{"type":"doc","content":[{"type":"layoutSection","content":[{"type":"layoutColumn","attrs":{"width":66.66},"content":[{"type":"paragraph","content":[{"text":"This report retrieves the daily returns for the fund and benchmark from the database, and geometrically links them to form the month-to-date return. The report is constructed in the same way as the daily report, except that you use Performance Link Analysis fields, as shown in the following two figures.","type":"text"}]},{"type":"mediaSingle","attrs":{"layout":"align-start","width":35.0},"content":[{"type":"media","attrs":{"__fileSize":107336,"__fileMimeType":"image/png","width":900,"alt":" Performance Link Analysis Fields","id":"d89721d5-07c3-4864-a086-4e64192d304d","collection":"contentId-755826986","type":"file","__fileName":"worddav9e264f7a44a3453ac57c5bda60c95680.png","height":604}}]},{"type":"mediaSingle","attrs":{"layout":"align-start","width":20.0},"content":[{"type":"media","attrs":{"__fileSize":45590,"__fileMimeType":"image/png","width":499,"alt":" Performance Link Analysis Fields","id":"72fff350-3df9-451d-8efe-95fe9956c279","collection":"contentId-755826986","type":"file","__fileName":"worddavf144b67450b5f2d36b6850028e631896.png","height":672}}]},{"type":"heading","attrs":{"level":2},"content":[{"type":"inlineExtension","attrs":{"extensionType":"com.atlassian.confluence.macro.core","extensionKey":"anchor","parameters":{"macroParams":{"":{"value":"RTF330031003400350037003a00"},"legacyAnchorId":{"value":"PerformanceLinkAnalysisField-RTF330031003400350037003a00"},"_parentId":{"value":"755826986"}},"macroMetadata":{"macroId":{"value":"7a323b1d-a8c1-454d-b3d0-0ee91a39a243"},"schemaVersion":{"value":"1"},"title":"Anchor"}},"localId":"7a1e4d74-432e-41e7-ac1a-3ecf02febf71"}},{"type":"inlineExtension","attrs":{"extensionType":"com.atlassian.confluence.macro.core","extensionKey":"anchor","parameters":{"macroParams":{"":{"value":"_Toc502673917"},"legacyAnchorId":{"value":"PerformanceLinkAnalysisField-_Toc502673917"},"_parentId":{"value":"755826986"}},"macroMetadata":{"macroId":{"value":"655dcf4c-4ca8-4440-b1e7-43969ee7381b"},"schemaVersion":{"value":"1"},"title":"Anchor"}},"localId":"dae5b894-b739-4264-bd41-d27c21cd6ec0"}},{"text":"Performance Link Analysis Field Options","type":"text"}]},{"type":"paragraph","content":[{"text":"This section describes the Performance Link Analysis field options. See the following figure.","type":"text"}]},{"type":"paragraph","content":[{"type":"inlineExtension","attrs":{"extensionType":"com.atlassian.confluence.macro.core","extensionKey":"anchor","parameters":{"macroParams":{"":{"value":"RTF340037003800340037003a00"},"legacyAnchorId":{"value":"PerformanceLinkAnalysisField-RTF340037003800340037003a00"},"_parentId":{"value":"755826986"}},"macroMetadata":{"macroId":{"value":"48537ebc-517b-4bf8-beb1-35092a595994"},"schemaVersion":{"value":"1"},"title":"Anchor"}},"localId":"e8932bbb-7fbe-47a6-aaea-bb177e97175f"}},{"text":" ","type":"text"},{"type":"inlineExtension","attrs":{"extensionType":"com.atlassian.confluence.migration","extensionKey":"inline-media-image","parameters":{"width":"316","alt":" Performance Link Analysis Field Options","id":"7cf9f431-e0df-4f96-b59d-b9b461315241","collection":"contentId-755826986","height":"463"}}}]},{"type":"paragraph"}]},{"type":"layoutColumn","attrs":{"width":33.33},"content":[{"type":"paragraph","content":[{"text":"On this page","type":"text","marks":[{"type":"strong"}]}]},{"type":"extension","attrs":{"layout":"default","extensionType":"com.atlassian.confluence.macro.core","extensionKey":"toc","parameters":{"macroParams":{"_parentId":{"value":"755826986"}},"macroMetadata":{"macroId":{"value":"acb9535e-301c-479f-b4e7-6e51334099f6"},"schemaVersion":{"value":"1"},"title":"Table of Contents"}},"localId":"f5f6c6f8-b19c-4529-8184-ba7bb2f450d0"}}]}]},{"type":"paragraph","content":[{"text":"The following table describes Performance Link Analysis field options.","type":"text"}]},{"type":"table","attrs":{"layout":"full-width","localId":"e932c61e-3c01-4e19-b6a9-8390d7822944"},"content":[{"type":"tableRow","content":[{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[237.0]},"content":[{"type":"paragraph","content":[{"text":"Option","type":"text","marks":[{"type":"strong"}]}]}]},{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[1203.0]},"content":[{"type":"paragraph","content":[{"text":"Description","type":"text","marks":[{"type":"strong"}]}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[237.0]},"content":[{"type":"paragraph","content":[{"text":"Name","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1203.0]},"content":[{"type":"paragraph","content":[{"text":"Controls the default column