Use the Inception Date Check

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

This section describes the inception date check options available in the Period Options section of Performance Link Analysis and Risk Analysis fields. These options affect the display of partial period returns when the entity inception date occurs within the period.

When you define the inception date check, you can select one of the following options:

  • Do not check inception date. Displays returns if the inception date falls within the period.

  • Check inception date. (Default) Does not display returns if the inception date falls within the period, based on the corresponding field that identifies the fund's inception date.

The inception date check is designed to prevent the display of partial period returns. If the inception date of the fund falls in the middle or after the period, a null return is displayed. This check also applies to benchmarks and if you select the Use Fund Inception Date check box in the benchmark's Performance Analysis field, the fund's INCEPTION_DATE column is used for the check. If the Use Business Calendar option is selected, the check happens before the business calendar check.

You must specify a corresponding entity inception date field. By default, the inception date of the fund has the value, <default>, defined as the INCEPTION_DATE column in the RULES.ENTITY table to maintain backward compatibility. You can use this default value or can perform the check by selecting any other date field from the RULES.ENTITY table.

For example, eglEnt-EntityInceptionDate.

  • Begin linking from inception date. Does not display returns if all the business days/month after inception are not present, assuming that you also select the Use Business Calendar option. The system adjusts the period begin date to the inception date when the inception date falls within the period.

You must specify a corresponding entity inception date field. By default, the inception date of the fund has the value, <default>, defined as the INCEPTION_DATE column in the RULES.ENTITY table. You can use this default value or can perform the check by selecting any other date field from the RULES.ENTITY table. For example, eglEnt-EntityInceptionDate. (This option is available for Performance Link Analysis fields, but is not available for Performance Risk Analysis fields.)

Inception Date Check, Business Calendar Check, and Annualization

The following table describes how the inception date check setting you select interacts with the way you set the Business Calendar Check and the annualization logic you specify for the field.

Inception Date Check Setting

Business Calendar Check

Annualization

Inception Date Check Setting

Business Calendar Check

Annualization

Do not check inception date

When you:

Select the Use Business Calendar option, the system applies the Business Calendar Check for the date range defined as the field begin date to the field end date. If the entity inception date falls within the period as a result of all the returns not being available for the period, the system suppresses the to-date or rolling period returns. It does not display returns if all the business days/months are not present.

Do not select the Use Business Calendar option, the system does not apply the Business Calendar Check. If the entity inception date falls within the period as a result of all the returns not being available for the period, the system allows to-date or rolling period returns.

When you select the Annualize Returns option, the annualization period is the date range defined as the field begin date to field end date.

Check inception date

When you do not select the Use Business Calendar option, the system does not apply the Business Calendar Check. If the inception date of the entity falls within the link period, the Inception Date Check suppresses linked returns.

If you use the Inception Date Check for benchmark fields that refer to the portfolio inception date, it can also suppress benchmark returns for a period where the portfolio inception date falls within the link period.

When you select the Annualize Returns option, the annualization period is the date range defined as the field begin date to field end date.

Begin linking from inception date (Performance Link Analysis fields only)

When you select the Use Business Calendar option, the report can display a return when the entity inception date falls within a link period. The system applies the Business Calendar Check to the link period after the inception date. It does not display returns if all the business days/months after inception are not present.

The system applies the Business Calendar Check for the date range defined as the field begin date to the field end date, unless the inception date falls within the period. If the inception date falls within the period, the date range is defined as the inception date to the field end date.

When you select the Annualize Returns option, the annualization period is the date range defined as the field begin date to field end date, unless the inception date falls within the period.

If the inception date falls within the period, the date range is defined as the inception date to the field end date.

For more information, refer to Performing Business Calendar Checks and Annualize Returns.

About the Inception Date Check Logic

When you set the inception date check to a value of Check inception date (ON) or a value of Do not check inception date (OFF), the system uses the following logic. This logic varies depending whether you use the INCEPTION_DATE column in the RULES.ENTITY table or you use another date field from the RULES.ENTITY table as the inception date. Note how the system applies the inception date check to a fund's benchmark.

Fund Logic

Check inception date with Default Field

  • If the INCEPTION_DATE is null, then display return.

  • If the INCEPTION_DATE lies before field period, then display return.

  • If the INCEPTION_DATE lies in the middle of the field period, then display null.

  • If the INCEPTION_DATE lies after field period, then display null.

Check inception date with Custom Field

  • If the CUSTOM_FIELD is null, then display return.

  • If the CUSTOM_FIELD lies before field period, then display return.

