TELEMET ORION. Real-time and Historic Market Data, Charts, News, Research and Portfolio Analysis. Volume III. Portfolio Management V8.

Transcription

1 TELEMET ORION Real-time and Historic Market Data, Charts, News, Research and Portfolio Analysis Volume III Portfolio Management Information Booklet V8.1 Telemet America, Inc. 325 First Street Alexandria, VA (703) The Smart Choice

2 Forward Telemet offers real-time and historic market data, charts, news, research and portfolio management software and services all at a great value. This is the third of three volumes. Volume I covers the real-time and historic data, charts and news. Volume II covers the stock and economic research capabilities in Telemet. Volume III covers the Portfolio Management functions such as Contribution, Attribution and Performance. In addition, Telemet has Information booklets on Workspaces (screen layouts), the Report Writer (Telemet's professional report engine), Teleport (our information redistribution service) and TeleFlash (your analyst's publishing kit). Welcome to Volume III! III - ii

3 Volume III - Table of Contents Portfolio Management Summary Impact Pages Results as Bar Charts Attribution p. III.1 p. III.1 p. III.2 p. III.3 Time and Money weighted returns p. III.3 TWR and MWR Return Calculations p. III.3 Taxes and Trading Fees p. III.3 Notes for Advent Clients p. III.4 Notes for all Clients p. III.4 To see Telemet Multi-Style Attribution p. III.4 Setting up Multi-Style Analysis p. III.5 The Performance p. III 6 Contribution by Sector/Industry p. III.6 Cumulative Performance p. III.7 Subperiod Returns p. III.7 Attribution Analysis p. III.8 Subperiod Weights p. III.8 Allocation Scatter Plot p. III.9 Contribution Details p. III.9 Performance Characteristics p. III.10 Manager Performance Reports Portfolio Oriented Pages and Reports Holdings Pages Price Momentum Page Fundamentals Page Valuation Page Performance Charts Historical Performance Chart Intraday Performance Chart Balance Pages Rebalancing a Portfolio When all Else Fails! p. III.11 p. III.13 p. III.13 p. III.14 p. III.14 p. III.15 p. III.16 p. III.16 p. III.16 p. III.17 p. III.18 p. III.24 III - iii

4 Portfolio Management If the Telemet Orion platform is linked with your portfolio accounting system, a variety of portfolio analyses and performance tasks are yours. Ask Telemet to implement the link (we link with all systems and there is no charge for this integration). With the link in place, you get true time-weighted, transaction based analyses at your desktop. Without the link, you still get many analytic tools and analyses, but with a 'buy-hold' analyses. Telemet offers four major functions to help with Portfolio Management. 1. Impact Pages show the dollar impact and percent dollar impact of price changes on a portfolio. 2. Attribution Pages show the sources of performance, stock picking, sector weighting or industry picks. 3. Performance Charts show the change in value of the portfolio over time compared to a benchmark 4. Balance Pages show the weightings of any portfolio compared to a benchmark or model.. Impact Pages Telemet s portfolio management Impact shows the dollar impact of price changes on a portfolio. To see this: From any Telemet window, select menu Display / Portfolio Management / Impact. From the Workspace Folder named "Portfolio Management", select Impact See symbol lists (only ones that have equity positions are shown). Select a symbol list by double clicking on the one you want. Select Display / Portfolio Management / Impact. Click on the portfolio name Click on OK See the dollar impact of each position in the portfolio. See the percent impact on the portfolio for DTD, WTD, MTD, QTD or YTD by pressing the tool on the upper right side of the screen. To see the results as a bar chart. Click on the tool See the results week to date, month to date, quarter to date, and year to date by clicking on each of these tools. III - 1

5 . The tables show the dollar percent impact on the portfolio. The table presents the results of market value changes for the day, week, month, quarter or year to date.. They also show the current portfolio value, the previous value and the percent net change for the period. See the Results as Bar Charts Press the tool to see dollar percent impact on the portfolio as bar charts. Bars show each position with its contribution to the dollar impact on the portfolio (as a percent). A t the top of the Bar Chart see the number of holdings, the portfolio value, change in value and the percent change. The percent change in value for the week to date, month to date, quarter to date, and year to date are shown by clicking on one of these tools. The Bar Chart below the summary values shows the percent changes in dollar value for each contributor to the portfolio. At left is the largest contributor in value, at right is the smallest. III - 2