heading.","type":"text"}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[237.0]},"content":[{"type":"paragraph","content":[{"text":"Comments","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1203.0]},"content":[{"type":"paragraph","content":[{"text":"Not displayed on the report.","type":"text"}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[237.0]},"content":[{"type":"paragraph","content":[{"text":"Precision","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1203.0]},"content":[{"type":"paragraph","content":[{"text":"Decimal precision of the field. You can override this field.","type":"text"}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[237.0]},"content":[{"type":"paragraph","content":[{"text":"Field Name","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1203.0]},"content":[{"type":"paragraph","content":[{"text":"Performance Analysis field you are linking.","type":"text"}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[237.0]},"content":[{"type":"paragraph","content":[{"text":"Period Options","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1203.0]},"content":[{"type":"paragraph","content":[{"text":"Linking period. For more information, refer to \"","type":"text"},{"text":"Performance Link Analysis Field Linking Options.\"","type":"text","marks":[{"type":"em"}]}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[237.0]},"content":[{"type":"paragraph","content":[{"text":"Alignment to Observation Field","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1203.0]},"content":[{"type":"paragraph","content":[{"text":"Allows for linking across gaps in the portfolio return series and annualizing based on the dates that actually had returns (as opposed to the original linking period). This feature also enables you to align a benchmark to the same dates that the portfolio had returns. ","type":"text"},{"type":"hardBreak"},{"text":"Any two performance analysis fields can be aligned. The periods are specific to each security and sector. Benchmark returns can be aligned with the portfolio's invested period for each security or sector. This calculation excludes benchmark returns for dates outside of the portfolio's investment period. ","type":"text"},{"type":"hardBreak"},{"text":"The options for this field are:","type":"text"}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"None","type":"text","marks":[{"type":"strong"}]},{"text":". Default.","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Dates of Individual Observations","type":"text","marks":[{"type":"strong"}]},{"text":". Enables you to set the investment period to be the exact date and frequencies for which there are portfolio returns.","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Date Range of Observations","type":"text","marks":[{"type":"strong"}]},{"text":". Enables you to select the date range when observation returns were available within the linking period. It starts with the earliest date for which there is a portfolio return and ends with the last date for which there is a portfolio return. This is intended to align a benchmark to the portfolio's invested date range. ","type":"text"}]},{"type":"paragraph","content":[{"text":"After making a selection, you can select a Performance Analysis Observation field to define how to align the original linking period with the dates with values for the Observation field. The Observation field can link to a portfolio or a benchmark. ","type":"text"},{"type":"hardBreak"},{"text":"In addition, you can select the check box for Consider Observation as Funded Field Flag to provide an additional level of control.","type":"text"}]}]}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[237.0]},"content":[{"type":"paragraph","content":[{"text":"Ignore currency returns when missing performance returns for some periods","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1203.0]},"content":[{"type":"paragraph","content":[{"text":"Allows you to ignore currency returns. Options include:","type":"text"}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Selected","type":"text","marks":[{"type":"strong"}]},{"text":" (Check mark). If Eagle Performance finds a single period return for an effective date, it calculates an FX return for that effective date. If Eagle Performance finds no single period return for an effective date, then it calculates no FX return for that effective date.","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Cleared","type":"text","marks":[{"type":"strong"}]},{"text":" (No check mark). When you convert a Performance Link Analysis field to another currency, Eagle Performance 1) Calculates the return for the entire period, 2) Calculates the FX return for the