Composite Rebuild Process

In addition to the standard submission of the composite entity build process, PACE provides an optional feature to rebuild a composites constituent membership from a specified date up through the current date. This is an ad-hoc process that is meant to provide remedial support for assigning funds to a composite. Each client needs to determine if the rebuild option is a permissible action for maintaining composite membership.

If you choose to use the rebuild option, PACE:

Resets the composite by erasing all membership records that were created on or after the stated rebuild date. The reset process can be invoked as of any date but always runs through the current date. You can not specify the end date.
The records that are reset (deleted or updated) are moved to a separate table so they can be audited or reviewed.
Once the composite is reset, PACE resubmits new composite build events (automatically) for all composite build dates on or after the stated rebuild date. Composite build dates can be managed by frequency (daily, monthly, and quarterly) and customized via business calendar.
PACE creates an event package to manage the submission of multiple composite build events. The builds are submitted in chronological order and run sequentially. This means that the January build runs and finishes before the February build is executed. Once February is complete, March is executed.

It is worth noting that the composite entity build process has not changed. The rebuild feature merely clears the membership and automates the composite build events that are being run. By clearing out the previous membership records, the composite build would now use the latest build criteria to add or remove members. Also, since there are no records for the rebuild period, the 'auto update database' feature can be used (recommended)

On this page

1 Submit Build
2 Rebuild Processing
3 Review Deleted Membership Records
4 Hints and FAQs for Composite Rebuild

Submit Build

To execute a rebuild:

From any Eagle window, click the Eagle Navigator button to access the Eagle Navigator.
Enter GIPS in the Start Search text box.
Click the GIPS Composites (Performance Center) link to access the GIPS Composites module.
You see the Performance Center and the GIPS Composites workspace.
Select the appropriate composite and click Submit Build on the Home tab ribbon.
You see the Submit Build dialog box.
Set the Build date by selecting one of the options:
- Build Date
- Use a Date Rule
Select the Rebuild Composite Membership check box.
Note that if you do NOT select this option, the composite build event would be run for the selected date (standard processing).
Specify the Business Calendar (required) from the drop-down list.
The specified dates for that calendar are used to determine composite build dates.
Specify the Frequency of the rebuild (required) from the drop-down list.
The Frequency option (daily/monthly/quarterly) works in conjunction with the business calendar setting. For example, if you select Monthly, PACE looks for the month-end flag on the specified business calendar. All month end dates that are greater than or equal to the rebuild date are considered as composite build dates. If the frequency is daily (quarterly), events kick off based on the daily (quarterly) flag.
Indicate Constituents to Exclude by selecting entities from the drop-down list.
You see the selected entities in the Constituents that will be Removed section. If you wish to see the membership records that are deleted or updated during the reset phase, click the View Constituents that will be removed link. These are the records that are deleted once you submit the rebuild event.
Note that is not a preview of what the composite looks like after the rebuild is complete. This is a preemptive view of what will be removed prior to the new composite builds being executed.
Select one of the two Commit Options by selecting the option:
- Place in pending status in the Composite Approval
- Commit with final status.
Select an appropriate value from the Log Level drop-down list.
Click Submit to execute, or Cancel to cancel the command.

Rebuild Processing

Once submitted, the rebuild process:

Deletes the ownership of any fund with a start date >= 12/31/07, or removes the stop date for funds with a start date < 12/31/07 AND have a stop date >= 12/31/07.
Determines the new build dates based on the chosen parameters (in this case, it would be 1/1/08, 2/1/08, and 3/1/08).
Creates an event package (that can be tracked in the data steward) that manages the submission of the composite build events. The event package:
Runs the composite build for 1/1/08.
When that is complete, the event package runs the composite build for 2/1/08.
When that is complete, the event package runs the composite build for 3/1/08.
When complete, the composite is rebuilt from 1/1/08 through the current date.
Because this process runs chronologically and sequentially (meaning February will not run until January is complete), you are encouraged to use the auto update database option for the build. This optional feature is designed to offer ad-hoc rebuild capabilities. It cannot be implemented as regularly scheduled event. It supports daily, monthly or quarterly rebuild frequencies.

