe is available on both gross and net of fee basis.

 

ETF Global Equity - Includes all equity products that are not constrained by any geographic regions.  Universe is available on both gross and net of fee basis.  It should also meet the following criteria. The criteria are, % in ETF Low should be 50% or more, & or % in ETF High should be 90% or more. Universe is available on both gross and net of fee basis.

 

ETF Global Fixed Income - Includes all fixed income products that are not constrained by any geographic regions.  It should also meet the following criteria. The criteria are, % in ETF Low should be 50% or more, & or % in ETF High should be 90% or more. Universe is available on both gross and net of fee basis.

 

ETF International Balanced - Includes products that invest, in some portion, equities, and fixed income and cash equivalents and are not constrained by any geographic regions.  The product should be run as a whole and not a combination of existing equity and fixed income products.  It should also meet the following criteria. The criteria are, % in ETF Low should be 50% or more, & or % in ETF High should be 90% or more. Universe is available on both gross and net of fee basis.

 

ETF International Equity - Includes all equity products which, as policy, do not invest in U.S. equities.  It should also meet the following criteria. The criteria are, % in ETF Low should be 50% or more, & or % in ETF High should be 90% or more. Universe is available on both gross and net of fee basis.

 

ETF US Balanced -Includes products that invest, in some portion, U.S. equities, fixed income and cash equivalents.  The product should be run as a whole and not a combination of existing equity and fixed income products.  Average asset allocation is generally 60% equity and 40% fixed income.  It should also meet the following criteria. The criteria are, % in ETF Low should be 50% or more, & or % in ETF High should be 90% or more. Universe is available on both gross and net of fee basis.

 

ETF US Equity - Includes all products that invest in any US equity style.  It should also meet the following criteria. The criteria are, % in ETF Low should be 50% or more, & or % in ETF High should be 90% or more. Universe is available on both gross and net of fee basis.

 

ETF US Fixed Income - Includes all products that invest in any US fixed income style.  It should also meet the following criteria. The criteria are, % in ETF Low should be 50% or more, & or % in ETF High should be 90% or more. Universe is available on both gross and net of fee basis.

 

PSN Managed Account Universes

 

PSN MA Core Fixed Income - Includes US fixed income products that choose core as their primary style objective and Managed Accounts as Product type.  Universe is available on both gross and net of fee basis.

 

PSN MA Global Equity - Includes all Global equity products, and that choose Managed Accounts as their Product type.  Universe is available on both gross and net of fee basis.

 

PSN MA Global/Intl ADR - Includes all Global and International equity products that select “American Depositary Receipt” under Primary style as very important and choose Managed Accounts as Vehicle description. Universe is available on both gross and net of fee basis.

 

PSN MA Global/Intl Balanced - Includes all Global and International balanced products which choose Managed Accounts as vehicle description. Universe is available on both gross and net of fee basis.

 

PSN MA Global/Intl TAA - Includes all Global and International Balanced products which select “Tactical Asset Allocation” under Balanced Decision Making as very important and choose Managed Accounts as Vehicle description. Universe is available on both gross and net of fee basis.

 

PSN MA Intermediate Fixed Income - Includes US fixed income Products that choose Managed Account as product type and intermediate (3-7 years) as their primary maturity. Universe is available on both gross and net of fee basis.

 

PSN MA International Equity - Includes all International equity products, and that choose Managed Accounts as product type. Universe is available on both gross and net of fee basis.

 

PSN MA Large Cap Core - Includes US equity products that select Large Capitalization (10-50 billion) or Mega Capitalization (> 50 billion) as their primary market capitalization range, plus Core is chosen as primary style and Managed Accounts as product type.  Universe is available on both gross and net of fee basis.

 

PSN MA Large Cap Equity - Includes US equity products that select Large Capitalization (10-50 billion) or Mega Capitalization (> 50 billion)  as their primary market capitalization range and Managed Accounts as their product type. Universe is available on both gross and net of fee basis.

 

PSN MA Large Cap growth - Includes US equity products that Large Capitalization (10-50 billion) or Mega Capitalization (> 50 billion) as their primary market capitalization range, plus Growth is chosen as primary style and Managed Accounts as Product type. Universe is available on both gross and net of fee basis.

 

PSN MA Large Cap Value - Includes US equity products that Large Capitalization (10-50 billion) or Mega Capitalization (> 50 billion) as their primary market capitalization range, plus Value is chosen as primary style and Managed Accounts as product type. Universe is available on both gross and net of fee basis.

 

PSN MA Long Term Fixed Income - Includes US fixed income Products that choose Managed Account as Vehicle description and Long-Term Fixed Income (7-10 years) as their primary maturity. Universe is available on both gross and net of fee basis.

 

PSN MA Mid Cap Equity- Includes US equity products that select Mid Cap (2 – 10 billion) as their primary market capitalization range and Managed Accounts as product type. Universe is available on both gross and net of fee basis.

 

PSN MA Mid Cap Growth - Includes US equity products that select Mid Cap (2 –10 billion) as their primary market capitalization range, plus Growth is chosen as primary style and Managed Accounts as product type.  Universe is available on both gross and net of fee basis.

 

PSN MA Municipal Fixed Income - Includes US fixed income products that choose municipals as their primary style objective and Managed Accounts as product type. Universe is available on both gross and net of fee basis.

 

PSN MA Global/Intl Fixed Income - Includes all Global and International fixed income products which choose Managed Accounts as product type. Universe is available on both gross and net of fee basis.

 

 

PSN MA Short Term Fixed Income - Includes US fixed income Products that choose Managed Account as Vehicle description and Short Term Fixed Income (1-3 years) as their primary maturity. Universe is available on both gross and net of fee basis.

 

PSN MA Small Cap Core -  Includes US equity products that select Small Cap (500 million – 2 billion) as their primary market capitalization range, plus Core is chosen as primary style and Managed Accounts as Vehicle Description. Universe is available on both gross and net of fee basis.

 

PSN MA Small Cap Equity -  Includes US equity products that select Small Cap (500 million – 2 billion) as their primary market capitalization range and Managed Accounts as product type. Universe is available on both gross and net of fee basis.

 

PSN MA Small Cap Growth -: Includes US equity products that select Small Cap (500 million – 2 billion) as their primary market capitalization range, plus Growth is chosen as primary style and Managed Accounts as Vehicle Description. Universe is available on both gross and net of fee basis.

 

PSN MA Small Cap Value - Includes US equity products that select Small Cap (500 million – 2 billion) as their primary market capitalization range, plus Value is chosen as primary style and Managed Accounts as product type. Universe is available on both gross and net of fee basis.

 

PSN MA US Balanced - Includes products that invest in U.S. equities and choose Managed Accounts as product type. Universe is available on both gross and net of fee basis.

 

PSN MA US Core - Includes all products that invest in any US equity, plus Core are chosen as primary style and Managed Accounts as product type. Universe is available on both gross and net of fee basis.

 

PSN MA US Equity - Includes all products that invest in any US equity, and choose Managed Accounts as product type. Universe is available on both gross and net of fee basis.

 

PSN MA US Fixed Income - Includes all products that invest in any US fixed income and Managed Accounts as product type. Universe is available on both gross and net of fee basis.

 

PSN MA US Growth - Includes all products that invest in any US equity, plus Growth are chosen as primary style and Managed Accounts as product type. Universe is available on both gross and net of fee basis.

