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Performance Reporting for Investment Managers

Complete performance reporting and absolute attribution analysis.

Performance Reporting helps investment managers receive daily performance calculations - without the need to rely on an administrator, custodian or third-party provider for that information.

Broadridge’s market-leading technology platform provides complete performance reporting and absolute attribution analysis for internal and external requirements across asset classes and business dimensions.

Integration Benefits:

• Increased speed and efficiency in evaluating data and making decisions
• Error reduction by eliminating manual data entry and time-consuming reconciliations.
• Increased transparency by shadowing your administrator’s reports and calculations through the elimination of data silos.
• Added versatility by creating customized reports for a variety of purposes – internal management, investor reporting, due diligence, and investor presentations.

The Value of Integration

Broadridge is the only provider that offers an integration of Performance Reporting with hedge funds’ existing order, portfolio and risk management systems.

Comprehensive Performance Measures

An industry leading solution for hedge funds wanting to minimize technology spend and obtain shadow performance calculation—while getting a dynamic, effective, and efficient solution that allows them to focus their time on raising and managing assets.

Leverage a Complete Set of Performance Analytics Tools

• Fund-Level and Combined Fund Performance Gross and Net TWR plus Net IRR in up to 4 currencies across a wide range of fixed periods (day-, month-, quarter-, year-to-date, since inception, 1-3 year rolling and more).
• Asset-Level Performance Computation of returns, weights and contributions at position-level in fund currency including the impact of transactions costs. Also provides multi-asset coverage while incorporating contributions from earned income, support for short positions and internal transfers.
• Market Segment Performance Aggregation of position contributions by geography, strategy, sector and user-definable security attributes.
• Benchmark Comparison Fund vs. benchmark performance charting and benchmark-relative excess return measures such as Excess Return Proportion.
• Fund Analytics Incorporates Standard Statistics, (Alpha, Beta, Volatility, Correlation, R-Squared), Standard Ratios (Sharpe, Sortino, Treynor, Jensen, Information Ratio) and more.
• Historic Performance Measurement Import of historical accounting and benchmark data for performance measurement since inception. Or, pull in a partial accounting history for measurement from a fixed start date.

Simplify Performance Reporting

• Turnkey – Plugs it into your firms existing infrastructure, with no need to redesign systems.
• Integrated – Provides the industry’s only performance reporting solution that is fully integrated with leading software for order management, portfolio management and risk management.
• Transparent – Obtain comprehensive performance metrics enhancing transparency and enabling you to deliver everything a consultant or investor requires for fund due diligence and periodic reporting.
• Timely – Results are automatically updated overnight and available T+1, with automatic backdated corrections.
• Customizable – Set reporting time periods, from a single day to since-inception. You also can define what is included in fees, for calculating performance-net-of-fees.

Advanced Performance Reporting

• Dashboard & Mobile Data Warehouse Reporting Displays data directly from Broadridge’s Analytics Master’s Data Warehouse while conveniently accessing all reports through Report Manager, Broadridge’s web and mobile-based dashboard application.
• Standard Performance Reports Presentation quality outputs for Fund vs. Benchmark, Performance by Segment, Best/Worst Performers and Contributors.

Broadridge, a global Fintech leader with more than $6 billion in revenues, provides the critical infrastructure that powers investing, corporate governance and communications to enable better financial lives. We deliver technology-driven solutions that drive digital transformation for our clients and help them get ahead of today’s challenges to capitalize on what’s next.

Ready for Next

Definitions

• Linked Order
• Multi-Contingent
• One Cancels the Other
• One Triggers the Other
• Primary Order
• Secondary Order

Performance

Your Performance page helps you understand just how your portfolio of investments is doing as well as how the overall market and your own activity have affected your balance over time.

Calculation Methodology

How was my personal rate of return calculated, what is the difference between personal (i.e., money-weighted) and investment (i.e., time-weighted) rates of return.

• Can I choose the calculation methodology that I want to use for my account?

Which accounts are included in the Total Portfolio Return calculation?

Why does the total not include my workplace savings account can this be added, what is the difference between an annualized return and a cumulative return, how are fees handled in the performance calculation, what fees are displayed in the fees column of the "what drove your change in balance" table, is it possible to have my returns calculated at the position level, how will withdrawals affect my performance, how does my stock plan service activity affect my personal rate of return, why are there differences between my monthly statement and my performance reporting figures, how and why are historical performance figures calculated differently prior to october 31, 2008, why is it important to select a benchmark, how do i select a benchmark, how do i show my benchmarks, why are my returns below the benchmark index what should i do, why can't i select a different blended benchmark when viewing account details for my managed account, how to interpret investment performance, my investments are not performing as well as i had hoped. what should i do, what is driving the poor performance in my account, how can i tell whether the changes to my account values are due to my actions or the broader market, timing of data updates, how often will my performance information be updated, would it be possible to see performance data updates more frequently, when will i begin to see data updates for recently opened accounts, why does my inception date not go back to the year in which i opened my account, group or remove accounts from performance, can i create my own grouping of accounts for performance purposes, how can i remove performance reporting for an account, what are purged and hidden accounts are they included in applicable account groups and related returns, how do hidden accounts impact performance, reporting and statements, can i get a paper copy of my performance reporting information, can i download my performance data into a spreadsheet, i would like to see the performance calculation on my statement. is this possible, what fees for annuities are represented in the fee column, why can't i see dividends and interest values for annuities, is it possible to receive personal rate of return for my fixed deferred annuity, why is personal rate of return not available for my income annuity, why can i no longer see personal rate of return for my annuitized variable annuity contract, how and why are historical performance figures for annuities calculated differently prior to january 31, 2012, how are surrendered or terminated contracts handled in personal rate of return.

Your return was calculated using the Personal Rate of Return (money-weighted) calculation. This calculation is based on a number of factors, including changes in the value of the assets you own, dividends and interest you earned, fees that you may have paid, and the size and timing of your additions and/or withdrawals. This type of calculation is also sometimes referred to as an internal rate of return.

Investment (time-weighted) Rate of Return is commonly used to evaluate the performance of a fund or an investment manager. Investment Rate of Return measures the performance of the underlying investments, including dividends, interest, and fees, but seeks to eliminate or minimize the impact of the size and timing of additions and withdrawals. The effect is to better isolate for observation the investment manager's allocation and investment selection. Personal (money-weighted) Rate of Return is used to evaluate the combined investment decisions of both the investment manager and the individual investor. Personal Rate of Return measures the performance of the underlying investments, including dividends, interest, and fees, but also considers the impact of the relative amount and timing of the additions and withdrawals that the customer makes. The result is a rate of return that includes a broader array of causes, including the customer's actions.

Can I choose the calculation that I want to use for my account?

No, customers cannot elect the calculation methodology.

The Total Portfolio Return calculation includes all of your Fidelity Brokerage accounts as well as any other accounts that you have access to view or trade. Workplace Savings Accounts, Brokerage Flex, Brokerage Link and certain Insurance/Annuity accounts are all excluded from the Total Portfolio Return.