6 Attribution The attribution tools help analyze the source of portfolio performance. See whether sector weights, your specific stock investments or your industry emphasis were the best contributors to performance. Create charts and tables for client presentations or internal review. Allocation effects refer to how investment funds were allocated among sectors or industries, selection affects refer to how investment funds were deployed to specific stocks within sectors or industries. Telemet Attribution Analysis IMPORTANT! Attribution Analysis explains and illustrates your performance and the decisions that contributed to it. Tabular reports and charts break down performance by sector, industry and security and compare it to a benchmark. By subscribing to the "official" S&P, you get the S&P benchmarks (sp500, sp400 etc) and use GIPS methods to compare returns. Further, you may use ishares ETFs or import your another benchmark or portfolio model and create attribution analysis compared to the ishares ETF, benchmark or model so imported. Time-Weighted and Money-Weighted Returns Telemet s reports and charts show time-weighted performance only if your portfolio accounting system transactions have been integrated into Telemet s Attribution Analysis (see Appendix for more details). If transactions are not integrated, Telemet imports current holdings and creates an attribution analysis from a buyand-hold perspective. Time-weighted returns (TWR) eliminate the timing and amount money at work TWR are the growth rate of a single dollar invested over the period. TWR create a measure of performance for the portfolio manager and is relevant for comparing portfolio manager s performance. Each fund inflow or outflow is used to create a subperiod, and the returns are calculated for each and every sub-period. These sub-periods are combined to create the time-weighted return. Money-weighted returns (MWR) measure the overall portfolio performance MWR are the average growth rate of all dollars invested over the period. MWR reflect how much money was earned during the measurement period. The amount earned is influenced by both the portfolio manager s and client s decisions to add or withdraw funds from the portfolio. MWR takes into account both the timing and amount of dollars at work and is the preferred presentation for portfolio performance for a client. TWR and MWR Return Calculations Internal rates of return (the IRR is approximately the weighted average return for each period) and what is called the Modified Dietz returns (which estimates the IRR) are measures that can be applied to either MWR or TWR. Modified Dietz is a computational simplification. It approximates the IRR by assuming any cash flows occur in the middle of the measurement period (monthly, quarterly, etc). A true IRR method would calculate returns at the time of each and every cash inflow or withdrawal and then link the returns together. Clearly this is superior to Modified Dietz, but it is computationally intensive since dividends, investments and withdrawals could be quite extensive during any investment period. Taxes and Trading Fees Telemet s Attribution Analyses does not include the management fees since there are many algorithms for management fees. Telemet Attribution Analyses are not net of taxes. Telemet s Attribution Analyses does implicitly include transaction fees - the costs of trading (gain or loss cost basis is embedded in transaction fees). III - 3

7 Notes for Clients that use the Advent portfolio management product Advent Axys offers two ways to calculate return. One return method is called the Discounted Cash Flow method and the other the Average Capital Base (also known as the Modified Dietz Return ). Advent also offers two types of performance reports reports that calculate the IRR and reports that calculate a TWR. Advent s method ( Average Capital Base ) is the default and displays the IRR based on the average capital in the account. The Discounted Cash Flow method calculates the IRR on a discounted cash flow basis. The Average Capital Base is useful for short periods (three months or less) while the Discounted Cash Flow is useful for longer periods. Method Useful Calc Type For: DCF >3mo MWR Portfolio Performance ACB (default) <3mo TWR Portfolio Manager Performance [aka Modified Dietz] Usually Advent Axys settings are: (1) treat dividends as cash flow, (2) do not reinvest dividends and (3) transactions occur at the beginning of the day. Note that Advent reports can include management fees in its return calculations, Telemet does not. Notes for all Telemet Clients Whatever portfolio management system used, if Telemet links to the portfolio accounting system, portfolio accounts may be selected right from Telemet. When selected, all individual transactions from the accounting system are brought into Telemet. As such, analyses on these accounts is compiled as a true-time weighted, performance measurements (GIPS compliant). Further, if subscribing to the 'Official S&P benchmark via Telemet, the performance is compared to the official S&P performance numbers as published by S&P. To see Telemet Multi-Style Attribution: From a Telemet Window, select the menu item Display / Portfolio Analytics / Multi-Style Attribution. From the Workspace folder, Portfolio Management, select Attribution A new window appears on the PC screen. From the top of the window, select a symbol list or PM account name. For the example here, Lipton s Sample Account is used. Now select a period for the analyses (MTD, QTD, etc), then select a benchmark (an internal benchmark, the equal-weighted s&p500, the official S&P indices if subscribed to, or Russell ishares). Then select the analytics for example GICS sectors. For industry analysis, select GICS industry The next page illustrates the procedure and windows seen after launching Multi-Style Attribution. The Multi-Style Attribution analysis uses a MWR return without dividend reinvestment and - as mentioned above - it is the preferred presentation of portfolio performance for a client. Later Performance Analysis using both TWR and MWR is described. Performance analysis with TWR measures the portfolio manager's performance and eliminates the timing of inflows and outflows and the amount of money at work. III - 4