 

PSN MA US TAA - Includes all US Balanced products which select “Tactical Asset Allocation” under Balanced Decision Making as “very important” and Managed Accounts as Vehicle Description. Universe is available on both gross and net of fee basis.

 

PSN MA US Value - Includes all products that invest in any US equity, plus value are chosen as primary style and Managed Accounts as product type. Universe is available on both gross and net of fee basis.

 

PSN Commingled Fund Universes

 

PSN CF Global Equity - Includes all Global equity products, that choose Commingled Fund, Collective Trust or Limited Partnership as their Product type.  Universe is available on both gross and net of fee basis.

 

PSN CF Global/International Balanced - Includes all Global and International Balanced Products that choose Commingled Fund, Collective Trust or Limited Partnership as product type, and products that invest, in some portion, equities, and fixed income and cash equivalents and are not constrained by any geographic regions.  The product should be run as a whole and not a combination of existing equity and fixed income products.  Universe is available on both gross and net of fee basis.

 

PSN CF Global/Intl Fixed Income - Includes all International and Global fixed products that choose Commingled Fund, Collective Trust or Limited Partnership as product type. Universe is available on both gross and net of fee basis.

 

PSN CF Intermediate Fixed Income - Includes Products that invest in any US fixed income style, that choose Commingled Fund, Collective Trust or Limited Partnership as product type and intermediate (3-7 years) as their primary maturity.

 

PSN CF International Equity - Includes all equity products that choose Commingled Fund, Collective Trust or Limited Partnership as product type, as policy, and which do not invest in U.S. equities. Universe is available on both gross and net of fee basis.

 

PSN CF Large Cap Core - Includes US equity products that Large Capitalization (10-50 billion) or Mega Capitalization (> 50 billion)  as their primary market capitalization range, plus Core is chosen as primary style and Commingled Fund, Collective Trust or Limited Partnership as their Product type. Universe is available on both gross and net of fee basis.

 

PSN CF Large Cap Equity - Includes US equity products that select Large Capitalization (10-50 billion) or Mega Capitalization (> 50 billion) as their primary market capitalization range and Commingled Fund, Collective Trust or Limited Partnership as their Product type. Universe is available on both gross and net of fee basis.

 

PSN CF Mid Cap Equity - Includes US equity products that select Mid Cap (2 – 10 billion) as their primary market capitalization range and Commingled Fund, Collective Trust or Limited Partnership as product type.  Universe is available on both gross and net of fee basis.

 

PSN CF Small Cap Equity - Includes US equity products that select Small Cap (500 million – 2 billion) as their primary market capitalization range and Commingled Fund, Collective Trust or Limited Partnership as their product type. Universe is available on both gross and net of fee basis.

 

PSN CF US Balanced - Includes products that invest, in some portion, U.S. equities, fixed income and cash equivalents.  The product should be run as a whole and not a combination of existing equity and fixed income products.  Average asset allocation is generally 60% equity and 40% fixed income and choose Commingled Fund, Collective Trust or Limited Partnership as product type. Universe is available on both gross and net of fee basis.

 

PSN CF US Equity - Includes all products that invest in any US equity and choose Commingled Fund, Collective Trust or Limited Partnership as their product type. Universe is available on both gross and net of fee basis.

 

PSN CF US Fixed Income - Includes all products that invest in any US fixed income style and that choose Commingled Fund, Collective Trust or Limited Partnership as their product type. Universe is available on both gross and net of fee basis.

 

PSN Mutual Fund Universes

 

PSN MF Global Equity - Includes all Global equity products, that Mutual Fund as their Product type.  Universe is available on both gross and net of fee basis.

 

PSN MF Global/Intl Balanced - Includes all Global and International Balanced Products that choose Commingled Fund, Collective Trust or Limited Partnership as product type, and products that invest, in some portion, equities, and fixed income and cash equivalents and are not constrained by any geographic regions.  The product should be run as a whole and not a combination of existing equity and fixed income products.  Universe is available on both gross and net of fee basis

 

PSN MF Global/Intl Fixed Income - Includes all International and Global fixed products that choose Mutual Fund as product type. Universe is available on both gross and net of fee basis.

 

PSN MF International Equity - Includes all equity products that choose Mutual Fund as product type, as policy, and which do not invest in U.S. equities. Universe is available on both gross and net of fee basis.

 

PSN MF US Balanced - Includes products that invest, in some portion, U.S. equities, fixed income and cash equivalents.  The product should be run as a whole and not a combination of existing equity and fixed income products.  Average asset allocation is generally 60% equity and 40% fixed income and choose Mutual Fund as product type. Universe is available on both gross and net of fee basis.

 

PSN MF US Equity - Includes all products that invest in any US equity, and Mutual Fund as product type. Universe is available on both gross and net of fee basis.

 

PSN MF US Fixed Income - Includes all products that invest in any US fixed income and Mutual Fund as product type. Universe is available on both gross and net of fee basis

 

PSN Holdings Based Equity Characteristics Universes

 

HBEC Broad Cap Equity -Includes all US Equity products apart from those in which the Primary Equity Style is either REIT or Convertibles.  Only those products that have provided Weighted Average Market Cap for at least 3 out of the last 4 quarters are included. Weighted Average Market Cap ranges vary from quarter to quarter according to Russell 3000.

 

HBEC Broad Cap Equity Core -For all the products included in Broad Cap universe, we rank P/B from smallest to largest (Rank 1, 2, 3…).Then we rank P/E Projected 12 months from smallest to largest (Rank 1, 2, 3…). We combine both of these rankings, and rate them from smallest to largest.  The products at the mid 30% are assigned as Core. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 periods in Core are then assigned to the Core universe.

 

HBEC Broad Cap Equity Growth -For all the products included in Broad Cap universe, we rank P/B from smallest to largest (Rank 1, 2, 3…) then we rank P/E Projected 12 months from smallest to largest (Rank 1, 2, 3…). We combine both of these rankings, and rate them from smallest to largest.  The products at the bottom 35% are assigned as Growth. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 periods in Growth are then assigned to the Growth universe.

 

HBEC Broad Cap Equity Value -  For all the products included in Broad Cap universe, we rank P/B from smallest to largest (Rank 1, 2, 3,…).Then we rank P/E Projected 12 months from smallest to largest (Rank 1, 2, 3…).We combine both of these rankings, and rate them from smallest to largest.  The products at the top 35% are assigned as Value. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 periods in Value are then assigned to the Value universe.

HBEC Large Cap - Includes all US Equity products apart from those in which the Primary Equity Style is either REIT or Convertibles.  Only those products that have provided Weighted Average Market Cap for at least 3 out of the last 4 quarters are included. Weighted Average Market Cap ranges vary from quarter to quarter according to the Russell 1000.

 

HBEC Large Cap Core - For all the products included in the Large Cap Universe, we rank P/B from smallest to largest (Rank 1, 2, 3…). Then we rank P/E Projected for 12 months from smallest to largest (Rank 1, 2, 3 …). We combine both of these rankings, and rate them from smallest to largest.  The products at the mid 30% are assigned as Core. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 quarters in Core are then assigned to the Core Universe.

 

HBEC Large Cap Growth - For all the products included in the Large Cap Universe, we rank P/B from smallest to largest (Rank 1, 2, 3…). Then we rank P/E Projected for 12 months from smallest to largest (Rank 1, 2, 3 …). We combine both of these rankings, and rate them from smallest to largest.  The products at the bottom 35% are assigned as Growth. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 quarters in Growth are then assigned to the Growth Universe.