Unfortunately, this feature cannot be added upon user request at this time. Fidelity recognizes the value in providing a combined return number that includes all of your Fidelity accounts. Fidelity is actively pursuing a solution for performance reporting that would allow us to achieve this objective.

Annualized Return shows how much your investments have grown or declined – on average – over each year of a multi-year period. Cumulative Return shows how much your investments have grown or declined – in total – over a multi-year period. In certain instances it may be appropriate to compare annualized returns of different periods, but not cumulative returns of different periods.

The performance calculations are net of fees, reducing the performance by the effect of all applicable fees including, for example, the mutual fund management and annuity separate account fees on your underlying investments and any fees related to their purchase; and bank charges, advisory and brokerage fees related to the maintenance and servicing of your account.

The fees column generally only includes maintenance and servicing related account fees including, for example: advisory fees, bank charges and brokerage account fees. Certain ongoing, asset-based fees, such as mutual fund management and annuity separate account fees, that are reflected in the performance calculation are not displayed in the fees column.

At this time, Fidelity’s performance reporting solution does not include position-level performance. See the research page on Fidelity.com to analyze market performance for individual positions.

Withdrawals are not treated as a decline in your return, but will decrease the basis for your return calculation. The money-weighted methodology, or Personal Rate of Return, takes into account the timing and size of deposits and withdrawals.

Your performance impact will differ based on transaction type. Please refer to the table below for details on how SPS transactions are included in performance reporting.

Please note that performance in the Brokerage account for Stock Plan transactions begins measurement at the time of purchase, exercise or vesting.

Significance of SPS activity on performance will depend on the size of the SPS activity as compared to the remainder of the account or portfolio - the larger the amount of other assets, the smaller the impact and vice-versa.

Refer to customer statement for change in investment value and additional details on SPS transaction activity.

Note: Prior to April 14, 2014, Restricted Stock Awards and Restricted Stock Units were included as follows:

The standard performance calculation (your "Personal Rate of Return") uses transaction data differently than your monthly statement and may give different results. See below for examples of differences:

In order for Fidelity to provide you with as much historical performance information as possible, a historical conversion process was used to load transaction, market value, and pricing data. This information is used for approximating returns for periods that begin prior to October 31, 2008 and for annuity contracts, prior to January 31, 2012. After October 31, 2008, and for annuity contracts after January 31, 2012 daily data is being used in the returns calculations. As a result, there can be differences between the way that transactions are treated before and after October 31, 2008 and for annuity contracts before and after January 31, 2012. The differences are as follows:

Benchmarks assist in evaluating the performance of your investments. To put your return in context, it is important to compare it to the performance of similar investments.

Your benchmark should represent the segments of the overall market that you're most heavily invested in. The Performance page lets you choose from 26 single market and blended benchmarks. If your account is made up primarily of municipal bonds you may consider a single market index like the Barclays Municipal Bond Index. However, if your account is 85% stocks and 15% bonds, consider selecting the "Aggressive Growth" blended benchmark. Blended benchmarks combine different market indexes and can often be a better fit for your account. Fidelity customers can leverage the Guided Portfolio Summary tool to determine their current asset allocation.

Several default benchmarks returns are available in the Compare Your Returns to the Market section at the bottom of the performance page. You can also add or modify benchmarks by clicking Change/Add Market Indexes.

It's often difficult to outperform benchmarks, since they don't include any fees. Also, keep in mind that benchmarks do not reflect any personal trades or transactions. The size and timing of your trades can have a significant impact on your rate of return, but will not influence the performance of a benchmark.

The relevant blended benchmark is automatically displayed when viewing a managed account. It would not be accurate to view a different blended benchmark as it would not match the strategy of your account.

The first thing you should do is ensure your asset allocation supports your investment strategy, then make the appropriate adjustments if it does not. Fidelity offers several alternatives to help you manage asset allocation, or we can do it for you.

A broad variety of factors may affect the performance of your account, including your asset allocation, concentration of holdings, the timing and size of your trades, and overall market volatility.

To get a better idea of the changes to your account value, review the graph and table at the top of the Performance page labeled “What drove your change in balance?” This information provides a more detailed breakdown of changes such as account deposits and withdrawals and investment gain or loss.

Pre-tax account performance returns for the previous month will be available by the third business day of each month.

Not at this time. Performance calculations are only published on a monthly basis.

At the end of the first month in which the account was opened, at which time accounts will have been added to the performance database.

Since Inception returns are calculated from the date we added your account information to the performance database, first created on January 31, 2003. If you opened your account prior to January 2003, the inception date for performance reporting is January 31, 2003. For accounts opened after that date, it is from the beginning of the first full month of performance. For Fidelity Portfolio Advisory Services managed accounts opened after October 12, 2015, it is from the start of the first business day after your account satisfied all of the requirements for the investment management team to begin actively managing your account.

For Fidelity Retirement Reserves annuity contracts, if you allocated money to the fixed account of your contract prior to January 1, 2007, the Since Inception date for performance reporting is January 1, 2008 (in all other respects the aforementioned Since Inception date rules apply to all annuity contracts).

Customers with three or more accounts have the ability to create their own performance reporting account groupings. To do this, select the Group Accounts link at the top of the Performance Overview page. Next, provide a name for the Account Group and select the accounts to be added to the group. Performance for the group that you have created will be updated overnight and made available the following day. The new group can then be found in the dropdown menu at the top of the Performance page.

Select the Group Accounts link at the top of the Performance Overview page. Customers can modify existing account groups by locating the appropriate account group and selecting Edit. Users can also remove accounts from a Performance reporting group. This change will take effect overnight and be available the following day. Note: The default composite which includes all of the customer’s accounts cannot be edited.

Purged accounts are accounts that have been removed due to two years of inactivity and a balance of zero. Hidden accounts are accounts which customers have decided not to display on Fidelity.com. Purged and hidden accounts, however, will be removed from all account groupings when the returns are refreshed the following month.

Surrendered and terminated annuity contracts will no longer be available on Fidelity.com and will therefore no longer show a personal rate of return. Deferred annuity contracts that have been annuitized (turned into an income stream) will no longer display an account level PRR but the historical annuity returns will still be included in the aggregate rate of return calculation.

Note: For contracts that annuitized prior to January 31, 2012 no historical data will be available.

Hidden accounts are accounts that customers have decided not to display on Fidelity.com. Hidden accounts will be removed from applicable account groupings when the returns are refreshed the following month.

Yes, click Print at the top of each page to obtain a printer-friendly version.

Yes, the performance returns by period chart as well as the performance chart can be downloaded into a spreadsheet.

Performance calculations displayed here are not included in your monthly statement at this time. Fidelity recognizes the importance and value of customer statements. We are constantly exploring opportunities to improve our customer statements and the inclusion of performance reporting information is under consideration.