entire period, and 3) Links the two returns together. ","type":"text"},{"type":"hardBreak"},{"text":"This is the default method for converting returns.","type":"text"}]}]}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[237.0]},"content":[{"type":"paragraph","content":[{"text":"Use Business Calendar","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1203.0]},"content":[{"type":"paragraph","content":[{"text":"Determines whether to use the business calendar to ensure that there are no missing returns. Drop-down list options include:","type":"text"}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"No","type":"text","marks":[{"type":"strong"}]},{"text":". The business calendar is not used.","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Yes","type":"text","marks":[{"type":"strong"}]},{"text":". Eagle Performance uses the entity's business calendar to compare the expected number of daily and monthly returns at each level. It sets the field to NULL if the count of observations does not equal the count from the business calendar.","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Check at Total Level Only","type":"text","marks":[{"type":"strong"}]},{"text":". Eagle Performance compares the dates of the returns at the Total level, and applies the check results at all levels. If days are missing at the Total level, all levels fail the check and display as blank. If days match at the Total level, all levels attempt to calculate by linking the available data. ","type":"text"},{"type":"hardBreak"},{"text":"For more information, refer to \"","type":"text"},{"text":"Performing Business Calendar Checks\"","type":"text","marks":[{"type":"em"}]},{"text":" and the Use Prior Observations, Months, Quarters, Years option in ","type":"text"},{"text":"\"Performance Link Analysis Field Linking Options.\"","type":"text","marks":[{"type":"em"}]}]}]}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[237.0]},"content":[{"type":"paragraph","content":[{"text":"Annualize Returns","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1203.0]},"content":[{"type":"paragraph","content":[{"text":"Determines whether to annualize returns. Options include:","type":"text"}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"No","type":"text","marks":[{"type":"strong"}]},{"text":". The results are not annualized.","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Yes","type":"text","marks":[{"type":"strong"}]},{"text":". The cumulative results are annualized to the field period.","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"To Held Period","type":"text","marks":[{"type":"strong"}]},{"text":". Results are annualized based on a reduced period from the first date held to the last date held for the specific Security or Sector. If the holding period matches the field period, this calculation produces the same results as the \"Yes\" option. If the held period is less than the field period, this calculation annualizes based on the shorter period. The subsequent annualization adjustment will be less than for the \"Yes\" option, or it will produce a blank value if the shortened period is less than a year. ","type":"text"},{"type":"hardBreak"},{"text":"For more information, refer to \"","type":"text"},{"text":"Annualizing Returns.\"","type":"text","marks":[{"type":"em"}]}]}]}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[237.0]},"content":[{"type":"paragraph","content":[{"text":"Annualization Method","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1203.0]},"content":[{"type":"paragraph","content":[{"text":"Specifies the method to use for annualization. Only available if Annualize Returns drop-down list is set to \"Yes\" or \"To Held Period.\" Options include:","type":"text"}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Use System Settings","type":"text","marks":[{"type":"strong"}]},{"text":". Uses the values set in Eagle Performance System Parameters 8 (Annualization Method) and 9 (Numerator for annualization based on days).","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Default Method","type":"text","marks":[{"type":"strong"}]},{"text":". Uses the Default method for annualization, and ignores the value set in Performance System Parameter 8.","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Days Method","type":"text","marks":[{"type":"strong"}]},{"text":". Uses a Performance System Parameter 8 value of \"Days.\"","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Months Method","type":"text","marks":[{"type":"strong"}]},{"text":". Uses a Performance System Parameter 8 value of \"Months.