8 Setting up the multi-style analyses - Select the particular portfolio account or group, if linked to a portfolio accounting system Select the date range Select the benchmark source the official S&P indices & historical records or your own Select the classification for example GICS sectors. Press Run Relative Returns for Sectors (or Industries if GICS Industry was selected) Once you click "Run", see a report like that shown below. In the upper left is a list box for other reports. Portfolio & Benchmark Returns Allocation and Selection Effects Top & Bottom Contributors Active Return by Sector Select Other Reports III - 5

9 The Performance The second report is the Performance Summary Report, an example is shown below. Access this report using the pull down list box in the upper right corner of the window. Select the list box item Performance Summary to see this report The top area shows the largest holdings and the best and worst performers. Combine the holdings with the performance and the result is the top and bottom contributors to the performance. The bars at right center, show the allocation by sector of the portfolio and benchmark and the bars at right, show the returns by sector for both the benchmark and portfolio. Contribution Returns by Sector/Industry The third report is the Contribution Summary Report, an example is shown below. Access this report using the pull down list box in the upper right corner of the window. This shows the performance contributions at the sector level (or industry level if that analysis was selected). Select the list box item Contribution Summary to see this report See a summary of the contribution returns at the left. In this example, the industrials contributed most sector level performance and the information tech sector the least. III - 6

10 Cumulative Performance Compared to Benchmark over the Period The fourth report is the Cumulative Performance Report, an example is shown below. Access this report using the pull down list box in the upper right corner of the window. This charts the performance over the period. Select the list box item Cumulative Performance to see this report See a chart of the cumulative return of the portfolio and that of the selected benchmark. Subperiod, daily, returns compared to benchmark over the period The fifth report is the Subperiod Attribution Report, an example is shown below. Access this report using the pull down list box in the upper right corner of the window. This shows the daily allocation effects, selection effects and relative performance over the period. Select the list box item Subperiod Attribution to see this report Chart of daily attribution for the portfolio allocation & selection See the portfolio weights, returns & contribution in the leftmost 3 columns See the benchmark weights, returns & contribution in the middle 3 columns See allocation, selection and relative contributions in the right 3 columns III - 7

11 Attribution Analysis The sixth report is the classic Attribution Analysis Report, an example is shown below. Access this report using the pull down list box in the upper right corner of the window. This shows the attribution effect, including allocation effects and selection effects and relative performance over the period for each sector. Select the list box item Attribution Analysis to see this report See a table of the weights, returns and contribution of the portfolio and benchmark by sector. See also the allocation and selection effect and the relative return by sector in chart form. In this example, the industrials contributed most overall performance and it was mostly due to security selection. Subperiod Weights The seventh report is the Subperiod Weights Report, an example is shown below. Access this report using the pull down list box in the upper right corner of the window. This shows the change in weights of each sector over the period. Select the list box item Subperiod Weights to see this report See a table of the weights for each sector for each month of the analysis III - 8