Surrender, Redemption, Premium Tax for subsequent purchase payments, Annual Maintenance, and Optional Death Benefit are displayed in the fee column. Where applicable, premium taxes on initial purchase payments are not displayed in the fee column nor are they reflected in the return calculation. In addition, where applicable, ongoing asset-based fees (mortality & expense risk charge, administrative charge, and underlying fund fees) are not displayed in the fee column, however, they are included in the return calculation.

When you allocate your assets in a variable annuity, you're actually purchasing units of a subaccount, not shares of a mutual fund. The insurance company owns shares of a mutual fund on your behalf and in turn provides you with unit values to represent your ownership in the fund. Each year, there may be distributions of capital gains and dividends from the mutual fund. When the fund distributes interest, dividends and capital gains, the insurance company receives those distributions and reinvests them on your behalf. Those distributions flow to you via the unit value. For additional information about dividends and capital gains, please see the Annual and Semiannual reports. These reports explain the total underlying fund distributions for the preceding period.

Not at this time. We will look to add this feature in the future.

When you purchase an income annuity contract, your assets are received by the insurance company in exchange for a guarantee that the insurance company will pay you (or you and your spouse) a lifetime income. Your contract now represents an income guaranteed for your lifetime, not a specific asset amount, and so there is no basis (asset value) from which a Personal Rate of Return can be calculated.

Once the contract annuitizes at the individual level you will no longer see your personal rate of return. Your contract now represents an income guaranteed for your lifetime, not a specific asset amount, and so there is no basis (asset value) from which a Personal Rate of Return can be calculated. However, historical data from when the contract was in deferred status remains at the composite level. For contracts that annuitized prior to January 31, 2012 no historical data will be available.

In order for Fidelity to provide you with as much historical performance information as possible, a historical conversion process was used to load transaction, market value, and pricing data. This information is used for approximating returns for periods that begin prior to January 31, 2012. After January 31, 2012, daily data is being used in the return calculations. As a result, there can be differences between the way that transactions are treated before and after January 31, 2012. The differences are as follows:

In general surrendered or terminated contracts are excluded form the personal rate of return calculation.

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How to Analyze Mutual Fund Performance

Don't Overlook Performance History When Buying Mutual Funds

Apples to Apples: Compare Funds to Appropriate Benchmarks

Know when good fund performance can be bad, understand and consider market and economic cycles, focus on the 5- and 10-year periods for mutual fund performance, use weights to measure fund performance.

• Don't Forget About Manager Tenure

Frequently Asked Questions (FAQs)

Past performance of a mutual fund may not be a guarantee of future results but if you know how to analyze fund performance—if you know what to look for and what to avoid—you can make better investment decisions, which can increase the odds that future performance will meet or exceed your expectations.

The first piece of information to analyze with mutual fund performance is the fund's returns compared to an appropriate benchmark. For example, if you want to see how well your fund is performing, it's best to compare it to the average return for funds in the same category.

Suppose you were to look at your 401(k) statement and notice that one of your funds had a large decline in value, but the others have performed well in a given time frame. This is no indication that the declining fund should be removed from your portfolio. Look at mutual fund types and categories first, to understand whether other funds in the category have had similar performance.

You may also use an index for a benchmark. For example, if the fund is a large-cap stock fund, a good benchmark is the S&P 500 . If the S&P 500 declined 10% during the period you are analyzing but your fund declined 8%, you might not have reason for concern over the performance of your fund.

If you are investing in a mutual fund, especially a stock fund, you likely plan to hold it for at least three years. Making this assumption, there is rarely a need to look at time periods of less than three years. However, this is not to say that short-term returns of, say, one year, are irrelevant. In fact a one-year return for a mutual fund that is incredibly higher than that of other funds in its category can be a warning signal.

Yes, strong performance can be a negative indicator, for a few reasons: One reason is that an isolated year of unusually high returns is abnormal. Investing is a marathon, not a race; it should be boring, not exciting. Strong performance is not sustainable. Another reason to shy away from high short-term performance is that more assets are attracted to the fund.

A smaller amount of money is easier to manage than larger amounts. Think of a small boat that can easily navigate the shifting market waters. More investors mean more money, which makes for a larger boat to navigate. The fund that had a great year is not the same fund it once was, and it should not be expected to perform the same in the future.

In fact, large increases in assets can be quite damaging to a fund's prospects for future performance. This is why good fund managers close funds to future investors; they can't navigate the markets as easily with too much money to manage.

Talk to ten investment advisors and you'll likely get ten different answers about what time periods are most important to analyze to determine which fund is best from a performance perspective. Most will warn that short-term performance (one year or less) won't tell you much about how the fund will perform in the future. In fact, even the best mutual fund managers are expected to have at least one bad year out of three.

Actively-managed funds require managers to take calculated risks to outperform their benchmarks. Therefore, one year of poor performance may just indicate that the manager's stock or bond selections have not had time to achieve expected results.

Just as some fund managers are bound to have a bad year from time to time, fund managers are also bound to do better in certain economic environments, and hence extended time frames of up to three years, better than others.

For example, perhaps a fund manager has a solid conservative investment philosophy that leads to higher relative performance during poor economic conditions but lower relative performance in good economic conditions. The fund performance could look strong or weak now, but what may occur over the next two or three years?

Considering the fact that fund management styles come in and out of favor and the fact that market conditions are constantly changing, it is wise to judge a fund manager's skills, and hence a particular mutual fund's performance, by looking at time periods that span across differing economic environments.

For example, most economic cycles (a full cycle consisting of both recessionary and growth periods) are five to seven years in time duration. Over the course of most five- to seven-year periods, there is at least one year when the economy was weak or in recession, and stock markets responded negatively. And during that same five- to seven-year period there is likely at least four or five years where the economy and markets are positive. If you are analyzing a mutual fund and its five-year return ranks higher than most funds in its category, you have a fund worth exploring further.

Common time periods for mutual fund performance available to investors include the one-year, three-year, five-year and ten-year returns. If you were to give heavier weights (more emphasis) to the most relevant performance periods and lower weights (less emphasis) to the less relevant performance periods, your humble mutual fund guide suggests weighting the five-year heaviest, followed by the ten-year, then three-year and one-year last.

You could create your own evaluation system based upon percentage weights. Suppose you give a 40% weight to the five-year period, a 30% weight to the ten-year period, a 20% weight to the three-year period and a 10% weight to the one-year period. You can then multiply the percentage weights by each corresponding return for the given time periods and average the totals. You can then compare funds to each other. The simple way is to use one of the best mutual fund research sites and do your search based upon 5-year returns, and then look at the other returns once you've found some with good potential. This weighting and/or search method assures that you will choose the best funds based upon performance that gives strong clues about future performance.

Don't Forget About Manager Tenure

Manager tenure must be analyzed simultaneously with fund performance. Keep in mind that a strong five-year return, for example, means nothing if the fund manager has been at the helm for only one year. Similarly, if the ten-year annualized returns are below average, compared to other funds in the category but the three-year performance looks good, you might consider that fund if the manager's tenure is approximately three years, because the current fund manager receives credit for the strong three-year returns but does not receive complete blame for the low 10-year returns. By putting all of the above factors together, you can make smart decisions about buying the best mutual funds for your portfolio.