  • If the CUSTOM_FIELD lies in the middle of the field period, then display null.

  • If the CUSTOM_FIELD lies after field period, then display null.

Do not check inception date

  • If the INCEPTION_DATE is null, then display return.

  • If the INCEPTION_DATE lies before field period, then display return.

  • If the INCEPTION_DATE lies in the middle of the field period, then display return.

  • If the INCEPTION_DATE lies after field period, then display return.

Begin linking from inception date with Default Field

  • If the INCEPTION_DATE is null, then display return.

  • If the INCEPTION_DATE lies before field period, then display return.

  • If the INCEPTION_DATE lies in the middle of the field period, then display return.

  • If the INCEPTION_DATE lies after field period, then display return.

Begin linking from inception date with Custom Field

  • If the CUSTOM_FIELD is null, then display return.

  • If the CUSTOM_FIELD lies before field period, then display return.

  • If the CUSTOM_FIELD lies in the middle of the field period, then display return.

  • If the CUSTOM_FIELD lies after field period, then display return.

Benchmark Logic

Use Fund Inception Date check box cleared (Off) in Benchmark's Performance Analysis field
Check inception date with Default Field

  • If Benchmark's INCEPTION_DATE is null, then display return.

  • If Benchmark's INCEPTION_DATE lies before field period, then display return.

  • If Benchmark's INCEPTION_DATE lies in the middle of the field period, then display null.

  • If Benchmark's INCEPTION_DATE lies after field period, then display null.

Check inception date with Custom Field

  • If Benchmark's CUSTOM_FIELD is null, then display return.

  • If Benchmark's CUSTOM_FIELD lies before field period, then display return.

  • If Benchmark's CUSTOM_FIELD lies in the middle of the field period, then display null.

  • If Benchmark's CUSTOM_FIELD lies after field period, then display null.

Do not check inception date

  • If Benchmark's INCEPTION_DATE is null, then display return.

  • If Benchmark's INCEPTION_DATE lies before field period, then display return.

  • If Benchmark's INCEPTION_DATE lies in the middle of the field period, then display return.

  • If Benchmark's INCEPTION_DATE lies after field period, then display return.

Begin linking from inception date with Default Field

  • If Benchmark's INCEPTION_DATE is null, then display return.

  • If Benchmark's INCEPTION_DATE lies before field period, then display return.

  • If Benchmark's INCEPTION_DATE lies in the middle of the field period, then display return.

  • If Benchmark's INCEPTION_DATE lies after field period, then display return.

Begin linking from inception date with Custom Field

  • If Benchmark's CUSTOM_FIELD is null, then display return.

  • If Benchmark's CUSTOM_FIELD lies before field period, then display return.

  • If Benchmark's CUSTOM_FIELD lies in the middle of the field period, then display return.

  • If Benchmark's CUSTOM_FIELD lies after field period, then display return.


Use Fund Inception Date check box selected (On) in Benchmark's Performance Analysis field
Check inception date with Default Field

  • If Fund's INCEPTION_DATE is null, then display return.

  • If Fund's INCEPTION_DATE lies before field period, then display return.

  • If Fund's INCEPTION_DATE lies in the middle of the field period, then display null.

  • If Fund's INCEPTION_DATE lies after field period, then display null.

Check inception date with Custom Field

  • If Fund's CUSTOM_FIELD is null, then display return.

  • If Fund's CUSTOM_FIELD lies before field period, then display return.

  • If Fund's CUSTOM_FIELD lies in the middle of the field period, display null.

  • If Fund's CUSTOM_FIELD lies after field period, then display null.

Do not check inception date

  • If Fund's INCEPTION_DATE is null, display return.

  • If Fund's INCEPTION_DATE lies before field period, then display return.

  • If Fund's INCEPTION_DATE lies in the middle of the field period, then display return.

  • If Fund's INCEPTION_DATE lies after field period, then display return.

Begin linking from inception date with Default Field

  • If Fund's INCEPTION_DATE is null, then display return.

  • If Fund's INCEPTION_DATE lies before field period, then display return.

  • If Fund's INCEPTION_DATE lies in the middle of the field period, then display return.

  • If Fund's INCEPTION_DATE lies after field period, then display return.

Begin linking from inception date with Custom Field

  • If Fund's CUSTOM_FIELD is null, then display return.

  • If Fund's CUSTOM_FIELD lies before field period, then display return.

  • If Fund's CUSTOM_FIELD lies in the middle of the field period, then display return.

  • If Fund's CUSTOM_FIELD lies after field period, then display return.