Carve Outs can be created via the Sub Portfolio setup in Portfolio Data Center. The entity build process has been modified to allow for the build out of cash activity records for sub-portfolios. A sub-portfolio (also known as a carve out) is a grouping of multiple portfolios where portions of each portfolio are filtered based on a security characteristic. As an example, sub-portfolio SUBFI could be created to generate fixed income securities across the universe of portfolios identified in the build process for the sub-portfolio. The build generates the positions.
The build process can generate cash activity records, (based on the same build criteria identified for holdings). The build criteria is located in the logic builder screen (click DEFINE to use the Logic Builder to define the Criteria for the Sub-Portfolio). In order to generate cash activity to the sub-portfolio, a source rule needs to be created to identify the source or source hierarchy that the build will use to identify and generate cash activity. The cash activity source rule is used in the submit build screen (if submitting ADHOC via portfolio data center) via the “cash activity source rule” parameter. The build will only build cash activity records if a cash activity source rule is used. In addition, the cash activity source rule parameter is available in automation center when creating a sup-portfolio build event. The sub-portfolio (complete with cash activity) can then be used to calculate performance.
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