How can I compare many mutual funds at once?

Look around your brokerage for a mutual fund screener . These tools help investors quickly filter through funds according to their investing priorities. For example, if you want the cheapest large-cap stock fund, you could specify that you want large-cap equity funds, and you could sort your results by the expense ratio. You may have to check the fund's page to learn about manager tenure, but information such as annualized returns, expense fees, and dividend rates are easily found with a screener.

How do you compare mutual funds to ETFs?

Comparing mutual funds to ETFs will use many of the same methods you use when comparing mutual funds to other mutual funds. Expense ratios, manager tenure, and annualized returns will all apply to ETFs as they do to mutual funds. One additional consideration with ETFs is the tax situation. The structure of ETFs gives you greater control over taxation , compared to mutual funds. These differences can be more pronounced with actively managed funds that could trigger capital gains taxes throughout the year.

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Attribution Analysis: Definition and How It's Used for Portfolios

Investopedia contributors come from a range of backgrounds, and over 24 years there have been thousands of expert writers and editors who have contributed.

What Is Attribution Analysis?

Attribution analysis is a sophisticated method for evaluating the performance of a portfolio or fund manager. Also known as “return attribution” or “performance attribution,” it attempts to quantitatively analyze aspects of an active fund manager’s investment selections and decisions—and to identify sources of excess returns, especially as compared to an index or other benchmark.

For portfolio managers and investment firms, attribution analysis can be an effective tool to assess strategies. For investors, attribution analysis works as a way to assess the performance of fund or money managers.

• Attribution analysis is an evaluation tool used to explain and analyze a portfolio’s (or portfolio manager's) performance, especially against a particular benchmark.

Attribution analysis focuses on three factors: the manager’s investment picks and asset allocation, their investment style, and the market timing of their decisions and trades.

• Asset class and weighting of assets within a portfolio figure in analysis of the investment choices.
• Investment style reflects the nature of the holdings: low-risk, growth-oriented, etc.
• The impact of market timing is hard to quantify, and many analysts rate it as less important in attribution analysis than asset selection and investment style.

How Attribution Analysis Works

The method begins by identifying the asset class in which a fund manager chooses to invest. An asset class generally describes the type of investments that a manager chooses; within that, it can also get more specific, describing a geographical marketplace in which they originate and/or an industry sector. European fixed income debt or U.S. technology equities could both be examples.

Then, there is the allocation of the different assets—that is, what percentage of the portfolio is weighted to specific segments, sectors, or industries. 

Specifying the type of assets will help identify a general benchmark for the comparison of performance. Often, this benchmark will take the form of a market index , a basket of comparable assets.

Market indexes can be very broad, such as the  S&P 500 Index  or the Nasdaq Composite Index , which cover a range of stocks; or they can be fairly specific, focusing on, say, real estate investment trusts or corporate high yield bonds.

Analyzing Investment Style

The next step in attribution analysis is to determine the manager’s investment style . Like the class identification discussed above, a style will provide a benchmark against which to gauge the manager’s performance.

The first method of style analysis concentrates on the nature of the manager’s holdings. If they are equities, for example, are they the stocks of large-cap or small-cap  companies? Value- or growth-oriented?

American economist Bill Sharpe introduced the second type of style analysis in 1988. Returns-based style analysis (RBSA) charts a fund’s returns and seeks an index with comparable performance history. Sharpe refined this method with a technique that he called quadratic optimization, which allowed him to assign a blend of indices that correlated most closely to a manager’s returns.

Explaining Alpha

Once an attribution analyst identifies that blend, they can formulate a customized benchmark of returns against which they can evaluate the manager’s performance. Such an analysis should shine a light on the excess returns, or alpha , that the manager enjoys over those benchmarks.

The next step in attribution analysis attempts to explain that alpha. Is it due to the manager’s stock picks, selection of sectors, or market timing ? To determine the alpha generated by their stock picks, an analyst must identify and subtract the portion of the alpha attributable to sector and timing. Again, this can be done by developing customize benchmarks based on the manager’s selected blend of sectors and the timing of their trades. If the alpha of the fund is 13%, it is possible to assign a certain slice of that 13% to sector selection and timing of entry and exit from those sectors. The remainder will be stock selection alpha.

Market Timing and Attribution Analysis

Though some managers employ a buy-and-hold strategy, most are constantly trading, making buy and sell decisions throughout a given period. Segmenting returns by activity can be useful, telling you if a manager’s decisions to add or subtract positions from the portfolio helped or hurt the final return—vis-à-vis a more passive buy-and-hold approach.

Enter market timing, the third big factor that goes into attribution analysis. A fair amount of debate exists on its importance, though.

Certainly, this is the most difficult part of attribute analysis to put into quantitative terms. To the extent that market timing can be measured, scholars point out the importance of gauging a manager’s returns against benchmarks reflective of upturns and downturns. Ideally, the fund will go up in bullish times and will decline less than the market in bearish periods.

Even so, some scholars note that a significant portion of a manager’s performance with respect to timing is random, or luck. As a result, in general, most analysts attribute less significance to market timing than asset selection and investment style.

• Equitas Capital Advisors. " Attribution Analysis ." Accessed Jun. 3, 2021.

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This Schwab Performance Report provides you with investment performance information for your Schwab accounts(s) as a portfolio.

Investment Platform Performance Reporting

Over the last few years, there has been a growing demand from investors for more transparency and better reporting around their platform performance reporting. This is particularly true for fund managers who are using platforms to administer their performance for their portfolios.

In response to this demand, platform investment reporting solutions have developed extensive capabilities that not only allow investors to see exactly how their money is being invested but include services like fund administration, custodian services and client reporting, all packaged into one.

One of the key benefits of performance reporting is that they give investors a much clearer picture of where their money is being invested in a timely and accurate fashion. This can help improve the overall client experience, make more informed decisions about their investment portfolio, and ensure that it is aligned with their financial goals.

If you are a fund manager who is looking to provide more transparency to your investors and free up internal resources, then engaging a platform performance reporting service is a great way to do it.

Fund Reporting tools for business efficiencies

There are a number of benefits that fund reporting services can bring to an investment management business. One of the main benefits is efficiency. By outsourcing this function to a specialist service, funds can free up time and resources that can be better spent on other areas of the business. This can lead to cost savings as well as the improved overall performance of the fund.

Another benefit of using fund reporting services is that it can help to improve decision-making. By having access to accurate and up-to-date information, funds can make more informed decisions about where to invest their money. This can lead to better returns and less risk in the long term.

If you are looking for ways to improve the efficiency of your business, then fund reporting services may be something worth considering. With the right service, you can reap the benefits of improved performance and cost savings. This can help you to grow your business and achieve your financial goals.