 

HBEC Large Cap Value - For all the products included in the Large Cap Universe, we rank P/B from smallest to largest (Rank 1, 2, 3…). Then we rank P/E Projected for 12 months from smallest to largest (Rank 1, 2, 3 …). We combine both of these rankings, and rate them from smallest to largest.  The products at the top 35% are assigned as Value. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 quarters in Value are then assigned to the Value Universe.

 

HBEC Mega Cap - Includes all US Equity products apart from those in which the Primary Equity Style is either REIT or Convertibles.  Only those products that have provided Weighted Average Market Cap for at least 3 out of the last 4 quarters are included. Weighted Average Market Cap ranges vary from quarter to quarter according to the Russell Top 200.

 

HBEC Mega Cap Core - For all the products included in the Mega Cap Universe, we rank P/B from smallest to largest (Rank 1, 2, 3…). Then we rank P/E Projected for 12 months from smallest to largest (Rank 1, 2, 3 …). We combine both of these rankings, and rate them from smallest to largest.  The products at the mid 30% are assigned as Core. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 quarters in Core are then assigned to the Core Universe.

 

HBEC Mega Cap Growth - For all the products included in the Mega Cap Universe, we rank P/B from smallest to largest (Rank 1, 2, 3…). Then we rank P/E Projected for 12 months from smallest to largest (Rank 1, 2, 3 …). We combine both of these rankings, and rate them from smallest to largest.  The products at the bottom 35% are assigned as Growth. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 quarters in Growth are then assigned to the Growth Universe.

 

HBEC Mega Cap Value - For all the products included in the Mega Cap Universe, we rank P/B from smallest to largest (Rank 1, 2, 3…). Then we rank P/E Projected for 12 months from smallest to largest (Rank 1, 2, 3 …). We combine both of these rankings, and rate them from smallest to largest.  The products at the top 35% are assigned as Value. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 quarters in Value are then assigned to the Value Universe.   

 

HBEC Micro Cap - Includes all US Equity products apart from those in which the Primary Equity Style is either REIT or Convertibles.  Only those products that have provided Weighted Average Market Cap for at least 3 out of the last 4 quarters are included.  Weighted Average Market Cap ranges vary from quarter to quarter according to Russell Micro Cap.

 

HBEC Micro Cap Core - For all the products included in Micro Cap universe, we rank P/B from smallest to largest (Rank 1, 2, 3…).Then we rank P/E Projected 12 months from smallest to largest (Rank 1, 2, 3…). We combine both of these rankings, and rate them from smallest to largest.  The products at the mid 30% are assigned as Core. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 periods in Core are then assigned to the Core universe.

 

HBEC Micro Cap Growth -For all the products included in Micro Cap universe, we rank P/B from smallest to largest (Rank 1, 2, 3…).Then we rank P/E Projected 12 months from smallest to largest (Rank 1, 2, 3 …). We combine both of these rankings, and rate them from smallest to largest.  The products at the bottom 35% are assigned as Growth. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 periods in Growth are then assigned to the Growth universe.

 

HBEC Micro Cap Value - For all the products included in Micro Cap universe, we rank P/B from smallest to largest (Rank 1, 2, 3…). Then we rank P/E Projected 12 months from smallest to largest (Rank 1, 2, 3 …). We combine both of these rankings, and rate them from smallest to largest.  The products at the top 35% are assigned as Value. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 periods in Value are then assigned to the Value universe.

 

HBEC Mid Cap - Includes all US Equity products apart from those in which the Primary Equity Style is either REIT or Convertibles.  Only those products that have provided Weighted Average Market Cap for at least 3 out of the last 4 quarters are included. Weighted Average Market Cap ranges vary from quarter to quarter according to the Russell Mid Cap.

 

HBEC Mid Cap Core - For all the products included in Mid Cap universe, we rank P/B from smallest to largest (Rank 1, 2, 3…). Then we rank P/E Projected 12 months from smallest to largest (Rank 1, 2, 3 …).We combine both of these rankings, and rate them from smallest to largest.  The products at the mid 30% are assigned as Core. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 periods in Core are then assigned to the Core universe.

 

HBEC Mid Cap Growth - For all the products included in Mid Cap Universe, we rank P/B from smallest to largest (Rank 1, 2, 3…). Then we rank P/E Projected for 12 months from smallest to largest (Rank 1, 2, 3 …). We combine both of these rankings, and rate them from smallest to largest.  The products at the bottom 35% are assigned as Growth. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 quarters in Growth are then assigned to the Growth Universe.

 

HBEC Mid Cap Value - For all the products included in Mid Cap universe, we rank P/B from smallest to largest (Rank 1, 2, 3…). Then we rank P/E Projected 12 months from smallest to largest (Rank 1, 2, 3 …). We combine both of these rankings, and rate them from smallest to largest.  The products at the top 35% are assigned as Value. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 periods in Value are then assigned to the Value universe.

 

HBEC Small Cap - Includes all US Equity products apart from those in which the Primary Equity Style is either REIT or Convertibles.    Only those products that have provided Weighted Average Market Cap for at least 3 out of the last 4 quarters are included. Weighted Average Market Cap ranges vary from quarter to quarter according to Russell 2000.

 

HBEC Small Cap Core - For all the products included in Small Cap universe, we rank P/B from smallest to largest (Rank 1, 2, 3…).Then we rank P/E Projected 12 months from smallest to largest (Rank 1, 2, 3 …). We combine both of these rankings, and rate them from smallest to largest.  The products at the mid 30% are assigned as Core. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 periods in Core are then assigned to the Core universe.

 

HBEC Small Cap Growth - For all the products included in Small Cap universe, we rank P/B from smallest to largest (Rank 1, 2, 3…).Then we rank P/E Projected 12 months from smallest to largest (Rank 1, 2, 3…).We combine both of these rankings, and rate them from smallest to largest.  The products at the bottom 35% are assigned as Growth. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 periods in Growth are then assigned to the Growth universe.

 

HBEC Small Cap Value - For all the products included in Small Cap universe, we rank P/B from smallest to largest (Rank 1, 2, 3…).Then we rank P/E Projected 12 months from smallest to largest (Rank 1, 2, 3 …). We combine both of these rankings, and rate them from smallest to largest.  The products at the top 35% are assigned as Value. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 periods in Value are then assigned to the Value universe.

 

HBEC SMid Cap - Includes all US Equity products apart from those in which the Primary Equity Style is either REIT or Convertibles.  Only those products that have provided Weighted Average Market Cap for at least 3 out of the last 4 quarters are included. Weighted Average Market Cap ranges vary from quarter to quarter according to Russell 2500.

 

HBEC SMid Cap Core - For all the products included in SMid Cap universe, we rank P/B from smallest to largest (Rank 1, 2, 3…). Then we rank P/E Projected 12 months from smallest to largest (Rank 1, 2, 3 …).We combine both of these rankings, and rate them from smallest to largest.  The products at the mid 30% are assigned as Core. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 periods in Core are then assigned to the Core universe.

 

HBEC SMid Cap Growth - For all the products included in SMid Cap universe, we rank P/B from smallest to largest (Rank 1, 2, 3…).Then we rank P/E Projected 12 months from smallest to largest (Rank 1, 2, 3 …). We combine both of these rankings, and rate them from smallest to largest.  The products at the bottom 35% are assigned as Growth. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 periods in Growth are then assigned to the Growth universe.

