Perform Business Calendar Checks

Owned by Tom Fahey (Unlicensed)
Last updated: Jul 27, 2023 by Jacob Mathews (Deactivated)
3 min read

You can use the business calendar check to ensure that Eagle Performance calculates and commits a time series of return data for the specific time period presented.

About the Business Calendar Check

When you select the Use Business Calendar option for a calculation, Eagle Performance uses the business calendar to ensure there are no missing returns.

For example, Eagle Performance does not display a one year return unless there is a return for each of the business days in the one year time period. In an increasingly global marketplace, firms have portfolios managed around the world with local market valuation practices potentially requiring use of different business calendars for a portfolio and its respective benchmark.

When you select the Use Business Calendar option for the following types of calculations in Performance Analysis reports and Composite Analysis reports, Eagle Performance uses the business calendar assigned at the entity level to ensure there are no missing returns:

Otherwise, for all other types of Performance calculations, Eagle Performance uses the business calendar associated with Eagle PACE source 4 when performing the business calendar check.

You can review the Business Calendar sheet in EagleEye Analysis to identify the business calendars used to generate Performance Analysis report results.

Use the Business Calendar Check with Benchmark Assignments

When the Performance Analysis report performs a business calendar check for benchmarks assigned for the analysis period, the business calendar selected depends on whether you selected the Process Across Changes check box on the entity benchmark tab for the appropriate primary portfolio. This option enables Performance Analysis fields used in the report to link data across benchmark assignment changes. If you:

  • Select the Process Across Changes check box, the report uses the benchmark for each time range and uses that benchmark's entity level business calendar, if available, for that time range to ensure there are no missing returns. Otherwise, it uses the Eagle PACE business calendar.

  • Clear the Process Across Changes check box, the report uses the benchmark from the report's end date and uses that benchmark's entity level business calendar, if available, to ensure there are no missing returns. Otherwise, it uses the Eagle PACE business calendar.

For more information about linking benchmark assignments, see Benchmark Management.

Assign a Business Calendar to an Entity

You can configure the system to associate a business calendar with an entity, and can assign a different business calendar for each entity in order to apply that entity's business calendar when performing the business calendar check.

If you plan to set up a new business calendar, be aware that you must associate each business calendar with an existing Source in PACE.

You can assign business calendars to entities associated with portfolios, benchmarks, and composites. Be aware that in cases where fields require benchmark returns, such as risk and attribution, Eagle Performance applies the business calendar of the portfolio to the portfolio and applies the business calendar of the benchmark to the benchmark.

To assign a business calendar to an entity:

  1. From the Add/Edit Entity dialog box, click the Entity Details tab. See the following figure.

    Entity Details Tab

  2. In the Business calendar source field, enter the source associated with the business calendar by clicking the icon beside the field to select a value from the list of sources.
    If you do not specify a value, the system applies the Eagle PACE source 4 business calendar by default. The previous figure shows an example of a business calendar selected for an entity.Â