Investor Reports

There are a number of ways to measure and report investment performance, but not all of them are created equal. When it comes to choosing the right service for your needs, there are a few key factors to keep in mind.

Cost is always an important consideration, but you also need to make sure that the service you choose can provide accurate and timely reports. Additionally, you’ll want to consider whether the service offers any customisation options or additional features that could be useful for your business.

Several different investor reporting services are available on the market today. While each one has its own unique features and benefits, they all share a common goal: to provide accurate and timely automated reports that can help you make better investment decisions and eliminate human errors.

Which investor reporting service is best for you depends on a number of factors, including cost, customisation options, and additional features. Consider all of these factors when making your decision to ensure that you find the perfect fit for your business. With the right investor reporting service in place, you’ll be able to make better investment decisions and achieve the results you’re looking for.

Who are the main platform investment reporting services?

The main platform investment reporting services in Australia are Netwealth , Hub24 , Praemium , Macquarie, and MLC . Each of these platforms has its own strengths and weaknesses, so it’s important to choose the right one for your needs.

• Netwealth is one of the largest platforms in Australia and offers a wide range of features, and they offer comprehensive reporting services. Netwealth provides detailed reports on your portfolio performance, asset allocation, and more. They are an independent firm, ensuring that the reports are objective and unbiased.
• Hub24 is a popular choice for those who want a simple platform with moderate fees. Hub24 provides a comprehensive suite of fund reporting services that helps fund managers meet their regulatory requirements and can provide tailored solutions to meet specific needs. Offering a range of services, including fund performance reporting, compliance monitoring, and investor communications.
• Praemium is a fund reporting and administration platform that offers a suite of tools for fund managers. Praemium provides comprehensive reporting, portfolio management, compliance and risk management services. Designed to make it easy for fund managers to meet their regulatory requirements. The platform provides a single view of all portfolios, positions and transactions. Fund managers can use Praemium to generate reports on performance, asset allocation and risk.

Praemium Wealth Management Platform

Praemium is an international provider of fund reporting and administration services. They offer a comprehensive suite of solutions that helps fund managers meet their regulatory obligations while also providing them with valuable insights into their portfolios. Some of their services include:

• Fund reporting and analysis
• Regulatory compliance
• Investor communications
• Portfolio management and accounting
• Performance measurement and attribution

They work with some of the world’s leading asset managers, including BlackRock, Fidelity Investments, and JPMorgan Asset Management, providing them with accurate and timely information about their investment portfolios, so they can make informed investment decisions.

Netwealth is an Australian financial services company that provides online investment, superannuation and retirement products and services. The company was founded in 1999 and has since grown to become one of the largest providers of online investment products and services in Australia. Netwealth offers a range of different performance reporting options for its clients, which makes it easy to track the progress of your investments and ensure that they are performing as you expect them to. Netwealth also offers a range of other financial services, such as tax planning and estate planning, which can help you make the most of your money.

When it comes to performance reporting, Netwealth gives its clients a lot of options. You can track the progress of your investments online, via email or even through their mobile app. This makes it easy to stay on top of your finances and ensure that your assets are performing as you want them to.

Hub24 is a leading provider of investment services, analytics and performance reports. They work with some of the world’s largest asset managers, banks and financial advisers, providing them with the tools they need to deliver superior investment performance to their clients.

Offering a range of services that helps our clients to measure, monitor and report on the performance of their portfolios. Hub24’s products are used by investment professionals all over the world, helping them to make better-informed decisions about where to invest their money.

If you’re a fund looking for an investment reporting and performance measurement service that can help you to improve your investment results, then Hub24’s website is worth considering.

SMA Performance Reporting (Separately Managed Accounts)

An SMA is a separately managed account. This type of account is where the client has their own account with the investment firm, and the investment firm employs one or more portfolio managers to manage the account on behalf of the client.

The portfolio managers make all of the investment decisions for the client, and they are responsible for executing trades in order to achieve the desired results. The advantage of an SMA is that it allows investors to have a great deal of control over their investments.

They can choose which portfolio manager to work with, and they can also decide how much risk they are willing to take on. SMAs can be used for a variety of different investment strategies, and they can be customised to meet the needs of each individual investor.

SMA reporting services are designed to provide investors with timely and accurate information about the performance of their investments. The reports are generated by tracking the performance of numerous investments or portfolios on a daily basis. The reports include detailed data on asset allocation, risk management, and return analysis. Some of the more well-known SMA reporting service providers are Lonsec, Macquarie, BT and Morgan Stanley, and Quant Reports to name a few.

Quant Reports Performance Reports

Quant Reports is an independent research firm that provides analysis and information to investors and fund managers. We offer a range of services, including portfolio analysis, asset allocation recommendations, and market commentary.

Our reports are designed to help investors make informed decisions about where to allocate their assets. Quant Reports has a team of experienced analysts who use proprietary data sources and analytical tools to produce insightful research.

In addition to providing reports, Quant Reports also offers consulting services to clients who want more personalised advice. Their team can provide customised asset allocation recommendations and help clients develop investment strategies that meet their specific goals.

Whether you’re an asset consultant, advisory or a professional money manager, Quant Reports can provide you with the research you need to make sound investment decisions. Visit their website today to learn more about their services and how they can help you achieve your financial goals.

Quant Reports is a performance and factsheet reporting service providing fund managers with insights they need to make better decisions. Our reports are tailored to each client’s needs and include data analysis, asset allocation and performance attribution. We believe that our reporting services can benefit fund managers in a number of ways:

• By providing comprehensive and up-to-date information on their portfolios, our reports can help fund managers to identify potential risks and opportunities.
• Our reports can also help fund managers to track their performance against their peers and benchmark indexes.

In addition, our reports can provide valuable insights into the behaviour of markets and how different asset classes are performing. This can help fund managers to make more informed decisions about where to allocate their assets.

We are committed to providing the best possible performance reporting services to our clients to ensure your future success. If you are a fund manager, investment consultant or advisor and want to learn more about our platform, don’t hesitate to contact us today. We would be happy to discuss your specific needs and provide you with a customised report.

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Commonwealth Funds believes investors should track mutual fund investment performance by reviewing the semi-annual and annual fund reports. These are instrumental to measure their value.

Every report details the performance of each fund, as well as the portfolio composition and its percentage towards the total investment, so you know at all times what you’re investing in. The report goes on to list the schedule of investments and identifies financial highlights, such as net value assets from the beginning to end of a period. If you have questions, contact Shareholder Services at 888.345.1898.

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FY22 Permanent Fund Performance Report

In Uncategorized by Adam Kane August 4, 2022

Our Commitment to Alaska

APFC’s long-term stewardship, prudent management, and diverse investment strategy ensure the Alaska Permanent Fund will continue to be safeguarded and wisely invested for the benefit of generations of Alaskans. Though we continue to find ourselves in extraordinary times, be assured that our staff is working at capacity and is fully engaged in managing the portfolio to find opportunities within the current market and limiting the downside impacts to the Fund.