12 The Allocation Scatter Plot The Allocation Scatter Plot shows how each sector contributed to the portfolio relative return. Great returns come from over-weighting sectors that outperform the benchmark and under-weighting sectors that under-perform the benchmark. Portfolios must be in the upper right quadrant or the lower left quadrant to meet these criteria. Well allocated portfolio selections must be in the upper right quadrant or the lower left Some of this portfolio's underperformance comes from misweighting sectors. The most grievous is the over-weighting of information technology with below average returns and the under-weighting of utilities which had above average returns (see arrows) The Contribution Details Portfolio Holdings The Contribution Details show how each sector and each stock contributed to the portfolio return. This report has tabs for standard reports and custom reports. The first report is the standard report - Portfolio Holdings. It shows each sector and the weight holdings by security in that sector and the security s performance. Note the constituent weights for the S&P benchmark are synthetic and are estimates. They are not the official S&P constituent weights because special contractual arrangements must be made by your firm with S&P to see the official S&P constituent weights. Select the list box item Contribution Details to see this report, then select the first tab at the bottom of the report From the table in the Industrials - Boeing, Caterpillar, and GE all had good returns and were significantly over-weighted compared to the benchmark. III - 9

13 The Contribution Details Holdings Analysis The Contribution Details show how each sector and each stock contributed to the portfolio return. This report has tabs for standard reports and custom reports. The next report shown here is the standard report Holdings Analysis. It shows each sector and shares held by security in that sector, the current price, market value and the security s weight in the portfolio and its weight versus the benchmark. The security return and contribution and stock selection effect are shown. Note here too, that constituent weights for the S&P benchmark are synthetic and thus the over and under weights are estimates. They are not the official weights because special contractual arrangements must be made by your firm with S&P to see the official S&P constituent weights and thus the actual over and under weightings. Select the list box item Contribution Details to see this report, then select the third tab at the bottom of the report From the table in the Industrials - Boeing, Caterpillar, and GE all had good returns and were significantly over-weighted compared to the benchmark. Performance Characteristics The Performance Characteristics show how the portfolio compares to the benchmark in its overall characteristics in the period analyzed. The number of securities, assets and other metrics are shown, along with financial characteristics and top holdings. The report also has a bar chart showing the sector weights of the portfolio and the benchmark. Select the list box item Performance Characteristics to see this report III - 10

14 Manager Performance Reports Performance Analysis using both TWR and MWR measures the portfolio manager's performance and eliminates the timing of inflows and outflows and the amount of money at work. To see Performance Reports by Security select = From a Telemet Window, select menu item Display / Portfolio Mgmt / Performance by Security. From the Workspace folder, Portfolio Management, select Performance. Once the selection is made, see: Select the particular portfolio. Select the date range and include past quarters or months for attribution review. Select the calculation method, see the discussion on page III-3. Select the cash flow approach for dividends. Select Dividend data source - either Telemet or your portfolio accounting system's records. If you rename ticker symbols in transaction records on a "Symbol Change" corporate event check. this box. elect the portfolio Once the selections are made and you press "FINISH", you will see a report like that shown on the next page. At the top of the page is a summary of your selections. Below that is a holdings list and the unrealized and realized gain or loss, the interest from dividends, if any, and the return for each security. The ending market value and cost basis of each security are also shown. III - 11

15 This example shows the TWR calculation with no dividends reinvested for a QTD. return discussed previously, use MWR as the calculation method). (To match the attribution These data can also be illustrated as a bar chart: Press the bar chart tool at the top of the window.. III - 12