 

HBEC SMid Cap Value - For all the products included in SMid Cap universe, we rank P/B from smallest to largest (Rank 1, 2, 3…). Then we rank P/E Projected 12 months from smallest to largest (Rank 1, 2, 3 …). We combine both of these rankings, and rate them from smallest to largest.  The products at the top 35% are assigned as Value. We repeat these calculations for the preceding 4 quarters. Products that are in at least 3 out of the 4 periods in Value are then assigned to the Value universe.

Barclays Universe Definitions

www.barclayhedge.com/products/list-of-hedge-funds.html

Morningstar Universe Definitions

http://morningstardirect.morningstar.com/clientcomm/CategoryDefinitions_EAA_Ver8.4_2014.pdf

www.global.morningstar.com/MorningstarCategories 

 

Morningstar Disclaimers:

http://corporate.morningstar.com/US/asp/detail.aspx?xmlfile=372.xml

 

Market Indices Definitions

 

40% S&P 500/60% Barclays Govt Credit - This blended index is composed 40% of the Standard & Poor's 500 Index and 60% of the Barclays Capital Government/Credit Bond Index rebalanced monthly.

 

50% S&P 500/50% Barclays Govt Credit - This blended index is composed of 50% of the Standard and Poor's 500 Index and 50% of the Barclays Capital Government/Credit Bond Index rebalanced monthly.

 

60% MSCI EAFE/40% CG World Govt - This blended index is composed of 60% of the MSCI EAFE Gross of Fees and 40% of the Citigroup World Government Bond Index rebalanced monthly.

 

60% MSCI World/40% CG World Govt - This blended index is composed of 60% of the MSCI World Gross and 40% of the Citigroup World Government Bond Index rebalanced monthly.

 

60% S&P 500/40% Barclays Int Govt Credit - This blended index is composed of 60% of the Standard & Poor's 500 Index with income and 40% of the Barclays Capital International Government/Credit Bond Index rebalanced monthly.

 

60% S&P 500/40% Barclays Govt Credit- This blended index is composed of 60% of the Standard & Poor's 500 Index with income and 40% of the Barclays Capital Government/Credit Bond Index rebalanced monthly.

 

60% S&P 500/40% Barclays US AGG - This blended index is composed of 60% of the Standard & Poor's 500 Index with income and 40% of the Barclays Capital US Aggregate Bond Index rebalanced monthly.

 

90 Day U.S. Treasury Bills - Ninety day U.S. Treasury Bills are the safest and most liquid investment next to cash. Treasury bills are short-term direct obligations of the U.S. Government and are issued with maturities of three months. Bills are offered in bearer form and therefore cannot be registered in any legal name. Bills do not bear a stated interest rate. The interest is calculated by taking the difference between the discount price, date of purchase and the face amount (par) collected at maturity. The yield is figured on a 360 day basis, versus 365 days for interest bearing securities, using the actual number of days remaining in the life of the issue.

 

Alerian Infrastructure MLP Index - The Alerian MLP Infrastructure Index provides an enhanced liquid subset of the Alerian MLP Index that includes only midstream energy transportation and storage assets, and selects those companies that are infrastructure hard-asset focused. The index provides greater diversification and specific exposure to infrastructure investment.

 

Alerian MLP Index - The Alerian MLP Index (NYSE: AMZ) provides a comprehensive benchmark for investors to track the performance of the 50 most prominent energy master limited partnership sector. The index is calculated and maintained by Standard & Poor’s based on Standard & Poor’s standardized proprietary methodology in consultation with Alerian Capital Management for application to the Master Limited Partnership asset class.

BarclayHedge Indexes

www.barclayhedge.com/research/indices

Bloomberg Barclays Capital Indexes

https://index.barcap.com/Home/Guides_and_Factsheets

 

 

BNY Mellon ADR Total Return- BNY Mellon ADR Index tracks all Depositary Receipts traded on The New York Stock Exchange (NYSE), NYSE Amex and NASDAQ. It is calculated on a continuous basis throughout the trading day. BNY Mellon ADR Index is capitalization-weighted and adjusted for free-float utilizing Dow Jones' current methodology.

 

BNY Mellon Classic ADR Total Return - BNY Mellon Classic ADR Index tracks all Depositary Receipts either traded OTC or on The New York Stock Exchange (NYSE), NYSE Amex or NASDAQ. The index is capitalization-weighted and adjusted for free-float utilizing Dow Jones' current methodology.

BNY Mellon DR Total Return- BNY Mellon DR Index tracks all American and global DRs traded on The London Stock Exchange, the New York Stock Exchange, NYSE Amex and NASDAQ, it is an ideal benchmarking tool for ADR and GDR investors alike. Calculated on a continuous basis throughout the trading day - beginning with the open of the U.K. market through the close of the U.S. market - BNY Mellon DR Index is capitalization-weighted and adjusted for free-float using Dow Jones' methodology.

BNY Mellon GDR Total Return -BNY Mellon GDR Index tracks all GDRs traded on The London Stock Exchange. The index is calculated on a continuous basis throughout the trading day - beginning with the open of the U.K. market through its close. The index is capitalization-weighted and adjusted for free-float using Dow Jones' methodology.

 

Calvert Social Index - Calvert, a leader in socially responsible investing, has created the Calvert Social Index TM, as a broad-based, rigorously constructed benchmark for measuring the performance of US-based socially responsible companies. Calvert starts by taking the 1,000 largest companies in the US, representing stocks listed on the NYSE and NASDAQ-AMEX (not including closed-end mutual funds, ADRs, REITS and non-common shares); and ranks them in descending order based on their float-adjusted market capitalization.

 

Cambridge US Private Equity & US Venture Capital Index

https://www.cambridgeassociates.com/benchmarks/

Citigroup Indexes

Please email: fi.index@citi.com for a copy of the latest indices or Register at https://www.yieldbook.com/x/fiindex  for the latest update.

 

Consumer Price Index - The Consumer Price Index, published by the Commerce Department, is the name given to the series of numbers whose ratios measure the relative prices at various times of a selected group of goods and services which typify those bought by urban families. The CPI in PSN is the CPI-U for all urban consumers calculated with 1982 to 1984 as the base period and is not seasonally adjusted.

 

Counter Bond Index - The Counter Bond Index ("CBI") is the first index in existence to measure the performance of the Trust Interest-Only Mortgage securities market.

Dow Jones Indexes

www.djindexes.com

http://www.djindexes.com./targetdate/?go=literature

Dow Jones Target Date Indexes

The Dow Jones Target Date Indexes were created to benchmark portfolios of stocks, bonds and cash. Each index is made up of composite indexes representing these three asset classes. The asset class indexes are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indexes are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Index family currently includes global and U.S. indexes with target rates extending through 2055. New indexes are expected to be added in five-year increments.

Currently available are global and U.S. series, for target dates extending through 2055:

            Global Series                                             U.S. Series

GPR Indexes

www.globalpropertyresearch.com

HFR Indexes

https://www.hedgefundresearch.com/indices

Primary Strategy Descriptions Strategy: In completing a fund profile for inclusion in HFR subscriber database, an investment manager qualitatively chooses one of four primary strategies, as defined below:

 

ED

Event-Driven: Investment Managers who maintain positions in securities of companies currently or prospectively involved in corporate transactions of a wide variety, including but not limited to: mergers, restructurings, financial distress, tender offers, shareholder buybacks, debt exchanges, security issuance or other capital structure adjustments. Security types can range from most senior in the capital structure to most junior or subordinated, and frequently involve additional derivative securities. ED exposure contains a combination of sensitivities to equity markets, credit markets and idiosyncratic, company specific developments. Investment theses are typically predicated on fundamental characteristics (as opposed to quantitative), with the realization of the thesis predicated on a specific development exogenous to the existing capital structure.