Notes on Performance

Reflected in the APFC June 30, 2022 Performance Report are the successes and challenges faced by the portfolio over the past year. Following a year of record returns and explosive growth in global markets, forecasted market volatility and inflationary pressures are now impacting Fund performance.

Amid these global economic pressures, the total Fund performance is down 1.32% for the fiscal year 2022. That said, the Fund significantly outperformed the passive benchmark of -14.64% and the performance benchmark of -3.24%, for which Fund performance is measured in comparison.

“The silver lining from a year where the Fund did not achieve the level of returns our stakeholders need and expect, highlighted in this performance report, is that the Fund outperformed its performance benchmark for nearly every asset class. With APFC’s prudent strategy and a well-diversified portfolio, our expert staff continued to identify interesting opportunities and generated returns greater than the passive index and our peer groups indices,” noted Marcus Frampton, Chief Investment Officer.

The total return objective of inflation plus 5%, equal to 14.06% for FY22, was not met. Fortunately, guided by the strategic investment policy set by the Board of Trustees, the Alaska Permanent Fund is comprised of a well-diversified portfolio invested over a long-term horizon to ensure that it can continue to deliver necessary returns across a range of market environments. The benefits of portfolio diversification become more vital during such recent market swings, as does the ongoing diligence of APFC’s active investment management.

Valerie Mertz, Acting Executive Director, provides, “I want to assure Alaskans that the Fund continues to be a source of stability. Yes, Fund performance was slightly negative, but the diverse mix of assets and our long-time horizon mean we are keeping to our commitment to provide a stable source of revenue for Alaskans to rely on.”

Read the FY22 Performance Report

Fund Values

The ending fiscal year 2022 Fund values, including the total Fund, the Principal and the Earnings Reserve Account, will be available once the annual audit of the financial statements is complete. The Audit Committee is scheduled to meet on September 1, 2022.

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https://www.wsj.com/finance/investing/sec-takes-on-private-equity-hedge-funds-c8323685

SEC Takes On Private Equity, Hedge Funds

Commission votes 3-2 to approve sweeping new rules aimed at increasing transparency, driving down fees.

Updated Aug. 23, 2023 5:27 pm ET

WASHINGTON—Wall Street’s main regulator approved sweeping new rules aimed at overhauling the way private-equity and hedge funds deal with their investors, in the biggest regulatory challenge in more than a decade to firms such as Blackstone, Apollo Global Management and Citadel. 

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U.S. Weekly FundFlows Insight Report: Municipal Bond ETFs Attract Second-Largest Weekly Inflow Of 2023

• At the close of LSEG Lipper’s fund-flows week, U.S. broad-based equity indices reported positive returns - the Russell 2000 (+1.77%), Nasdaq (+2.17%), S&P 500 (+1.78%), and DJIA (+1.21%) were all in the black.
• The S&P CoreLogic Case-Shiller Indices showed all 20 major metro markets reported month-over-month price increases for the fourth straight month.
• Exchange-traded taxable fixed income funds observed a $2.0 billion weekly inflow—the macro-group’s third weekly outflow in four.
• Conventional equity funds (ex-ETFs) witnessed weekly outflows (-$5.4 billion) for the twentieth straight week.

During LSEG Lipper’s fund-flows week that ended August 30, 2023, investors were overall net purchasers of fund assets (including both conventional funds and ETFs) for the third week in four, adding a net $7.5 billion.

Equity funds (-$4.6 billion) and taxable bond funds (-$217 million) observed weekly outflows, while money market funds (+$11.9 billion) and tax-exempt bond funds (+$408 million) registered inflows.

Index Performance

At the close of LSEG Lipper’s fund-flows week, U.S. broad-based equity indices reported positive returns—the Russell 2000 (+1.77%), Nasdaq (+2.17%), S&P 500 (+1.78%), and DJIA (+1.21%) were all in the black. This was the second consecutive week of gains for both the Nasdaq and S&P 500.

The Bloomberg Municipal Bond Total Return Index (+0.26%) recorded its first plus-side return in five weeks. The Bloomberg U.S. Aggregate Bond Total Return Index (+0.54%) logged its second straight positive weekly return.

Overseas indices traded up—the Nikkei 225 (+0.25%), FTSE 100 (+2.45%), and DAX (+1.81%), and Shanghai Composite (+1.92%).

Rates/Yields

The 10-two Treasury yield spread has remained negative (currently -0.77) for more than one year. The 10- and 30-year Treasury yields fell over the week (-1.63% and -0.89%, respectively).

According to Freddie Mac, the 30-year fixed-rate average (FRM) fell after five straight weeks of increases—the weekly average is currently at 7.18%. Both the United States Dollar Index ( DXY , -0.25%) and VIX (-15.13%) fell over the course of the week.

The CME FedWatch Tool currently has the likelihood of the Federal Reserve increasing interest rates by 25 basis points (bps) at 11.5%. This tool forecast a 19.0% possibility of the same hike one week ago. The next meeting is scheduled for September 20, 2023.

Market Recap

Our fund-flows week kicked off on Thursday, August 24, with the market digesting the Securities and Exchange Commission’s (SEC) most recent adoption of private fund regulations. In a three to two vote, the SEC announced there will be new requirements on reporting, disclosures, audits, and treatment of preferential terms for private funds. The new regulations will require private equity, hedge funds, and venture capital to provide investors with regular statements that include fund fees, expenses, and performance metrics. Nvidia ( NVDA ) continued to rise prior to market hours on Thursday (+8.0%) after the semiconductor company reported its Q2 results on Wednesday. Sales for the company came in at a record $10.3 billion, beating the estimates of $8.0 billion. Weekly unemployment insurance claims were reported by the Department of Labor (DOL) at 230,000, a decrease of 10,000 from the prior week’s revised level. Equity markets finished down on the day, led by the Nasdaq (-1.87%), while a selloff ensued in the Treasury markets—the 10-year Treasury yield rose 1.22%.

On Friday, August 25, LSEG Lipper reported its weekly classification performance report. The report highlighted that Lipper Large-Cap Growth Funds (+0.64%) led the U.S. Diversified Equity classifications, while Lipper Large-Cap Value Funds (-0.54%) was the laggard of the group. In the Sector Equity classifications, Lipper Science & Technology Funds (+1.10%) led the macro-group, while Specialty/Miscellaneous Funds (-1.14%) was at the bottom of the group. Other highlights included: China Region Funds (-1.75%) significantly underperformed the World Equity macro-group average (-0.01%). Precious Metals Equity Funds (+3.82%), Latin American Funds (+2.67%), and Commodities Agriculture Funds (+2.16%) were the three top classifications over the past week in all equity classifications. In terms of fixed income classifications, over the course of the last week Emerging Markets Local Debt Funds (+0.86%), General U.S. Treasury Funds (+0.73%), and Corporate Debt A-Rated Funds (+0.72%) were the three top performers. Equity markets rallied as the Federal Reserve Chair Jerome Powell stated there has been stronger than expected economic growth. Powell went on to talk about how consumer spending has been ”especially robust” while he sees positive signs in the housing market. The two-year Treasury yield rose 1.06% while the 10-year yield fell 0.05%.