\"","type":"text"}]}]}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[237.0]},"content":[{"type":"paragraph","content":[{"text":"Numerator for Annualization Based on Days","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1203.0]},"content":[{"type":"paragraph","content":[{"text":"Specifies the number of days to use in the numerator for annualization and ignores the value set in Performance System Parameter 9. Only available if Annualize Returns drop-down list is set to \"Yes\" or \"To Held Period\", and the Annualization Method drop-down list is set to \"Days.\"","type":"text"}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[237.0]},"content":[{"type":"paragraph","content":[{"text":"Mixed Frequency Options","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1203.0]},"content":[{"type":"paragraph","content":[{"text":"Allows you to link returns with a daily, quarterly, or monthly frequency for any specified time period. Options include:","type":"text"}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"End Period","type":"text","marks":[{"type":"strong"}]},{"text":" (default). Allows the return frequency to descend to the end date of the link period from a larger frequency.","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Begin Period","type":"text","marks":[{"type":"strong"}]},{"text":". Allows the return frequency to ascend to a larger frequency from the begin date of the link period.","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Use Quarterly Data","type":"text","marks":[{"type":"strong"}]},{"text":". Allows quarterly records to be used in mixed frequency linking when possible. ","type":"text"},{"type":"hardBreak"},{"text":"Mixed Frequency Options are available for any Performance Link Analysis Field Linking options. For more information, refer to \"","type":"text"},{"text":"Mixed Frequency Linking.\"","type":"text","marks":[{"type":"em"}]}]}]}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[237.0]},"content":[{"type":"paragraph","content":[{"text":"Load Adjustment Returns","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1203.0]},"content":[{"type":"paragraph","content":[{"text":"For backwards compatibility, replaced by Mutual Fund fields.","type":"text"}]}]}]}]},{"type":"paragraph","content":[{"type":"inlineExtension","attrs":{"extensionType":"com.atlassian.confluence.macro.core","extensionKey":"anchor","parameters":{"macroParams":{"":{"value":"RTF390038003600300030003a00"},"legacyAnchorId":{"value":"PerformanceLinkAnalysisField-RTF390038003600300030003a00"},"_parentId":{"value":"755826986"}},"macroMetadata":{"macroId":{"value":"f7b5205c-4acb-49e6-85a7-3f7c8eca6e34"},"schemaVersion":{"value":"1"},"title":"Anchor"}},"localId":"211c572d-939a-4787-a0bc-dc8f4a825e3c"}}]},{"type":"panel","attrs":{"panelType":"info"},"content":[{"type":"paragraph","content":[{"text":"If you are defining a Performance Link Analysis field for use in a Performance Calculation report, be aware that the Performance Calculation report supports source specific Performance Link Analysis fields. By specifying a Performance Source on the underlying Performance field, only data from that source is returned under that field in the report. For more information, see the ","type":"text"},{"text":"Performance Calculation User Guide","type":"text","marks":[{"type":"em"}]},{"text":".","type":"text"}]}]},{"type":"heading","attrs":{"level":2},"content":[{"type":"hardBreak"},{"type":"inlineExtension","attrs":{"extensionType":"com.atlassian.confluence.macro.core","extensionKey":"anchor","parameters":{"macroParams":{"":{"value":"_Toc502673918"},"legacyAnchorId":{"value":"PerformanceLinkAnalysisField-_Toc502673918"},"_parentId":{"value":"755826986"}},"macroMetadata":{"macroId":{"value":"88b02fee-f062-478b-b66c-2e66baad01ed"},"schemaVersion":{"value":"1"},"title":"Anchor"}},"localId":"9148ce9c-c09e-42da-ae25-e9b984ceea44"}},{"text":"Mixed Frequency Linking","type":"text"}]},{"type":"paragraph","content":[{"text":"The Performance Link Analysis Fields use mixed frequency linking for pre-defined periods such as quarter to date, year to date, and inception to date. You can also use this feature to link any specified time period such as the following:","type":"text"}]},{"type":"orderedList","attrs":{"order":1},"content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"End Period","type":"text"}]}]}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Monthly to Daily","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"M M D D","type":"text"}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Quarterly to Monthly to Daily","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"Q Q M M D D","type":"text"}]},{"type":"orderedList","attrs":{"order":1},"content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Begin