 

EH

Equity Hedge: Equity Hedge strategies maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Equity Hedge managers would typically maintain at least 50%, and may in some cases be substantially entirely invested in equities, both long and short.

 

FOF

Fund of Funds: Fund of Funds invest with multiple managers through funds or managed accounts. The strategy designs a diversified portfolio of managers with the objective of significantly lowering the risk (volatility) of investing with an individual manager. The Fund of Funds manager has discretion in choosing which strategies to invest in for the portfolio. A manager may allocate funds to numerous managers within a single strategy, or with numerous managers in multiple strategies. The minimum investment in a Fund of Funds may be lower than an investment in an individual hedge fund or managed account. The investor has the advantage of diversification among managers and styles with significantly less capital than investing with separate managers.

 

M

Macro: Investment Managers which execute a broad range of strategies in which the investment process is predicated on movements in underlying economic variables and the impact these have on equity, fixed income, currency and commodity markets. Managers employ a variety of techniques, both discretionary and systematic analysis, combinations of top down and bottom up theses, quantitative and fundamental approaches and long and short term holding periods. Although some strategies employ RV techniques, Macro strategies are distinct from RV strategies in that the primary investment thesis is predicated on future movements in the underlying instruments, rather than realization of a valuation discrepancy between securities. In a similar way, while both Macro and equity hedge managers may hold equity securities, the overriding investment thesis is predicated on the impact movements in underlying macroeconomic variables may have on security prices, as opposes to EH, in which the fundamental characteristics on the company are the most significant and integral to investment thesis.

 

RV

Relative Value: Investment Managers who maintain positions in which the investment thesis is predicated on realization of a valuation discrepancy in the relationship between multiple securities Manager employ a variety of fundamental and quantitative techniques to establish investment theses, and security types range broadly across equity, fixed income, derivative or other security types. RVA position may be involved in corporate transactions also, but as opposed to ED exposures, the investment thesis is predicated on realization of a pricing discrepancy between related securities, as opposed to the outcome of the corporate transaction.

 

IMoneyNet Indexes

Categories - Funds are classified as either Institutional or Retail. Depending whether the fund is marketed to individuals or institutions (corporations, banks, pension plans/fiduciaries, etc.). A minimum initial investment of $100,000 or more normally classifies a fund as institutional, but we also consider whether the fund is open to individuals. iMoneyNet then classifies funds according to portfolio holdings.

 

Taxable categories include: First Tier Institutional, First Tier Retail, Government (All), Government Retail, Govt & Agency Institutional, Govt & Agency Retail, Govt Institutional, Prime (All), Prime Institutional, Prime Retail, Second Tier Institutional, Second Tier Retail, Taxable (All), Taxable Institutional, Taxable Retail, Treas & Repo Retail, Treasury & Repo Institutional, Treasury Institutional and Treasury Retail.

 

Prime - Indicates that the securities are considered to be of either the highest credit quality by at least one nationally recognized statistical rating organization (NRSRO), or that the securities have received the highest rating from one NRSRO and the second highest rating from another, or have received the second highest rating from two NRSROs. "First Tier" securities, as defined by Rule 2a-7 of the Investment Company Act of 1940, are securities rated in the highest short-term rating category by one or more NRSROs (Standard & Poor’s, Moody's Investors Service, or Fitch Ratings).

 

Taxable (All)

Gov't (All) Category -includes all retail and institutional government-only money funds: Treasury Retail and Treasury Institutional, Treasury & Repo Retail and Treasury & Repo Institutional, Government & Agencies Retail and Government & Agencies Institutional.

 

Gov't Institutional- Category includes all government institutional funds: Treasury Institutional, Treasury & Repo Institutional, and Government & Agencies Institutional.

 

 

Gov't Retail Category - includes all government retail funds: Treasury Retail, Treasury & Repo Retail, and Government &Agencies Retail.

 

Prime (All) Category - includes funds in the First Tier Retail, First Tier Institutional, Second Tier Retail, and Second Tier Institutional categories.

 

Prime Institutional - Category consists of all funds in the First Tier Instit. and Second Tier Instit. categories.

 

 Prime Retail Category - includes all funds in the First Tier Retail and Second Tier Retail categories.

 

Taxable (All) - Category includes all taxable retail and institutional money funds. Consists of funds in the Treasury Retail, Treasury Institutional, Treasury & Repo Retail, Treasury & Repo Institutional, Government & Agency Retail, Government & Agency Institutional, First Tier Retail, First Tier Institutional, Second Tier Retail, and Second Tier Institutional categories.

 

Taxable Institutional - Category includes all government and prime institutional funds. Consists of funds in the Treasury Institutional, Treasury & Repo Institutional, Government & Agency Institutional, First Tier Institutional, and Second Tier Institutional categories.

 

Taxable Retail - Category includes all government and prime retail funds. Consists of funds in the Treasury Retail, Treasury & Repo Retail, Government & Agencies Retail, First Tier Retail, and Second Tier Retail categories.

 

Tax-Free categories include: T-F National Inst, T-F National Retail, T-F State Institutional, T-F State Retail, Tax-Free Institutional, Tax-Free (All), Tax-Free National, Tax-Free Retail and Tax-Free State.

 

Tax-Free (All)

      Tax-Free National Institutional- Category includes institutional funds that invest in tax-exempt obligations, including state and municipal authorities.

      Tax-Free National Retail- Category includes retail funds that invest in obligations of tax-exempt entities, including state and municipal authorities

      Tax-Free State Institutional - Category includes institutional funds that invest at least 80% in tax-exempt obligations of a single state.

      Tax-Free State Retail- Category includes retail funds that invest at least 80% in tax-exempt obligations of a single state.

 

Tax Free Institutional - Category includes all institutional national, state tax-free and municipal money funds.

 

Tax-Free National - Category includes all Tax-Free National Retail and Tax-Free National Institutional funds.

 

Tax-Free Retail - Category includes all Tax-Free National Retail and Tax-Free State Retail funds.

 

Tax-Free State -Category includes all Tax-Free State Retail and Tax-Free State Institutional funds.

 

FILTERS - “AAA” - Rating - This filter selects funds that are AAA rated by any agency.

 

Merrill Lynch Indexes

www.mlindex.ml.com

User must sign up. Once entered, scroll to the bottom right; Click on Index Rules & Defs

 

MSCI Indexes

https://www.msci.com/indexes

 

NOTES FOR DUPLICATES IN MSCI: 

The GICS standard has 4 levels, sectors > industry groups > industries > sub-industries. So in case of an energy (and a few others) there is an energy sector and then an energy industry group. Since the energy sector is not split on the industry group level the two have the exact same stocks as constituents, hence why they have the same returns. Now if in the future, the GICS standard is changed to have more than just the energy industry group then this will not be the case anymore and the returns going forward will not match at that point.:

 

Here is some more information about GICS if you are interested: https://www.msci.com/gics

 

 

NAREIT All Equity - NAREIT stands for the National Association of Real Estate Investment Trusts, a trade organization focused on REITs. For investors, NAREIT publishes information and performance data related to REITs. This NAREIT data can also be useful to other real estate investors as a proxy for the current attractiveness of specific real estate sectors. NARIET does show that equity REIT performance has historically been favorable relative to some other asset equity investments, such as the S&P 500. For REIT managers, NARIET publishes guidelines on performance reporting. For accountants, NAREIT provides commentary on REIT-specific accounting issues.

