Most field effects are processed through the performance engine where data is automatically adjusted for any applicable price splits (current value times current split ratio). The Functions type effects are specifically designed to bypass the split adjustment process and provide insight to the raw, unadjusted data stored on the NAV table. This information can either be displayed in an OLAP report or sent to Data Mart.
Viewing split adjusted data is a valid approach for certain analysis. However, it is often necessary to analyze the actual unadjusted values. The Functions effects provide a way to retrieve any data value as of the start or end date of a given performance period. They also provide an option to calculate the sum or average of any data value for a given period. These options are all processed without regard to applicable splits.
To create a field for any of the Functions effects:
- Create a Dynamic Mutual Fund Returns field, as described at the beginning of this section.
- In the Effect section, set Category to Functions, and in the Effect list, select one of the following options:
- Average. Calculates the average for the NAV table value specified in the Function Field parameter on the Values tab for the specified performance period.
- Sum. Calculates the sum for the NAV table value specified in the Function Field parameter on the Values tab for the specified performance period.
- Fetch Begin. Fetches and displays the NAV table value specified in the Function Field parameter on the Values tab as of the begin date of the specified performance period.
- Fetch End. Fetches and displays the NAV table value specified in the Function Field parameter on the Values tab as of the end date of the specified performance period.
Because Functions type effects do not include performance processing, the system dims most of the options that are usually available for this field type.
The following figure shows a sample field that uses the Average effect.
- If you select a Functions type effect, the Exclude missing values option and the Do not show if missing values option become available in the Processing Options area. You can select one or neither of these options, as follows:
- Exclude missing values check box selected. Missing values are not counted in the calculation. Missing data refers to a missing record or a NULL value on an existing record. For example, if you select this option and calculate an average for a 3-month period with 91 days, and 1 day is missing, the average is based on a denominator of 90.
- Do not show if missing values check box selected. If there is missing data in the series, the field does not display a value. For example, if you select this option and calculate an average for a 3-month period with 91 days, and 1 day is missing, the average is not displayed. (It appears as a NULL value, indicating a data error.)
- Neither check box selected (Default option). Missing values are counted in the derived result. For example, if you select this option and calculate an average for a 3-month period with 91 days, and 1 day is missing, the average is based on a denominator of 91.
- In the Period Options section, enter the appropriate information.
- Click the Advanced button.
- Select the Values tab, select a value for the Function Field parameter from the list of available field attributes from the NAV table.
- Continue setting the other field options as required.
If you want the field to be based on a fund's relative benchmark, you can select the Benchmark tab, and choose the appropriate options.
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