On Monday, August 28, equity markets rose—Nasdaq (+0.84%), Russell (+0.83%), S&P 500 (+0.63%), and DJIA (+0.62%) were all up. Treasury yields fell on the day, led by the five-(-0.74%) and 10-year (-0.73%) yields. In international news, U.S. Commerce Secretary Gina Raimondo has become the third cabinet secretary to visit China this year. Raimondo stated, “Of course, in matters of national security, there is no room to compromise or negotiate…the vast majority of our trade and investment relationship does not involve national security concerns.” The visit comes as China continues to struggle with its economy and in particular its real estate sector.

On Tuesday, August 29, the Conference Board reported that the Consumer Confidence Index fell in August (106.1) from last month’s revised reading (114.0). Dana Peterson, Chief Economist at the Conference Board, said,

“August’s disappointing headline number reflected dips in both the current conditions and expectations indexes…consumers were once again preoccupied with rising prices in general, and for groceries and gasoline in particular.”

The S&P CoreLogic Case-Shiller Indices showed all 20 major metro markets reported month-over-month price increases for the fourth straight month. Equity markets rose for the third straight day—the Nasdaq (+1.74%), S&P 500 (+1.45%), Russell (+1.42%), and DJIA (+0.85%) were all in the black. The 10-year Treasury yield fell 2.14%.

Our fund-flows week wrapped up Wednesday, August 30, with equity markets realizing gains for the fourth straight day as Treasury yields were flat. Hurricane Idalia hit the Gulf Coast of Florida in the early morning as a Category 3, but was downgraded to a tropical storm as it crossed Georgia and Carolinas. Private employers added 177,000 jobs in August, according to payroll company ADP. Chief Economist Nela Richardson said, “This month’s numbers are consistent with the pace of job creation before the pandemic. After two years of exceptional gains tied to the recovery, we’re moving toward more sustainable growth in pay and employment as the economic effects of the pandemic recede.” The National Association of Realtors reported that pending home sales increased 0.9% in July 2023, marking the second straight month of gains. The Northeast and Midwest posted losses month over month as sales in the South and West increased. All four regions saw 12-month declines.

Exchange-Traded Equity Funds

Exchange-traded equity funds recorded $762 million in weekly net inflows, marking the eighth weekly inflow in 10. The macro-group posted a 1.82% gain on the week, its second consecutive week in the black.

Growth/value-large cap ETFs (+$1.2 billion), equity income ETFs (+$580 million), and sector-technology ETFs (+$382 million) reported net inflows on the week. Growth/value-large cap ETFs have attracted new capital in four of the last six weeks after realizing back-to-back weekly gains.

International equity ETFs (-$613 million), sector-energy ETFs (-$447 million), and growth/value-small cap ETFs (-$223 million) were the largest outflows under the macro-group. International equity ETFs have now suffered three straight weekly outflows despite two consecutive weeks of plus-side performance.

Over the past fund-flows week, the two top equity ETF flow attractors were iShares: Core S&P 500 ( IVV , +$1.5 billion) and SPDR Gold Trust ( GLD , +$325 million).

Meanwhile, the bottom two equity ETFs in terms of weekly outflows were Invesco QQQ Trust 1 ( QQQ , -$1.4 billion) and Invesco S&P 500 Equal Weight ETF ( RSP , -$557 million).

Exchange-Traded Fixed Income Funds

Exchange-traded taxable fixed income funds observed a $2.0 billion weekly inflow—the macro-group’s third weekly outflow in four. Fixed income ETFs reported a weekly return of positive 0.37% on average, their third week in the black over the last four.

Corporate-high yield ETFs (+$1.1 billion), government-Treasury ETFs (+$684 million), and corporate-investment grade ETFs (+$402 million) were the top taxable fixed income subgroups to witness inflows on the week. Corporate-high yield ETFs attracted its first week of inflows after five straight weeks of outflows. The subgroup also saw a gain on the week (+0.74%) after back-to-back weeks in the red.

International & global debt ETFs (-$191 million) and corporate-high quality ETFs (-$6 million) were the only taxable fixed income subgroups to post outflows over the week. International & global debt ETFs have now observed four consecutive weeks of outflows as they have suffered four weeks of losses in the last six.

Municipal bond ETFs reported a $760 million inflow over the week, marking their first weekly inflow over the past three weeks. The subgroup realized a positive 0.25% gain— its first positive weekly return in five weeks.

SPDR Bloomberg High Yield Bond ETF ( JNK , +$590 million) and SPDR Bloomberg 1-3 Month T-Bill ( BIL , +$523 million) attracted the largest amounts of weekly net new money for taxable fixed income ETFs.

On the other hand, iShares: TIPS Bond ETF ( TIP , -$878 million) and iShares: iBoxx $Investment Grade Corporates ETF ( LQD , -$317 million) suffered the largest weekly outflows under all taxable fixed income ETFs.

Conventional Equity Funds

Conventional equity funds (ex-ETFs) witnessed weekly outflows (-$5.4 billion) for the twentieth straight week. Conventional equity funds posted a weekly return of positive 1.73%, the second consecutive week of gains.

Growth/value-large cap (-$2.8 billion), growth/value-small cap funds (-$553 million), and equity income funds (-$520 million) were the largest subgroup outflows under conventional equity funds. Growth/value-large cap funds have suffered 36 consecutive weeks of outflows while observing a 1.82% gain on average over the last week. The four-week net flow moving average has remained negative for 84 weeks.

No conventional equity fund subgroup reported inflows over this Lipper fund-flows week.

Conventional Fixed Income Funds

Conventional taxable-fixed income funds realized a weekly outflow of $2.2 billion—marking their fourth weekly outflow in five weeks. The macro-group logged a positive 0.61% on average—their third weekly gain in four.

Conventional corporate-investment grade funds (-$1.4 billion), flexible funds (-$359 million), and government-mortgage funds (-$269 million) reported the largest weekly outflows under taxable fixed income conventional funds. Conventional corporate-investment grade funds have seen back-to-back weekly outflows, despite two straight weeks of gains.

Corporate-high yield funds (+$142 million) and government-Treasury & mortgage funds (+$3 million) were the only taxable fixed income macro-group to produce inflows. Corporate-high yield conventional funds attracted new capital for the first week in three as they logged a return of positive 0.63% on the week.

Municipal bond conventional funds (ex-ETFs) returned a positive 0.14% over the fund-flows week—their first weekly gain in six. The subgroup experienced a $352 million outflow, marking the ninth weekly outflow in 10.

LSEG Lipper delivers data on more than 330,000 collective investments in 113 countries. Find out more.

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Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.