16 Portfolio Oriented Pages and Reports Custom pages that display real-time unrealized gains and losses as well as pages with a wide variety of metrics on portfolios are called "Portfolio Pages". Telemet's Report Writer shows these data in report form. These reports characterize portfolios and their metrics and may be scheduled for printing nightly, weekly or monthly (See Telemet's Report Writer Documentation). To see a variety of Portfolio pages: From any Telemet window, select the menu item Display / Portfolio Management / Holdings From the workspace folder, select the "Holdings", "Price Momentum", "Valuation" or "Fundamentals" workspace. The symbol list viewed as Portfolio pages should have outstanding equity positions, that is, it must have shares owned (by the portfolio) and a cost basis entered. A sample is included with your Telemet installation, it is called the "Lipton Sample account" and it has several equity positions and cost basis in it. There are at least four ways to get shares and cost basis into Telemet for Portfolio Pages: 1. You may enter shares and cost basis on the screen using the symbol list edit functions - these are also described in Volume I. 2. You may import a symbol list with shares and cost basis using the import functions also described in Volume I of this Information Booklet. 3. You may import shares from your portfolio accounting system using the tools described in this Volume, 4. You may access a "shared" directory with symbol lists and share positions and cost basis. Holdings pages See a list of holdings, the last price of the securities, the market value, the gain or loss day-to-date, the gain or loss week-to-date, the gain or loss month-to-date, the gain or loss quarter-to-date, the gain or loss year-to-date as well as the shares held and the basis value. These Holdings Pages may be sorted by gains or any other data field (left click on the column to sort). They may be grouped by industry, sector or both with the click of a mouse (select menu Options / Group by /...). The Holdings page is a handy way to see the unrealized gains and losses of a client s portfolio. There are no limits to the number of client Holdings Pages. Double click on a column to sort data by that column. Select Options / Group by... to group these data by industry or by sector or both. III - 13

17 Price Momentum Page From any Telemet window, select the menu item Display / Portfolio Management / Price Momentum Select Options / Group by... to group these data by industry or by sector or both. Double click on the RSSN (relative Strength) to sort by statistical strength relative to all other stocks. The price momentum page shows: Company Name 5 Yr High Net Rtn YTD Ticker 5 Yr Low Net Rtn 1 Yr Last Price Price rel 180 day MA Net Rtn vrs SP500 1 Month % Below Yr High Price rel 30 day MA Net Rtn vrs SP500 YTD % Above Yr Lo Beta (v SPX) Net Rtn vrs SP500 1 Yr 1 Yr High Relative Strength Statistic 30 day Avg. Volume 1 Yr Low Net Rtn 1 Month 1 Yr Avg. Volume Naturally data columns may be added or deleted, see Volume I - Adding and deleting columns on custom pages. Fundamentals Page From any Telemet window, select the menu item Display / Portfolio Management / Fundamentals Select Options / Group by... to group these data by industry or by sector or both. Select Options / Group by... to group these data by industry or by sector or both. The Fundamentals page shows: Company Name Div Yield % Ltdebt/Capital Ticker P/E est FY Beta Sector Membership P/E est next FYr Net Rtn 6 Month Market Cap Earnings Growth Shares Held Price P/E to Growth Percent of Portfolio ROE Portfolio Value III - 14

18 Valuation Page From any Telemet window, select the menu item Display / Portfolio Management / Valuation Select Options / Group by... to group these data by industry or by sector or both. Sort by double clicking on any column. The Valuation page shows: Company Name P/Sales P/E Est Next FY Ticker P/Book Future Growth Cost Basis P/E TTM P/E to Future Growth Div Yield P/E FY EPS Est FY Price P/E Est FY EPS Est Next FY III - 15

19 Performance Charts Performance charts show the portfolio's change in value compared to a benchmark. The values are computed based upon the current positions in the portfolio extrapolated backwards in time. Historical Performance Chart Select the menu item Display / Portfolio Management / Performance Chart then select 'historical...'. Select the symbol list or the portfolio from the portfolio management system to chart. See a chart like that shown below. Performance Charts show the value of a portfolio compared to a benchmark on a daily basis. The value of a portfolio is on the left scale. The value of SPX (the sp500) is on the right scale. Intraday Performance Chart Select the menu item Display / Portfolio Management / Performance Chart then select 'Intraday.. '. Select the symbol list or the portfolio from the portfolio management system to chart. See a chart like that shown below. Like the historical performance chart the value of a portfolio is on the left scale and the benchmark on the right. The lower indicator is the spread between the benchmark and the portfolio III - 16

