This chart maps a fixed income manager’s positioning across four monetary and credit cycle phases, defined by two axes: Duration Risk (higher on the left, lower on the right) and Spread Risk (higher at the top, lower at the bottom). Each quadrant represents a distinct macro regime — Easy & Easing, Easy But Tightening, Tight & Easing, and Tight & Tightening — reflecting the combination of financial conditions and Fed policy in effect. The green dot marks the manager’s current positioning, while the red diamond marks the Bloomberg Barclays Aggregate Index, serving as the neutral benchmark reference point.

Chart Elements

• Four quadrants: The circle is divided into four phases — Easy & Easing (upper left), Easy But Tightening (upper right), Tight & Easing (lower left), and Tight & Tightening (lower right) — each representing a distinct combination of financial conditions and monetary policy direction.
• Duration Risk axis: The horizontal axis measures Duration Risk, with higher duration exposure on the left and lower on the right. A manager positioned to the left carries more interest rate sensitivity than the benchmark; one on the right carries less.
• Spread Risk axis: The vertical axis measures Spread Risk, with higher credit spread exposure at the top and lower at the bottom. Positioning above center reflects a greater tilt toward credit-sensitive sectors relative to the benchmark.
• Phase descriptions: Each quadrant is annotated with the macro conditions that define that phase — covering financial conditions, the direction of the Fed Funds rate, corporate profit trends, credit spread behavior, and yield curve shape — providing the fundamental rationale for why certain strategies perform well in that environment.
• Green dot (Manager Product): The green dot identifies where the manager’s current risk profile — relative levels of duration and spread exposure — places them within the cycle framework, indicating which phase their strategy is best suited for.
• Red diamond (Benchmark): The red diamond marks the Bloomberg Barclays Aggregate Index at the center of the chart, representing a neutral, benchmark-level posture with respect to both duration and spread risk. The manager’s green dot position should always be interpreted relative to this anchor.

How It Works

Aapryl derives each manager’s position by measuring their duration and spread risk exposures relative to the Bloomberg Barclays Aggregate benchmark. Those exposures are then mapped to the quadrant whose macro characteristics — Fed policy direction, financial conditions, credit spread dynamics, and yield curve shape — best match the environment in which that risk profile has historically outperformed the Core Bond Index. The green dot’s distance from the red diamond reflects the magnitude of the manager’s active risk tilt, while its quadrant reveals the macro regime where that tilt is most rewarded.

Key Insights to Spot

A green dot in the Easy But Tightening quadrant (upper right) — as shown in the example — signals that the manager carries higher spread risk but lower duration risk than the benchmark, a profile suited to environments where financial conditions remain accommodative but the Fed has begun raising rates. A green dot far from the red diamond indicates a high-conviction active tilt, while one clustered near the center suggests benchmark-hugging behavior. A mismatch between the manager’s quadrant and the current macro regime flags potential headwinds, while alignment between the two supports a favorable tactical outlook. Comparing multiple managers’ positions on the same chart reveals how diversified or concentrated a fixed income portfolio is across macro regimes.

Actionable Uses

Use this chart alongside current monetary policy signals to assess whether a manager’s duration and spread posture aligns with the prevailing cycle phase. In portfolio construction, map managers across all four quadrants to ensure macro diversification and avoid inadvertent concentration in a single rate or credit environment. In due diligence, use the chart to probe whether a manager’s active tilts are intentional and cycle-aware, or a byproduct of style drift. The benchmark anchor makes it straightforward to assess the true active risk being taken on relative to the Core Bond Index.

Chart Elements

• The center pie shows manager product factor breakdown by percentage (e.g., 49% Defensive green, 34% Value blue, 13% Low Volatility light blue, 4% Quality pink).
• The legend identifies factors: Defensive (green), Low Volatility (light blue), Quality (pink), Value (blue).
• The Static (full history) toggle (selected) uses inception-period average exposures.
• The Dynamic (most recent 36 months) toggle enables rolling window view.
• Distinct toggle aggregates similar factors.
• Factor toggle (selected) shows granular split.
• Cap Size and Region toggles enable size/geography breakdowns.
• Data as-of notes recency (e.g., 12/2025).