Period","type":"text"}]}]}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Daily to Monthly","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"D D M M","type":"text"}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Daily to Monthly to Quarterly","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"D D M M Q Q","type":"text"}]},{"type":"orderedList","attrs":{"order":1},"content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Begin and End Period","type":"text"}]}]}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Daily to Monthly to Daily","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"D D M M D D","type":"text"}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Daily to Monthly to Quarterly to Monthly to Daily","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"D D M M Q Q M M D D","type":"text"}]},{"type":"paragraph"},{"type":"paragraph","content":[{"text":"You can use the Use Business Calendar option to ensure there are no missing returns. This option confirms the expected number of D and M records for each period. Details of the mixed frequency linking algorithm follow.","type":"text"}]},{"type":"table","attrs":{"layout":"full-width","localId":"e843eb34-a239-4965-b8c9-73cf9e8674ed"},"content":[{"type":"tableRow","content":[{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[87.0]},"content":[{"type":"paragraph","content":[{"text":"Example","type":"text","marks":[{"type":"strong"}]}]}]},{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[73.0]},"content":[{"type":"paragraph","content":[{"text":"End Period","type":"text","marks":[{"type":"strong"}]}]}]},{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[79.0]},"content":[{"type":"paragraph","content":[{"text":"Begin Period","type":"text","marks":[{"type":"strong"}]}]}]},{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[98.0]},"content":[{"type":"paragraph","content":[{"text":"Use Quarterly","type":"text","marks":[{"type":"strong"}]}]}]},{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[320.0]},"content":[{"type":"paragraph","content":[{"text":"D Records","type":"text","marks":[{"type":"strong"}]}]}]},{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[531.0]},"content":[{"type":"paragraph","content":[{"text":"M Records","type":"text","marks":[{"type":"strong"}]}]}]},{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[252.0]},"content":[{"type":"paragraph","content":[{"text":"Q 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","type":"text"}]},{"type":"paragraph","content":[{"text":"AND ","type":"text"}]},{"type":"paragraph","content":[{"text":"> prior month end date & <= end date","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[531.0]},"content":[{"type":"paragraph","content":[{"text":"> begin month end date & <= begin quarter end date ","type":"text"}]},{"type":"paragraph","content":[{"text":"AND ","type":"text"}]},{"type":"paragraph","content":[{"text":"> prior quarter end date & <= prior month end date","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[252.0]},"content":[{"type":"paragraph","content":[{"text":"> begin quarter end date & <= prior quarter end date","type":"text"}]}]}]}]},{"type":"paragraph"},{"type":"paragraph","content":[{"type":"inlineExtension","attrs":{"extensionType":"com.atlassian.confluence.macro.core","extensionKey":"anchor","parameters":{"macroParams":{"":{"value":"RTF330030003600370036003a00"},"legacyAnchorId":{"value":"PerformanceLinkAnalysisField-RTF330030003600370036003a00"},"_parentId":{"value":"755826986"}},"macroMetadata":{"macroId":{"value":"79aab534-cfda-4d1a-9589-0670198fe9f3"},"schemaVersion":{"value":"1"},"title":"Anchor"}},"localId":"48d804dc-ae9d-40e8-85d5-dbc4932db522"}}]},{"type":"heading","attrs":{"level":2},"content":[{"type":"inlineExtension","attrs":{"extensionType":"com.atlassian.confluence.macro.core","extensionKey":"anchor","parameters":{"macroParams":{"":{"value":"_Toc502673919"},"legacyAnchorId":{"value":"PerformanceLinkAnalysisField-_Toc502673919"},"_parentId":{"value":"755826986"}},"macroMetadata":{"macroId":{"value":"2106a9c8-25e8-42b6-a030-3e295991d307"},"schemaVersion":{"value":"1"},"title":"Anchor"}},"localId":"0a47e700-bdaa-467d-a9b5-58bac5f1a628"}},{"text":"Performance Link Analysis Field Linking Options","type":"text"}]},{"type":"paragraph","content":[{"text":"Several options are available for selecting the time period over which you want to link returns. Similar options are available in the Period Options section of Performance Link Analysis fields and Performance Risk Analysis fields. See the following figure.","type":"text"}]},{"type":"mediaSingle","attrs":{"layout":"align-start","width":40.0},"content":[{"type":"media","attrs":{"__fileSize":12301,"__fileMimeType":"image/png","width":649,"alt":"Period