 

NASDAQ - It is a measure of all NASDAQ National Market System (NASDAQ/NMS) issues, exclusive of warrants, and all domestic common stocks traded in the regular NASDAQ markets which are not part of the NASDAQ/NMS. The NASDAQ Composite Index is market value weighted. The representation of each security in the Index is proportional to its last sale price (NASDAQ/NMS) or bid price (regular NASDAQ) times the total number of shares outstanding, relative to the total market value of the Index. Income generated from the issues comprising the Index is not reinvested.

 

NASDAQ-100 Index - The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial securities listed on The NASDAQ Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies. The NASDAQ-100 Index is calculated under a modified capitalization-weighted methodology.

 

NCREIF National Property Index - a real estate index that includes both all equity properties plus all properties which have been de-leveraged making it a large universe of properties.

 

Payden & Rygel 1 Year Treasury Note - The Payden &Rygel 1YR measures the return on U.S. Treasury Notes with a maturity of 1 year. Treasury notes are readily marketable obligations of the U.S. Treasury and are issued at par in coupon form. They pay interest semi-annually and are guaranteed as to principal and interest payments by the United States Government. The Payden & Rygel 1 Year Treasury Note Index includes initial yield but also accounts for changes in the market value of these securities.

 

Payden & Rygel 180 Day Treasury Bill - The PR 180 Day measures the total return on U.S. Treasury Bills with a maturity of 180 days U.S. Treasury Bills are the safest and most liquid investment next to cash and are short term direct obligations of the government. PR180 Day includes the initial yield on these bills but also accounts for changes in the market value of these securities.

 

Payden & Rygel 2 Year Treasury Note - The PR2YR is basically the same as the Payden & Rygel 1 Year Index except that the Payden & Rygel 2 Year measures the return on U.S. Treasury Notes with a maturity of 2 years.

Russell Indexes

http://www.russell.com/

 

Ryan Labs 3 Year GIC – Ryan labs 3 year GIC is a composite of market rates of $1 million Guaranteed Investments Contracts held for 3 years and representative of an unmanaged, diversified investment grade portfolio of contracts.

 

Ryan Labs 5 Year GIC – The Ryan 5-Year GIC Index is a stable value benchmark calculated from the rolling yields on a hypothetical portfolio of high quality Guaranteed Investment Contracts.  This index has duration of 2.5 years. The returns of the index are provided as a proxy for stable value returns. At present, there are no widely accepted benchmark indices representing the returns of wrapped fixed income investments.

 

SMA PSN Indices

PSN M-Class Indices - are derived using median performance results and include separate accounts, as opposed to mutual funds, hedge funds, REIT, etc. A product must have at least one-year track record. Products must meet the PSN database registration and reporting requirement for inclusion into any index. To protect against survivor bias, all active, inactive, and terminated products are included. All index performance results are calculated using representative composite performance numbers provided by the investment management companies. Members in each index are derived using a qualified universe crafted by IIS. Each index is calculated on a quarterly basis. Returns prior to 12/31/2001 were back-filled to create historical performance results using data provided as of 2/15/02. Each quarter thereafter, the performance return is calculated six weeks after quarter end. Index inception date is constrained by a minimum of 50 qualified products. The list of members in each index may be modified on a quarterly basis to reflect new entrants and products that no longer meet the requirements.

PSN E-Class Indices - are derived using equal weighted performance results and include separate accounts, as opposed to mutual funds, hedge funds, REIT, etc. A product must have at least one-year track record. Products must meet the PSN database registration and reporting requirement for inclusion into any index. To protect against survivor bias, all active, inactive, and terminated products are included. All index performance results are calculated using representative composite performance numbers provided by the investment management companies. Members in each index are derived using a qualified universe crafted by IIS. Each index is calculated on a quarterly basis. Returns prior to 12/31/2001 were back-filled to create historical performance results using data provided as of 2/15/02. Each quarter thereafter, the performance return is calculated six weeks after quarter end. Index inception date is constrained by a minimum of 50 qualified products. The list of members in each index may be modified on a quarterly basis to reflect new entrants and products that no longer meet the requirements.

 

Standard & Poor’s Indexes

www.us.spindices.com

 

TOPIX Composite (Tokyo Stock Price Index) - Commonly called TOPIX. A major indexon the Tokyo Stock Exchange (TSE) that tracks the First Section, which consists of the largest companies by market capitalization.  The TOPIX composite includes domestic common stocks, domestic classified stocks, foreign stocks with exclusive listings on the TSE, and domestic preferred equity contribution securities listed on the TSE First Section.  This capitalization-weighted index lists all firms that are considered to be under the 'first section' on the TSE, which groups all of the large firms on the exchange into one pool. The second section groups all of the remaining smaller firms.  Currently, about 1,600 first section companies are listed on the Tokyo Stock Exchange (TSE), along with 500 second section companies.  TOPIX is considered a major indicatorof the state of Japanese investment, and of the economyat large. 

 

Toronto Stock Exchange 300 $CDN - This index includes the top 300 stocks in the Toronto Stock Exchange, ranked by their one year average float quoted market value (QMV). The list of stocks included in the top 300 represents 14 industry sectors and is redefined annually. For a company's shares to be included in the index, the company must be Canadian incorporated and must have been listed on the Toronto Stock Exchange for at least one year. Trading volume of each stock in the index must have been at least 100,000 shares with 100 transactions for the previous year and their trading value must have been at least $1 million. The returns are provided in Canadian dollars. This index is calculated by Vestek, not by the Toronto Stock Exchange. While in most cases the TSE 300 returns will closely track those calculated by Toronto Stock Exchange, it is not guaranteed that they will match exactly for every time period. Inception: 1977; however, PSN history begins December 1990.

 

Toronto Stock Exchange 300 in $US - This index includes the top 300 stocks in the Toronto Stock Exchange, ranked by their one year average float quoted market value (QMV). The list of stocks included in the top 300 represents 14 industry sectors and is redefined annually. For a company's shares to be included in the index, the company must be Canadian incorporated and must have been listed on the Toronto Stock Exchange for at least one year. Trading volume of each stock in the index must have been at least 100,000 shares with 100 transactions for the previous year and their trading value must have been at least $1 million. The returns have been converted to US dollars. Inception: 1977; however, PSN history begins December 1990.

Wilshire Indexes

https://wilshire.com/indexinfo/

 

Report/Graph Definitions

 

This section contains all reports and graphs available from Informa Investment Solutions.  Based on your level of PSN Enterprise subscription, some of them may not be available to you.  Please contact Informa Investment Solutions client services at  clientservices@informais.com  for further details.

 

Best & Worst Performers - The Best and Worst report is used to show the highest and lowest performers in a selected universe. The user selects the date range, the statistic and the number of products to show in the report (For example, the 25 highest and lowest performers for 5 years rate of return). The report will list the 25 highest performers and the 25 lowest performers in the selected universe for a5 year rate of return.

