What is the difference between Consistency and Edge?
Consistency is similar to the commonly used Batting Average Statistic and measures the consistency of the over and under performance of a manager’s stock selection and factor timing returns. Edge is a proprietary statistic that measures the magnitude of a manager’s stock selection and factor timing returns.
What asset classes does Aapryl cover?
Aapryl currently covers equity managers including US, International, Global and Emerging Market and fixed income managers.
What is unique about Aapryl’s Peer Groups?
Aapryl believes that many of the peer groups used throughout the industry are too broad and the groupings do not accurately reflect common risk/reward profiles. Aapryl uses returns based style analysis to determine the drivers of the manager’s performance and then groups managers based on these exposures.
If I don’t want to use Aapryl’s peer groups, can I use traditional peer groups?
Currently, the universe categorizations from other 3rd Party data providers are not available in Aapryl. However, you can create Custom Universe Lists for comparative purposes, but please note that all of Aapryl’s skill metrics are only relative to the constituents within a products Aapryl Peer Group.
How does Aapryl account for Risk within its methodology?
Aapryl deals with risk several ways.
- Stress Testing – Aapryl creates a stress test for managers to show how the manager would have performed in historic periods of market stress. To do this, Aapryl uses RBSA to create a “clone portfolio” or a factor based portfolio that replicates the manager’s exposure to the market. Aapryl then views that clone portfolio’s performance in periods of market stress as a proxy for how the manager would have performed in those periods. The results are shown graphically.
- Returns Based Style Analysis – Aapryl’s style analysis methodology identifies changes in manager behavior that could lead to more risk.
Why should I use a Returns-based analysis as opposed to a Holdings-based analysis?
Both Return’s based and Holdings based analyses are useful when analyzing a manager. Holdings based analysis provides insight into the what is in a portfolio at a given point in time and how the portfolio can be expected to behave. Returns based analysis looks at the actual behavior of the manager over time. Returns based analysis is particularly useful when asset allocations are made based on assumption about the performance of specific indices.
How is the Aapryl Return forward looking if it’s based on historical data?
Aapryl’s methodology is based on research and distinguishes between statistics that are good outcomes from statistics that have true predictive power. Research has shown that a manager’s excess return over its “clone portfolio” is persistent. We use this concept and other statistics to predict future performance. It is important to note that Aapryl’s methodology has been fully tested and a paper showing the methodology’s efficacy is available on our website.
Do you find that users are using Aapryl to make shorter term manager decisions?
Aapryl’s forward looking analytics predict the managers that will be top performers over the next 3 years, so this is a reasonable time frame to think about decisions. That said, Aapryl helps to streamline the manager selection process and monthly/quarterly analysis. It allows users to have more in-depth conversations with their managers to understand their performance and make better decisions.
How many funds are in each Aapryl Peer Group?
Average number of funds per peer group
|Relative / High Quality Value||Defensive||High Quality / Stable Growth|
|Cyclical / Low Quality Value||GARP / Blend||Cyclical / High Growth|
- Dynamic (trailing 36 months)
- Static (since inception)
What is Aapryl Score?
Aapryl Score is the probability over random that a manager will perform in the top quartile. It is displayed as an inflator or deflator with 1 being random; the higher the Aapryl score, the higher the probability of being in the top quartile. For example, a manager’s random probability of being in the top quartile is 25%, so the Aapryl Score would be one. An Aapryl Score of 1.5 would indicate that the manager has a great chance than random (in this case (1.5 x 25%=37.5%) of being in the top quartile. Similarly, an Aapryl Score of .7 would be a less than 25% chance of being in the top quartile (.5 x 25%=12.5%).
Does the Economic Cycle Chart help users make timing decisions on managers?
The cycle chart identifies managers that are expected to outperform at various points in the economic cycle. While this chart was built to help users build diversified portfolios that will perform in different stages of the market cycle, the information provided does have both long and short-term ramifications. That said, the chart does not provide information on where we are in the economic cycle or make predictions on when the economic cycle will shift. Both of those pieces of information are needed to “time” the market.
Where does Aapryl get its data?
Aapryl works with several data providers. Mutual Fund and ETF data is from Lipper. Separate account data is from PSN Informa. Aapryl also includes US indices from Russell and International indices from MSCI.
What is a Clone Portfolio
A clone portfolio is a hypothetical portfolio derived by determining and replicating a manager’s long-term average exposure to various style factors. The returns of this fully investable portfolio are compared to a manager’s actual returns to determine if there is actual skill or value added to the portfolio by the manager.
What is the difference between a Historic Clone Portfolio and a Dynamic Clone Portfolio?
A Historic Clone portfolio is a clone portfolio that is calculated using the full history of available return data. The Dynamic Clone portfolio is calculated using the most recent 36 month window of returns.
What risk factors does Aapryl use in its analysis?
Aapryl uses the following 9 factors: Value, Core, Growth, Economic Sensitivity, Yield, Low Volatility, Quality, Defensive and Momentum. For US managers, the factors are from Russell and for International and global managers, the factors are from MSCI.
Why do some modules say “Coming Soon”?
Aapryl is currently in the process of finalizing development and internal testing of certain functionalities. Once we are complete, these modules will be released for Beta testing.
What do each of the modules do?
For further explanation regarding a specific module, please see the Modules portion of the Aapryl Resource Center.
What does a specific chart or term mean?
For further explanation regarding a specific chart or table within the portal, please see the Charts & Results portion Aapryl Resource Center.
Why have I been automatically logged out of the portal?
After you have been logged into the portal for 30 minutes without any activity, you will be given a notification, asking if you would like to remain logged in. If you do not respond to the notification, you will be logged out of the portal, and will be required to log in again.
How do I change the email address associated with my User ID?
To change your email address, please send an email to firstname.lastname@example.org from your existing email address, requesting an update to a new email address.
Who should I contact with questions or issues while using Aapryl?
Can I have a training session to better understand how to use Aapryl?
Sure, just send us an email at email@example.com to schedule a personalized demonstration, and we will be happy to walk you through our platform.
How do I change my password?
To change your password to the Aapryl portal, click on the down arrow next to your name on the top, right corner of the screen, and click “Change Password”. You will be required to provide your current password, and then a new Password. Please note that a Password must be minimum 8 characters and maximum 15 characters having at least 1 uppercase alphabet, 1 lowercase alphabet, 1 special character out of @$#!%*?& and 1 number.
Am I required to download or install any software to use Aapryl?
No, Aapryl is a web based service that does not require any installation. The only requirement is that you access www.aapryl.com from a supported web browser. Please see the Security & Technical Requirements page for further details.