Options","id":"0b77e424-cbff-4bc7-bbbb-0ddd61fda8bc","collection":"contentId-755826986","type":"file","__fileName":"Link Analysis Field Linnking Options.png","height":286}}]},{"type":"panel","attrs":{"panelType":"info"},"content":[{"type":"paragraph","content":[{"text":"When using Performance Link Analysis fields on the Performance Analysis report, if only one observation (D, M, Q, and Y) is found, it is not converted to and from the growth rate. Converting to and from a growth rate with one observation may cause a loss of insignificant digits.","type":"text"}]}]},{"type":"paragraph","content":[{"text":"The following table describes these linking options.","type":"text"}]},{"type":"table","attrs":{"layout":"full-width","localId":"98630a86-515f-4ec7-a7da-e17d0b9826cf"},"content":[{"type":"tableRow","content":[{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[174.0]},"content":[{"type":"paragraph","content":[{"text":"Option","type":"text","marks":[{"type":"strong"}]}]}]},{"type":"tableHeader","attrs":{"colspan":1,"rowspan":1,"colwidth":[1266.0]},"content":[{"type":"paragraph","content":[{"text":"Description","type":"text","marks":[{"type":"strong"}]}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[174.0]},"content":[{"type":"paragraph","content":[{"text":"Use Prior Observations, Months, Quarters, Years","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1266.0]},"content":[{"type":"paragraph","content":[{"text":"The start of the period is always determined by going back that specified calendar period from the Report Profile date. ","type":"text"},{"type":"hardBreak"},{"text":"For example, specifying to use the prior 9 Months makes the start date be 9 calendar months earlier than the report profile end date. If the field is set for 24 observations, and the periodicity is monthly, the statistic is calculated for a period of 24 calendar months back from the date specified by the Report Profile that uses this field. ","type":"text"},{"type":"hardBreak"},{"text":"The Reporting Period Options are distinct from the underlying frequency of the returns data being analyzed that is specified in Data Frequency. ","type":"text"},{"type":"hardBreak"},{"text":"For example, daily returns data can be linked over a period specified by selecting the number of Days, Months, Quarters or Years. ","type":"text"},{"type":"hardBreak"},{"text":"If you select Observations, this option allows you to go back the specified prior ","type":"text"},{"text":"n","type":"text","marks":[{"type":"em"}]},{"text":" number of return observations. If the Use Business calendar check box is not selected, the system goes back to the ","type":"text"},{"text":"n","type":"text","marks":[{"type":"em"}]},{"text":" most recent observations prior to the report date. If the Use Business Calendar option is not in use, the system goes back ","type":"text"},{"text":"n","type":"text","marks":[{"type":"em"}]},{"text":" observations, corresponding to the business days or months suggested by the calendar.","type":"text"}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[174.0]},"content":[{"type":"paragraph","content":[{"text":"Between Two Dates","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1266.0]},"content":[{"type":"paragraph","content":[{"text":"Provide the first and last day of the entire period. For example, to request the return for calendar year 2014, set the begin date to 1/01/2014 and the end date to 12/31/2014.","type":"text"}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[174.0]},"content":[{"type":"paragraph","content":[{"text":"Date Rule","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1266.0]},"content":[{"type":"paragraph","content":[{"text":"Custom rolling link periods can be defined and used with both beginning and end date offsets set via date rules. For example:","type":"text"}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Since-inception as of prior-month end","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"3-year annualized return as of prior year end ","type":"text"},{"type":"hardBreak"},{"text":"Many date rules come pre-configured with the system, and you can add more.","type":"text"}]}]}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[174.0]},"content":[{"type":"paragraph","content":[{"text":"To-date returns","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1266.0]},"content":[{"type":"paragraph","content":[{"text":"You can link returns from the fund's inception date or the funds fiscal year end date. The drop-down list menu shows you all date fields that are being maintained on the entity record. ","type":"text"},{"type":"hardBreak"},{"text":"For