 

Capture Ratio Trend Analysis - The Capture Ratio Trend analysis graph measures the market shares captured by a product; it further reveals the market trend of the selected product to show the capture ratio pattern of the product relative to a market index. Similar to the risk return graph, this graph is broken down into 4 quadrants relative to the upside to downside capture ratio instead of risk and return. The 100% capture ratio of the up market and the down market determines the intersection of the quadrants. The graph indicates the number of up quarters, return of the portfolio in an up market, return of the market index in an up market, percent of market capture in an up market, number of down quarters, return of the portfolio in a down market, return of the market index in a down market, and percent of market capture in a down market.

 

Correlation Matrix - The Correlation Matrix report allows the user to determine which combination of managers/products will best complement each other.  The system calculates the similarities (or differences) of two or more sets of returns in matrix form.

 

A positive correlation (between two managers) approaching + 1.00 (the range is from +1.00 to -1.00) indicates a strong similarity in performance results and is interpreted as identifying a strong similarity in investment styles.  By selecting two managers with a low or negative correlation, you can produce a portfolio that has a lower risk than those of the individual managers while retaining their combined rewards.

 

Cumulative Excess - Similar to the Cumulative Performance graph except it deals with the excess return.

 

Distribution Threshold - The Distribution Threshold report allows the user to identify the break point for the universe based on an x tile. The x can represent any percentage (I.e. If x = 4, x represents a quartile breakdown; If x = 10, x represents a decimal breakdown, and if x = 100, x represents a percentile breakdown.)

 

Efficient Frontier - This graph is generated with saved hybrid. This graph shows the efficient frontier curve (relative to the members in the saved hybrid) vs. the current allocation of the saved hybrid.

 

Equity Characteristics - This bar graph shows the breakdown of equity characteristics from equity holdings investment managers provide to PSN.  The equity characteristics available are: Beta (5 yr), Dividend Yield, 5 Year EPS Growth, Price/Book, P/E (Projected next 12 months), Return on Equity, Debt/Equity, Annualized Fiscal Y-T-D Turnover and TSEC 30 Day – Yield.

 

Equity Industry Breakdown - This bar graph shows the break down in percentage the industry sectors.  All industry sectors are from equity holdings investment managers provided to PSN. The industry breakdowns available are: Materials, Energy, Consumer Staples, Consumer Discretionary, Industrials, Utility, Healthcare, Information Technology, Telecommunications, Financial, Cash and Other.

 

Excess Performance - The Excess Performance graph gives users the ability to study multiple funds relative to a benchmark portfolio or market index. It shows the excess rates of return for selected funds over the selected benchmark portfolio or market index as a quarterly or monthly line series for the longest selected time period.

 

Excess Performance Bar - The Excess Performance Bar graph gives users the ability to study multiple funds relative to a benchmark portfolio or market index. It shows the excess rates of return for selected funds over the selected benchmark portfolio or market index in a bar format for different selected periods.

 

Excess Risk Reward - The Excess Risk Reward graph is used to compare the excess performance and excess risk (tracking error) of selected managers against the excess performance and excess risk of a market index for a specific period of time. The graph is broken down into 4 quadrants: Less Risk-Less Return, Less Risk-More Return, More Risk-More Return, and More Risk-Less Return. The risk index determines the intersection of the quadrants. In addition to the excess rate of return and tracking error, the analysis also calculates optional risk statistics such as information ratio, alpha, and r-squared.

 

Executive Summary – The Executive Summary report is two-page summary containing vital information about the firm and a product.  Information includes: contact information, fees, assets, investment styles, decision making process, equity holdings, fixed income maturity, personnel information, wrap/tamp offering information, performance, MPT statistics, growth of $1000 graph line, excess rate of return bar graph, quartile ranking graph, and risk reward graph.

 

Executive Summary II – The Executive Summary II report is two-page summary containing vital information about the firm and a product.  Information includes: contact information, fees, assets, investment styles, decision making process, equity holdings, fixed income maturity, personnel information, wrap/tamp offering information, performance, MPT statistics, growth of $1000 bar graph, rate of return bar graph, cumulative excess rate of return line graph, and historical return distribution ranking graph.

 

Firm Assets - Client Type – The Firm Assets - Client Type report contains different asset break down by type of clients invested in the manager, i.e. corporate, public, taxable, tax-exempt, etc.

 

Firm Data – This is the primary firm data profile of the system containing every data field collected by Informa Investment Solutions grouped in various sections:

 

 

Firm Narrative – This is the primary firm narrative of the system written by the manager and containing the following sections:

 

 

Firm – Profile - This report will display firm information for the selected investment manager (the PSN client selects at the Selection screen in PSN): Asset Flow Analysis, Distribution of Assets by Style, Source of Asset Growth, Performance Analysis and Product Analysis.  Note: See Appendix C/Firm – Profile/Detailed Break-down

 

Firm Summary - The Firm Summary report contains basic contact, asset, account, and personnel information.

 

Firm – Top 100 Net Flows - This report will display the ranking of the Top 100 asset management firms by Flow.  It provides asset size as summed by products reported to the PSN database and market share of the PSN Market Place.  The top 100 firms are represented here.

 

Growth of an Investment - The Growth of the Dollar is a line graph plotting the growth of a given dollar amount over a period of time. It compares the accumulative performance of one manager against and index or against other managers.

 

Historical Ranking - The Quartile Historical Ranking graph displays the percentile ranking of a product against its peer group universe in a line format over multiple time periods.

 

Hybrid Allocation - The Hybrid Allocation/fund of fund graph illustrates the allocation percentage for each member of the hybrid.

 

Market Capitalization Breakdown – This bar graph shows the breakdown of the market capitalization in percentages.  The market capitalization breakdowns are: % Micro Capitalization (<$500 million), % Small Capitalization (>$500 million - <$2 Billion), % Medium Capitalization (2-7 $Billion) and % Large Capitalization (>7 $Billion).

 

Market Capture - The Upside vs. Downside Market Capture graph measures the market shares captured by a product for a selected date range; it further reveals the market trend of the selected product to show the capture ratio pattern of the product relative to a market index. Similar to the risk return graph, this graph is broken down into four quadrants relative to the upside to downside capture ratio instead of risk and return. The 100% capture ratio of the up market and the down market determines the intersection of the quadrants. The graph indicates the number of up quarters, return of the portfolio in an up market, return of the market index in an up market; percent of market capture in an up market, number of down quarters, return of the portfolio in a down market, return of the market index in a down market, and percent of market capture in a down market.

 

Market Risk Reward - The Market Risk Reward graph is used to compare the excess performance and market risk (beta) of selected managers against the excess performance and market risk of a market index for a specific period of time. The graph is broken down into 4 quadrants: Less Risk-Less Return, Less Risk-More Return, More Risk-More Return, and More Risk-Less Return. The risk index determines the intersection of the quadrants. In addition to the excess rate of return and beta, the analysis also calculates optional risk statistics such as tracking error, information ratio, alpha, and r-squared.

 

Monte Carlo - Probability of Growth– This graph is generated with saved hybrid.  The graph will plot (in a line format) the growth of the Portfolio Value over Time and the probability in percentage of achieving the expected growth.

 

Monte Carlo - Range of Asset Values - This graph is generated with saved hybrid.  The graph will plot (in a bar format) the growth of the Portfolio Value over Time.

 

Multi Scatter - The Multi Scatters graph is used to compare the performance and risk (standard deviation) of selected managers against the performance and risk of a market index for up to six selected date ranges.