Review Deleted Membership Records

Rebuilding composites is not necessarily a standard practice. Clients must determine if using the rebuild is within their corporate guidelines. If you choose to use this feature, note that all the membership records that are either deleted (or edited) as part of the reset process can be reviewed.

To access this information:

From any Eagle window, click the Eagle Navigator button to access the Eagle Navigator.
Enter Composite Approval in the Start Search text box.
Click the Composite Approval (Performance Center) link to access the Composite Approval module.
You see the Performance Center and the Composite Approval workspace.
Click the Rebuild Removal History tab.
You see the Rebuild Removal History form which provides several filter options to find what you need. You can sort by Composite, Rebuild date range, or Rebuild type.
To sort by Composite, click Select Composite.
You see the Entity Selector dialog box.
To sort by date, click the Rebuild Date check box and select the appropriate dates.
To sort by type, click the Rebuild Type check box and select from one of the two options.
Deleted. Use this option when the start date was on or after the rebuild date.
Updated. Use this option when funds had a start date that was earlier than the rebuild date but had an end date on or after the rebuild date.
After you choose your filter parameters, click Submit to view the removal history. You can also:
Click Print to print the results.
Click Export to Excel to export the results.

Hints and FAQs for Composite Rebuild

How can I monitor the progress of events when I rebuild a composite?
The Event Queue in the Data Steward allows you to monitor the new composite build events spawned by a Composite Rebuild. Just look for event type of 'Event Package'. There are parent evens (the event package) as well as children events (the actual composite entity build events).

Does rebuilding a composite mean the returns are automatically updated?
No, PACE does not automatically recalculate composite performance. The composite rebuild process is only meant to rebuild the composite membership. The circumstances for updating performance vary client to client. Therefore, PACE purposefully does not recalculate automatically. Clients can automate the recalculation by configuring a Process Manager event based on specific requirements. Alternatively, you can manually run the composite weighted returns report for the same date range as the rebuild.

Should I rebuild my composites regularly?
The choice of whether or not to rebuild a composite's membership (or how frequently) is strictly a business decision. Eagle does not provide a representative 'best practice' in this area. However, we do suggest that if you intend to use the rebuild process that you consider:
- Documenting the circumstances that would warrant using the rebuild.
- Determine who should have privileges to use the rebuild (users with access to the entity module are able to use the rebuild).
- Documenting any information that would be useful if you had to answer questions about how and why you rebuilt a composites members.

Can I schedule a composite rebuild to run at regular intervals?
No. The rebuild process is considered an ad-hoc activity in PACE and cannot be scheduled.
How can I set up a custom composite rebuild calendar?
Details on setting up business calendars can be found in the PACE user guides.
However, in summary:
Determine your periodicity for building composites.
Create a new source instance and call it something unique like GIPS Rebuild Calendar.
Using the maintain business calendar functionality, pre populate the calendar according to your needs. For example, if you build composites on the 1st of each month, build your calendar by setting the month end flag on the 1st calendar day of each month as far ahead as possible.
Can I undo or reverse the effects of a rebuild?
Yes, you can manually undo the effects of a rebuild. However, there is no automatic 'reverse' of the rebuild process. If you need to manually put the composite back to its "pre rebuild" state, you can print out the 'Composite Removal History' and use the information to manually redefine the composite.

Can I rebuild the composite for a custom end date?
No. All rebuilds reset composites up through the current date. You can run the process as of any start date, but it always runs up through the current date.

I want to build an advanced report to show the composite membership removal. Where exactly is that data stored?
The records that are deleted or updated during the reset phase are moved to a table in the RULES database. There are no OLAP reports for this data. The location is: RULES.DBO.ENTITY_RANGE_DETAILS_ARCHIVE.