example, you can maintain an inception date and a performance inception date, and calculate returns from both dates.","type":"text"}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[174.0]},"content":[{"type":"paragraph","content":[{"text":"Link up to termination date","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1266.0]},"content":[{"type":"paragraph","content":[{"text":"You can select this check box and a corresponding entity termination date field to perform linking up to the termination date only for the fund or benchmark. If you select this option for:","type":"text"}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"The fund, the report identifies that entity's termination date and uses it as the end date for the link period where the termination date is greater than the period end date.","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"The benchmark, the report identifies the termination date of the related fund and uses it as the end date for the link period where the termination date is greater than the period end date.","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Inception-to-date fields or fields greater than one year, the annualization day count also uses the termination date rather than the period end date for the field. ","type":"text"},{"type":"hardBreak"},{"text":"If you plan to select the Use Business Calendar option, selecting this option allows you to provide linked values for funds that terminate prior to the date of the link period. Otherwise, the field returns a null value because the number of returns in the database do not match up with the number of business days in the link period.","type":"text"}]}]}]}]}]},{"type":"tableRow","content":[{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[174.0]},"content":[{"type":"paragraph","content":[{"text":"","type":"text"}]}]},{"type":"tableCell","attrs":{"colspan":1,"rowspan":1,"colwidth":[1266.0]},"content":[{"type":"paragraph","content":[{"text":"You can select one of the following options to allow or prevent the display of partial period returns:","type":"text"}]},{"type":"bulletList","content":[{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Do not check inception date.","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Check inception date. (Default)","type":"text"}]}]},{"type":"listItem","content":[{"type":"paragraph","content":[{"text":"Begin linking from inception date ","type":"text"},{"type":"hardBreak"},{"text":"For more information about these options and how they interact with other field settings, refer to \"","type":"text"},{"text":"Using the Inception Date Check.\"","type":"text","marks":[{"type":"em"}]}]}]}]}]}]}]},{"type":"paragraph"},{"type":"paragraph","content":[{"type":"inlineExtension","attrs":{"extensionType":"com.atlassian.confluence.macro.core","extensionKey":"anchor","parameters":{"macroParams":{"":{"value":"RTF360034003600320038003a00"},"legacyAnchorId":{"value":"PerformanceLinkAnalysisField-RTF360034003600320038003a00"},"_parentId":{"value":"755826986"}},"macroMetadata":{"macroId":{"value":"19d6e4d5-2bd5-468b-a7cc-6f1f8901fce7"},"schemaVersion":{"value":"1"},"title":"Anchor"}},"localId":"87719c20-d1b9-44e2-aae0-0c3205325475"}}]},{"type":"heading","attrs":{"level":2},"content":[{"type":"inlineExtension","attrs":{"extensionType":"com.atlassian.confluence.macro.core","extensionKey":"anchor","parameters":{"macroParams":{"":{"value":"_Toc502673920"},"legacyAnchorId":{"value":"PerformanceLinkAnalysisField-_Toc502673920"},"_parentId":{"value":"755826986"}},"macroMetadata":{"macroId":{"value":"6819c1c0-0a27-4a45-991c-8538e96a3fa4"},"schemaVersion":{"value":"1"},"title":"Anchor"}},"localId":"1d819233-1c2b-4912-a7a4-7e9926a499d6"}},{"text":"Set Multiple Period Contribution Smoothing","type":"text"}]},{"type":"paragraph","content":[{"text":"Performance Link Analysis (PLA) fields can perform multiple period contributions smoothing.","type":"text"}]},{"type":"paragraph","content":[{"text":"If you set up a Performance Link Analysis field that links a Performance Analysis field that has a Contribution Effect and has Smoothing set to Carino-1992, the system smooths the multiple period PLA contributions built from this Performance Analysis field rather than simply chain-linking the contributions across the periods. Eagle Performance uses Cariño (1992) contribution smoothing methodology, described in the next section, to form the period contribution.","type":"text"}]},{"type":"paragraph","content":[{"text":"For example, to configure the sample Performance Analysis field in the following figure to support contribution smoothing, you set Effect to Contribution and you set Smoothing to