 

Multiple Statistic Date Bar - The Multiple Statistic Date Bar graph enables users to select from one to eight statistics, up to eight date ranges, and a single product.  The graph will plot all of these selections onto a single page.  Products can be any manager, portfolio, and market index.  Statistics and time periods can be user selected as well.  This graph gives users a quick glance at how a manager performs against a select benchmark for each statistical category in multiple time periods.

 

Multiple Statistic Manager Bar - The Multiple Statistic Manager Bar graph enables users to select from one to eight statistics, up to eight products, and a single date range.  The graph will plot all of these selections onto a single page.  Products can be managers, portfolios, and market indexes.  Statistics can be user selected as well.  This graph gives users a quick glance at how each manager performs against each other for each statistical category in single time period.

 

Multi-Statistic Quartile Ranking Bar - The Multiple Statistics Quartile Ranking graph is used to rank various performance and statistics of PSN managers, market indexes or your own self-entered products against a universe. The range of returns/ other modern portfolio characteristics in the universe are represented by floating bars. Each bar is broken up into 4 quartiles. The upper quartile represents the top 25% of the managers in the particular universe for the particular time period (you can choose up to eight time periods). The managers, indexes and portfolios are plotted relative to the floating bars.

 

Percentile Report - The Percentile report shows the performance and percentile ranking for each manager in a selected universe.  The user selects the statistic and the date ranges to generate the report.  The report shows how consistent a manager’s percentile ranking is in comparison to other managers in the same universe over multiple time periods.

 

Performance Bar - The Performance Bar graph is a bar chart showing statistics on managers, portfolios and market indexes for up to Eight Time periods. This graph gives a quick performance comparison on different managers, portfolios and indexes.

 

Performance Historical ROR by Period - The Performance Historical ROR by Period report allows the user to run a performance report on a product for one selected time period.  The report will show performance since inception by default.  The report can either be on a quarterly or monthly basis. 

 

Performance ROR vs. Benchmark – The Performance Bar vs. Benchmark report contains the growth of $1000 graph, risk reward total graph, performance and MPT statistic for a selected product.  This report gives user a sense of risk and reward perspective on a product versus its benchmark and both graphical and tabular formats.

 

Performance Summary - The Performance Summary report is an efficient and productive way to generate a report in the system that contains various statistics about a product.  Statistics include: Best worst quarters, best worst year, long consecutive winning and losing streak, performance and other MPT statistics versus a selected benchmark.

 

Performance vs. Benchmark – The Performance ROR vs Benchmark report is an efficient and productive way to generate a report in the system that contains various performance comparisons about a product and an associated benchmark.  This single page report presents historical performance on both the product and the benchmark in an extreme concise format.

 

Performance vs. Compounded - The Historical ROR vs. Compound ROR Analysis graph shows in a bar format the rate of return for the product going back to since inception.  The graph also displays in a line format the compounded (or annualized) ROR from the beginning date to any point in time for the product, i.e., each value on the line represents the annualized rate of return for the product from the beginning date to the date correspond to that value.

 

Performance vs. Compound Excess - The Historical ROR vs. Compound Excess ROR Analysis graph shows in a bar format the rate of return for the product going back to since inception.  The graph also displays in a line format the compounded (or annualized) excess ROR from the beginning date to any point in time for the product, i.e., each value on the line represents the annualized rate of return for the product minus the annualized rate of return for the benchmark from the beginning date to the date correspond to that value.

 

Performance vs. Cumulative - The Historical ROR vs. Cumulative Total ROR Analysis shows in a bar format the rate of return for the product going back to since inception. The graph also displays in a line format the Cumulative Total ROR going back to since inception for the product, i.e., each value on the line represents the cumulative rate of return for the product from the beginning date to the date correspond to that value.

 

Performance vs. Cumulative Excess - The Historical ROR vs. Cumulative Excess ROR Analysis graph shows in a bar format the rate of return for the product going back to since inception.  The graph also displays in a line format the Cumulative Excess ROR going back to since inception for the product, i.e., each value on the line represents the cumulative excess rate of return for the product minus the benchmark from the beginning date to the date correspond to that value.

 

Performance vs. Excess - The Historical ROR vs. Excess ROR Analysis graph shows in a bar format the rate of return for the product going back to since inception.  The graph also displays in a line format the Cumulative Excess ROR going back to since inception for the product, i.e., each value on the line represents the excess rate of return for the product minus the benchmark for that monthly or quarterly period.

 

Performance vs. Growth - The Historical ROR vs. Dollar Analysis graph shows in a bar format the rate of return for the product going back to since inception. The graph also displays in a line format the growth of an investment going back to since inception for the product. The dollar amount can be changed.

 

Periodic Table - Often referred to as a Periodic Table report, this report lists the best and worst performers for a specified period of time. Manager or indices are displayed in multi-colored boxes and retain their specified color throughout for easy comparison. Usually displayed with rates of returns, this report will work with any statistic in PSN. The Periodic Table was originally found in our Allocation Optimizer, but was so popular that we decided to add it to our Multi-Manager section.

 

Product Data Profile- This is the primary PSN Product Data Profile containing every data fields collected by Informa Investment Solutions.  There are six different types of product data profiles.  They are: US Equity, US Fixed Income, US Balanced, Global/International Equity, Global/International Fixed Income, and Global/International Balanced.

 

Each profile includes information very specific to the asset class.  Information includes: 

 

Product Fee Summary - The Product Fee Summary report includes: account type, account size, annual fee, minimum account size, minimum annual fee, and growth of $10,000,000 graph line. The graph shows growth of a dollar results with or without fees. The results are calculated using reported fees or custom fees.

 

Product Narrative - This is the primary PSN Product Narrative written by the manager and containing the following:

 

 

Product – Top 50 Net Flows - This report will display the ranking of the top 50 products by Flow for the most recent quarter and provides the most complete view of each product by assets, as well as market share and return.

 

PSN – AUM by Client Segment - This report will display series of pie charts showing current assets invested in US Taxable, US Tax Exempt and Non-US investors for comparison purposes.  Reviewing this page alongside of the previous quarters’ report shows the asset shifts on the investor level.

 

PSN – AUM Growth - This report will display simple graphics providing the first step to the universe breakdown by growth, which combines flow and performance.

 

Quartile Fee Ranking Bar - Plot product’s fee against any universe. Find out the dollar amount of what your product charges versus any group of products.

 

Quartile Historical Distribution - The Quartile Historical Distribution graph compares the performance of a product against its peer group universe for multiple date ranges. The graph displays the universe distribution (High, First Quartile, Median, Third Quartile and Low) in a line format and identifies where the product performs in relation to the universe quartiles for each period.

 

Quartile Historical Ranking - The Quartile Historical Ranking graph displays the percentile ranking of a product against its peer group universe in a line format over multiple time periods.

 

Quartile Ranking Bar - The Quartile Ranking graph is used to rank the performance of PSN managers, market indexes or your own self-entered products against a universe. The range of returns/ other modern portfolio characteristics in the universe are represented by floating bars. Each bar is broken up into 4 quartiles. The upper quartile represents the top 25% of the managers in the particular universe for the particular time period (you can choose up to eight time periods). The managers, indexes and portfolios are plotted relative to the floating bars.

 

Regional Allocation Bar - This bar graph shows the regional allocation percentage investment managers provide to PSN.  The regions available are: US and Canada, North America, South America, Europe, Pacific Basin, Emerging, EAFE Mandates, Regions Cash, Latin America and Africa.