20 Balance Pages Balance pages show the portfolio weights compared to a benchmark or model. To see Balance Pages: From a Telemet window, select menu Display / Portfolio Management / Balance. See a window with symbol lists (again, only these that have shares entered shown). Select the benchmark or equal weighted S&P500, or the official S&P averages (if subscribed to) in the box at the top. Select a list by double clicking on the list. See a list of the stocks in the portfolio organized by sector and industry. For each stock, the shares owned, the original (purchase) value, the current market value, the original weight in the portfolio and the current weight are shown. These are compared to the current benchmark weight. See the stock, shares owned, original value and weight and the current value and weight. The industry total weight compared to the benchmark weight in the case shown overweighted in pharmas and underweighted in health care. Press the tool and see the weights of the portfolio and benchmark as a bar chart. In this example, the pharmas are shown in the bar chart as overweighted. Press the tool to see the results by sector. See Health Care sector is underweighted. III - 17

21 Press the tool to see the difference in weights between the benchmark and the portfolio. Press the tool and see the differences presented by industry In this chart the pharmas are overweighted by over 3%. Press the tool to see the differences by sector. Press this tool to see the details by sub-industries. Press this tool to rebalance the portfolio. Rebalancing a Portfolio After selecting the rebalance tool see a screen like that below. Select the kind of rebalance desired III - 18

22 Telemet offers 8 rebalance methods: 1. Rebalance against model or benchmark with no cash invested or withdrawn. 2. Rebalance industries in a sector against a model or benchmark with no cash investment or withdrawal. 3. Rebalance stocks in an industry against a model or benchmark with no cash investment or withdrawal. 4. Add or withdraw cash without changing portfolio weights. 5. Liquidate a portfolio. 6. Buy or sell a stock. 7. Increase or decrease sector exposure by selling or buying securities or investing or withdrawing cash. 8. Increase or decrease industry exposure by selling or buying securities or investing or withdrawing cash. The result of any of these rebalance types is a transaction list which may be displayed, exported to a file, or ed to a trade desk. Note that Granny stocks and shares can be marked to put restrictions on purchasing or selling certain stocks or specific amounts of a stock. 1. Rebalance against model or benchmark with no cash invested or withdrawn Select lot size of 100 shares or 1 share. Press Rebalance see the portfolio value (it may have changed some, due to the lot conditions (100 share lots cause large changes in valuations) See the proposed sector weights after rebalance. Select Clear to change the rebalance Press transaction list to see the proposed transactions. The transaction list for 100 share lots. Prices bought and sold are based upon current bid or asked Print, , or export the transaction list. III - 19

23 2. Rebalance industries in a selected sector against a model or benchmark with no cash investment or withdrawal Select lot size of 100 shares or 1 share. Select the Sector to rebalance and see the industry weights. Press Rebalance see the portfolio value (it may have changed some, due to the lot conditions (100 share lots cause large changes in valuations) See the proposed industry weights after rebalance Select Transaction list to see the proposed transactions Select Clear to change the rebalance 3. Rebalance stocks in a selected industry against a model or benchmark with no cash investment or withdrawal Select lot size of 100 shares or 1 share. Select the Industry to rebalance and see the stock weights before rebalance Press Rebalance see the portfolio value (it may have changed some, due to the lot conditions (100 share lots cause large changes in valuations) See the proposed ticker weights after rebalance Select Transaction list to see the proposed transactions Select Clear to change the rebalance III - 20

24 4. Add or withdraw cash without changing portfolio weights Select lot size of 100 shares or 1 share. Select the amount of cash to withdraw or invest. Use purchase to invest cash. Press Rebalance see the portfolio value (the exact amount withdrawn or added may vary due to the lot condition. Balance will not change significantly Select Transaction list to see the proposed transactions Select Clear to change the rebalance 5. Liquidate a portfolio Select lot size of 100 shares or 1 share. Press Liquidate see the portfolio value go to zero and the positions go to zero Select Transaction list to see the proposed transactions Select Clear to reverse the liquidation III - 21

25 6. Buy or sell a stock Select lot size of 100 shares or 1 share. Enter the ticker symbol and share amount. Press rebalance see the portfolio value (it may have changed some, due to the lot conditions (100 share lots cause large changes in valuations) See the proposed rebalance ticker weights after purchase Select Transaction list to see the proposed transaction Select Clear to change the rebalance 7. Increase or decrease sector exposure by selling or buying securities or investing or withdrawing cash Select lot size of 100 shares or 1 share. Select the Sector to rebalance and if investing cash, select purchase at the right of box. Add the investment amount in dollars, or the cash withdrawn if a reduction in the sector. Alternatively pull up the bar associated with the sector desired Enter cash, or use pull up, with the press of the mouse. Select Transaction list to see the proposed transactions Select Clear to change the exposure to the sector. III - 22