Carino-1992.","type":"text"}]},{"type":"mediaSingle","attrs":{"layout":"align-start","width":25.0},"content":[{"type":"media","attrs":{"__fileSize":47568,"__fileMimeType":"image/png","width":502,"alt":" Performance Link Analysis Field Options","id":"5f985324-01dd-47d0-9327-f0cc59e525a2","collection":"contentId-755826986","type":"file","__fileName":"worddavb4ef5a349ff4cd8fb677b6e53d837ff2.png","height":521}}]},{"type":"paragraph","content":[{"text":"The sample PLA field in the following figure uses the Performance Analysis field shown in the previous figure.","type":"text"}]},{"type":"paragraph","content":[{"type":"inlineExtension","attrs":{"extensionType":"com.atlassian.confluence.macro.core","extensionKey":"anchor","parameters":{"macroParams":{"":{"value":"RTF380036003100350037003a00"},"legacyAnchorId":{"value":"PerformanceLinkAnalysisField-RTF380036003100350037003a00"},"_parentId":{"value":"755826986"}},"macroMetadata":{"macroId":{"value":"cb329d8e-eade-46b0-9226-b7c0a8a41691"},"schemaVersion":{"value":"1"},"title":"Anchor"}},"localId":"3f608d1d-8ca9-4f46-ac60-62b7f34e234f"}},{"text":" ","type":"text"},{"type":"inlineExtension","attrs":{"extensionType":"com.atlassian.confluence.migration","extensionKey":"inline-media-image","parameters":{"width":"377","alt":" Performance Link Analysis Fields Options","id":"1a763bd5-6e55-4a93-b5cd-6ace6045d7ca","collection":"contentId-755826986","height":"507"}}}]},{"type":"heading","attrs":{"level":2},"content":[{"type":"inlineExtension","attrs":{"extensionType":"com.atlassian.confluence.macro.core","extensionKey":"anchor","parameters":{"macroParams":{"":{"value":"_Toc502673922"},"legacyAnchorId":{"value":"PerformanceLinkAnalysisField-_Toc502673922"},"_parentId":{"value":"755826986"}},"macroMetadata":{"macroId":{"value":"e375cdd5-da4b-4675-bfcd-6c1b35f0be35"},"schemaVersion":{"value":"1"},"title":"Anchor"}},"localId":"7d685cfd-5a45-4cdf-a400-4570c34e37dc"}},{"text":"Cariño (1992) Contribution Smoothing","type":"text"}]},{"type":"paragraph","content":[{"text":"To calculate multiple period contributions, PACE historically applied a contribution computation to each sub-period segment and subsequently combined the segment contributions over time by chain-linking. There is always a difference between the linked returns of the total fund and the linked contributions of the segments to the fund return using this method. Although this PACE technique was first implemented at client request, it is not standard and it is not the most widely used method across the industry.","type":"text"}]},{"type":"paragraph","content":[{"text":"Cariño proposed an alternative for performing the linking that circumvents this problem by eliminating the differences, David Cariño, \"Performance Calculations,\" Russell Technical Notes (1992). Note that this is not the same as his 1999 attribution smoothing algorithm. His 1992 contribution smoothing method assumes that all investment proceeds in one period are reinvested in the following period into categories in proportion to the overall segment weights.","type":"text"}]},{"type":"paragraph","content":[{"text":"For example, to calculate a quarterly contribution of the segment \"Equities\" from monthly:","type":"text"}]},{"type":"paragraph","content":[{"type":"inlineExtension","attrs":{"extensionType":"com.atlassian.confluence.migration","extensionKey":"inline-media-image","parameters":{"width":"352","id":"053dc04a-b975-4c21-9f08-0f3e0e19fa3b","collection":"contentId-755826986","height":"24"}}},{"text":" ","type":"text"},{"type":"hardBreak"},{"text":"where: ","type":"text"},{"type":"inlineExtension","attrs":{"extensionType":"com.atlassian.confluence.migration","extensionKey":"inline-media-image","parameters":{"width":"20","id":"65369330-516b-410e-9e57-b07a663ed67b","collection":"contentId-755826986","height":"20"}}},{"text":" is the equity contribution in month t","type":"text"},{"text":"*","type":"text","marks":[{"type":"subsup","attrs":{"type":"sub"}}]},{"type":"hardBreak"},{"text":"and","type":"text"},{"type":"hardBreak"},{"type":"inlineExtension","attrs":{"extensionType":"com.atlassian.confluence.migration","extensionKey":"inline-media-image","parameters":{"width":"16","id":"2024e282-b441-43bd-8226-1f2f703cc589","collection":"contentId-755826986","height":"19"}}},{"text":" is the portfolio return in month t.","type":"text"}]},{"type":"paragraph","content":[{"text":"For more information, refer to ","type":"text"},{"text":"KB Article #11781, \"Multiple Period Attribution and Contribution Smoothing Algorithms,\"","type":"text","marks":[{"type":"em"}]},{"text":" in the Eagle Knowledge Base.","type":"text"}]}],"version":1}

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