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After you define custom benchmarks, you can show the composition of indices within a custom benchmark based on its definition at a given point in time.

You can create custom Entity Description fields for this purpose and can include those fields in Entity Range reports. The Entity Description field creates the description based on the historical attributes of the benchmark itself and the historical attributes of all the benchmark's underlying components. When Eagle Performance generates the description text for the report, it does not store that text in the database.

If you use the GIPS Composite Management component of Eagle's Performance Measurement solution, you can also include Entity Description fields used for custom benchmark descriptions in Disclosure fields used for GIPS reporting. For information about creating Disclosure fields, see GIPS Composite Management Configuration.

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Use Entity Descriptions in Entity Reports

You can add Entity Description fields used for custom benchmark descriptions to any Entity report.

You can set up the report to reformat long descriptions to organize them into multiple lines or shorten the definition. Otherwise, if you move the pointer over the custom benchmark description in the Entity report results, the report displays a window that contains the complete custom benchmark description text. See the following figure.

If you select the Use Entity History option for the report, the description is for the report effective date. Otherwise, if you do not select the Use Entity History option for the report, the description is the current benchmark description. The entity description is a "snapshot," it does not reflect changes to benchmarks over time.

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Description Formats Used for Different Custom Benchmark Types

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When you use entity descriptions in reports to describe the construction of custom benchmarks, there are some instances when you may prefer not to use the standard generated entity description for a custom benchmark. You can create an entity description that overrides the standard generated text and replaces it with the data of your choice, by entering a value in the Entity Description Override Field within the Entity Description field.

For example, if you create a custom benchmark that excludes 25 individual "sin stocks," you may prefer to use an entity description that indicates the exclusion of sin stocks without identifying all 25 stocks.

The following example demonstrates the format for an index description that you specify using an override, rather than that the system builds from a definition. The description format used is:
<Entity Name Field> consists of <Entity Description Override Field>

For example:

Asset Class Blend consists of a blend of asset classes reviewed quarterly by committee

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The system builds descriptions for custom benchmarks from underlying components and can apply multiple levels of customizations (blended, hedged, exclusion, and so on). To clearly capture these customizations, the system assembles the descriptions of underlying components into the description of the custom benchmark.

The report builds the custom benchmark description from the historical definition, typically for the effective date of the report. It builds the custom benchmark description one level at a time with the first level describing how the components are customized for the entity reported. If none of these components are themselves a custom benchmark, the definition is complete. If any component is a custom benchmark, the report adds a new level to the parent definition, and describes the child component in the same fashion as its parent. The report adds additional levels until it describes all the components. The description format provides one line to describe each index, or component. The format describes the parent index, all children for a parent index, and then any of the grandchildren.

An example follows. The indentation shows the generations (parent, child, grandchild, and so on).

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You can create a custom Entity Description field to build an index description for a custom benchmark. You can use this field for custom benchmarks with a Custom Index (CIDX) entity type.

To add an Entity Description field:

1. From the Components tab of the PACE General Reporting module, expand the Fields folder, expand the Custom folder, select the Entity Description folder, and click New.
   The Entity Description dialog box appears. See the following figure.
   
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2. Name the field and enter the appropriate information in the first few fields.
3. In the Entity Name Field, specify the field that identifies the entity when the system builds the entity description. You can either:
   Accept the default value of Entity Name to identify entity components by name.
   Click the field to open the Entity Selector and select another field that identifies the entity.
4. In the Entity Description Override Field, either:
   Accept the blank default value, which represents a value of NULL, and provides a component description. The report generates a description and describes underlying components.
   Select an entity field to use as the description in place of the component description by clicking the field to open the Entity Selector and selecting a field that identifies the entity.
   The report substitutes a description provided by this field for the standard description of the entity and its underlying components. For more information, see Build Entity Descriptions that Use Overrides.
5. In the Index Type field, specify the type of index you are using to describe the report profile portfolio.
   The Benchmark Definitions list allows you to select a benchmark definition such as Primary Comparison Index (the default value), the profile portfolio, or a fixed entity. The system uses this value to retrieve the appropriate entity associated with the fund.
6. Click OK.
7. You can include the Entity Description field as a column in an Entity report.

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