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The U.S. Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity to comment on proposed information collections, as required by the Paperwork Reduction Act of 1995, Pub. L. No. 104-13 (44 U.S.C. 3506(c) (2) (A)). Currently, the Community Development Financial Institutions Fund (CDFI Fund), the Department of the Treasury, is soliciting comments concerning the Performance Progress Report and Financial Statement Audit Report Form. The Performance Progress Report and Financial Statement Audit Report Form are online forms submitted through the CDFI Fund’s Awards Management Information System (AMIS).

Recipients of the Community Development Financial Institutions Program (CDFI Program), the CDFI Rapid Response Program (CDFI RRP), the Native American CDFI Assistance Program (NACA Program), and the Small Dollar Loan Program (SDL Program) submit the Performance Progress Report via AMIS once a year. Recipients and Allocatees of the CDFI Program, CDFI RRP, NACA Program, CMF, New Markets Tax Credit Program (NMTC Program), and SDL Program also submit the Financial Statement Audit Report via AMIS once. These reports are used to determine Recipient compliance with their Assistance Agreement. There are no significant content changes to the forms, however minor, non-substantive modifications were made to the Performance Progress Report to include changes resulting from the implementation of new programs and modifications to existing Assistance Agreements.

Comments are invited on: (a) whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information.

Comments must be submitted in writing by 60 days after the date of publication of the Federal Register notice to Heather Hunt, Program Manager for the Office of Compliance Monitoring and Evaluation (OCME), CDFI Fund at [email protected]

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Hedge fund exposure to 7 biggest tech stocks at record high, Goldman Sachs says

A Nvidia logo can be seen on one of their products on display at their headquarters in Taipei, Taiwan May 31, 2023. REUTERS/Ann Wang Acquire Licensing Rights

LONDON/NEW YORK, Aug 28 (Reuters) - Hedge funds hold record exposure to the seven biggest tech stocks by market capitalization, according to data released on Friday by Goldman Sachs, in a week Nvidia (NVDA.O) hit an all-time high after beating revenue expectations.

The largest seven U.S. stocks collectively now make up about 20% of the total net market value held by hedge funds tracked by Goldman Sachs. They have also been instrumental in the gains in the broader U.S. equity market this year.

Microsoft (MSFT.O) , Apple (AAPL.O) , Alphabet (GOOGL.O) , Meta (META.O) , Amazon (AMZN.O) , Nvidia and Tesla (TSLA.O) saw the biggest percent of single stock exposure as of Aug. 24, meaning the positions were trades in the individual stocks, not just in the indices like the Nasdaq.

"Hedge funds continue to embrace mega cap tech and the artificial intelligence theme," Goldman Sachs' prime brokerage said in a note sent to a restricted group of clients and obtained by Reuters. The investment bank did not immediately comment on the note.

The companies did not immediately respond to a request for comment.

Last week, Nvidia reported record quarterly revenue fueled by strong demand for its artificial intelligence (AI)-focused chips and said the AI boom has legs .

"We essentially have had two markets: the 'Magnificent Seven' and all the rest of equities. Hedge funds will be forced into capturing these returns regardless of analysis," said Jim Neumann, chief investment officer of Sussex Partners.

"It is momentum on steroids," he said, adding that stock-picking hedge funds might find it harder to outperform investments in other asset classes, like fixed income.

Goldman Sachs, which runs one of Wall Street's largest prime brokerages, is able to track trends in flows.

Shares in these companies have all risen over 35% this year, with performances ranging from Apple's 38% rise to Nvidia's 211% jump.

"The primary objective of hedge funds is to generate returns, rather than to be imaginative for the sake of diversification," said Bruno Schneller, managing director at INVICO Asset Management.

Given the stocks' outperformance, it makes sense to have invested in them, Schneller said.

Daniel Loeb, the CEO of Third Point - which had around $12.6 billion in assets under management at the end of February - said earlier in August that his top five winners in 2023 had included Microsoft, Amazon and Alphabet.

HFR's long/short index, which tracks the performance of stock-trading hedge funds that buy and sell stocks, was up about 7% for the year through July, according to the data company's website.

Reporting by Nell Mackenzie and Carolina Mandl; Editing by Sharon Singleton and Paul Simao

Our Standards: The Thomson Reuters Trust Principles.

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APRA releases 2023 superannuation performance test results

The Australian Prudential Regulation Authority (APRA) has released the results of the 2023 superannuation performance test. 

The annual test is designed to improve member outcomes by assessing the long-term performance of superannuation products against tailored benchmarks, with consequences for those that fail.

This year’s test was expanded to evaluate the performance of 805 “trustee directed products”, a subset of the choice sector 1 . MySuper products were tested for the third year in a row, with 64 MySuper products assessed.

The 2023 performance test results showed:

• 96 trustee directed products failed to meet the test benchmarks. This included 20 of 500 non-platform products and 76 of 305 platform products 2  
• 75 per cent of failed trustee directed products are concentrated in products offered by just four trustees: N. M. Superannuation Proprietary Limited, Nulis Nominees (Australia) Limited, Oasis Fund Management Limited, and OnePath Custodians Pty Limited  
• one MySuper product failed to meet the test benchmarks, compared with five failed products in 2022 and 13 in 2021. It is the third consecutive year that this product – AMG MySuper – has failed the test. It has been closed to new members since 2022 and the trustee has plans to cease this product  
• the median administration fees and costs for platform trustee directed products were the highest at 0.54 per cent of assets, compared to 0.27 per cent for non-platform trustee directed products and 0.26 per cent for MySuper products

Trustees of products that failed to pass the benchmarks must notify their members of the test outcomes by 28 September 2023. Trustees cannot accept new members into products that have failed for two consecutive years.

APRA Deputy Chair Margaret Cole said the expanded scope of this year’s test had significantly enhanced transparency over a wider range of super investment options.

“The annual performance test remains a powerful tool to help APRA hold trustees to account for product performance, fees and costs. Since its introduction in 2021, nine underperforming MySuper products have exited the market and a total of 800,000 members, with combined assets of $39 billion, have moved to better performing products.” 

Ms Cole noted that evaluating choice product performance was more nuanced than for default MySuper products. 

“Members in trustee directed products make active decisions about their investment options and some might select products for reasons beyond performance. Nevertheless, all trustees must take responsibility for the products they make available and ensure the products they offer are in their members’ best financial interests.”

“We acknowledge that some trustees with multiple failed products have rationalisation programs underway to improve member outcomes. APRA expects heightened focus on these underperforming products and will be monitoring the progress of product consolidation programs closely,” she said.

Copies of the publication/s are available on APRA’s website at:  Annual superannuation performance test .

1  Broadly, trustee-directed products are multi-asset products where the trustee has control over the design of the investment strategy of the product.

2   A platform TDP is a trustee directed product that is offered through one or more investment menus of the platform type.

Media enquiries Contact APRA Media Unit, on  +61 2 9210 3636 All other enquiries For more information contact APRA on  1300 558 849 .

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $8.6 trillion in assets for Australian depositors, policyholders and superannuation fund members.  

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