26 8. Increase or decrease industry exposure by selling or buying securities or investing or withdrawing cash Select lot size 100 or 1 share. Select the Industry to rebalance and see the ticker subweights before rebalance Add the investment amount in dollars, or the cash withdrawn if a reduction in the stock or pull up the bar associated with the stock desired Enter cash, or use pull up, with the press of the mouse. Select Transaction list to see the proposed transactions Select Clear to change the purchases or sales III - 23

27 When All Else Fails! The Telemet Orion Help Desk is open from 8:30 AM through 5:30 PM ET ( or ). If it is after 5:30 PM try the new on-line help Files or call after hours support (just a menu selection on our 800 number). Updated Index symbol lists, Market Makers by name or by symbol, and general help on all screens is available with the pull down menu item Help, or simply press the F1 Key a the top of your keyboard. III - 24

28 INDEX Attribution, 3 Balance, 20 Block Trade Alerts, See Research Bond Prices, See Fixed Income Call provisions, See Fixed Income Charts, See Market Data Company History, See Research Composite yields, See Fixed Income Corporate actions, See Research Coupon Rates, See Fixed Income Custom Page, See Market Data Custom Pages, See Market Data Data Import, See Market Data Descriptive Fixed Income Database, See Fixed Income Dividends, See Research EDGAR alerts, See Research Excel, See Market Data Filters.,See Time & Sale. See Tape. See News First Call, See Research First Call Notes. See Research Fixed Income See Market Data Fundamentals on a Stock, See Research Greeks. See Options Montage Group headers, See Market Data Holdings Pages. 14 IBES, See Research Industry movers, See Market Data Industry Performance, See Market Data Intermarket Yield. See Fixed Income Issuing Agency. See Fixed Income Limit Alerts, See Research Market Data, See Market Data, Volume I Market Guide, See Research Market Link, See Market Data Market Makers, See NASDAQ Level II Market Summary Pages, See Market Data Moody Ratings. See Fixed Income Most % Down, See Market Data Most % Up, See Market Data NASDAQ Level II, See Market Data New Symbol list, See Market Data News, See Market Data Off-the-run treasuries. See Fixed Income One page company summary, See Research Options Analytics, See Market Data Options Montage, See Market Data Performance Chart, 19 Portfolio Management, 1 Add Cash to Portfolio, 21 Allocation Scatter Plot, 9 Attribution Analysis, 8 Attribution Historical performance, 7 Attribution Industry Returns, 6 Attribution Sector Returns, 6 Attribution Time Period, 5 Attribution Details - stock level, 6 Balance, 17 Buy a Stock, 22 Contribution by Sector. 6 Cumlative Performance, 7 Decrease industry exposure, 20 Draw Cash from Portfolio, 21 Holdings Pages, 13 Impact, 1 Increase industry exposure, 20 Liquidate a Portfolio, 21 Performance, 6 Performance Chart, 16 Rebalance, 18 Rebalance Industry, 20 Rebalance Model, 19 Rebalance stocks, 18 Sell a Stock, 19 Subperiod returns, 7 Subperiod weights, 6 Rebalance, 18 Report Writer, See Research Research, See Research, Volume II Search, Screen and Rank, See Research Smart Paste, See Market Data Snap Analytics, See Market Data Snap Quote, See Market Data Snap Report, See Research Splits, See Research Tape, See Market Data Technical indicators, See Research Symbol list, See Market Data Time & Quote, See Market Data Time & Sales, See Market Data Trader s View, See Market Data Linking windows, See Market Data Workspace, See Market Data Trader s View Workspace, See Market Data Time & Sales, See Market Data Trading Volume Alerts, See Research Vickers Holdings, See Research Yields Curve. See Fixed Income Yield Spreads. See Fixed Income III - 25