How It Works

Aapryl constructs static clones from full-history factor loadings and dynamic clones from recent 36 months. Available factors (depending on fund): Value (low P/E, P/B), Core (neither value/growth), Growth (high growth rates, P/E, P/B), Defensive (stability via low earnings variability, high ROA, low leverage), Economic Sensitivity (cyclical exposure), Momentum (high price momentum), Quality (high ROA, low leverage, earnings stability), Yield (high dividend yields), Low Volatility (lowest std. dev. or beta). Distinct combines overlaps; Factor separates.

Key Insights to Spot

Largest slice reveals primary tilt (e.g., 49% Defensive). Static vs. dynamic gap shows style evolution. Low Volatility + Quality combo signals downside protection. Value dominance vs. Growth absence flags contrarian approach. Factor availability varies by fund universe.

Actionable Uses

Match manager factors to benchmark for style consistency. Screen for mandate-aligned tilts. Probe “Your Defensive tilt vs. benchmark Growth?” in DD. Track dynamic shifts for style drift. Compare vs. peers for relative positioning.

Chart Elements

• X-axis: Factors (e.g., Growth, Economic Sensitivity, Low Volatility, Defensive, Quality, Value).
• Y-axis: Peer percentile ranking (0-100%).
• Stacked bars: Peer distribution (bottom 0-25th light, 25-50th, 50-75th dark, 75-100th top).
• Blue diamonds: Manager exposure (e.g., GQG Partners Global Equity).
• Gray dots: MSCI World benchmark.
• Legend: 0-25th (bottom), 25-50th, 50-75th, 75-100th (highest).
• Toggles: Static vs. Dynamic.

How It Works

Exposures from factor clones (static/dynamic) ranked vs. peer universe. Bars show distribution; manager diamond position indicates out/under-weight (top = overweight vs. peers). Applies to all 9 factors: Value, Core, Growth, Defensive, Economic Sensitivity, Momentum, Quality, Yield, Low Volatility (availability fund-dependent).

Key Insights to Spot

Diamond in top quartile signals overweight (e.g., Quality). Mid-stack = peer average. Benchmark dot divergence shows universe fit. Consistent top/bottom across factors reveals signature tilts. Low Volatility low rank flags riskier bets.

Actionable Uses

Benchmark relative tilts for universe fit. Screen top-quartile aligned factors. Probe “Overweight Defensive vs. peers?” in DD. Toggle Dynamic for recent shifts. Diversify underweights across managers.

Chart Elements

The layout uses simple grouped bars aligned to specific stress events on the X-axis, with the Y-axis scaling cumulative returns from roughly -50% to +50% to capture typical drawdown ranges. Every component serves a clear purpose:

• Stress Events (X-Axis, left to right): Factory presets include European Debt (04/2010-07/2011) for the sovereign crisis period, Flash Crash (06/2010) for the sudden volatility spike, March 2020 for the initial pandemic flash decline, COVID-19 (01/2020-03/2020) for the full early pandemic drop, and Great Financial Crisis (10/2007-02/2009) for the GFC meltdown. You create custom periods using the wizard when selecting managers—simply input start and end dates during manager setup to test tailored scenarios like rate hikes or sector shocks.
• Y-Axis (Return %): The total cumulative return from the period’s open to close. Negative numbers show the drawdown magnitude (e.g., -42% means a 42% peak-to-trough loss); positive values are uncommon but indicate relative outperformance or quick recovery.
• Bar Pairs (one black and one blue per event):
  • Black Bars: The manager’s actual returns during that window (e.g., -7.6% in the European Debt crisis, showing limited damage).
  • Blue Bars: The benchmark’s returns for the same exact period (e.g., MSCI World at -21.1% in March 2020, a much steeper fall).
• Legend:
  • Black: Selected manager (e.g., GQG Partners LLC – GQG Partners Global Equity).
  • Blue: Benchmark (MSCI World).
• Customization Path: Access via the manager selection wizard—define periods on-the-fly without separate platform tools.

The chart pulls data from inception (e.g., 10/2014 to 12/2025), only plotting events overlapping the track record.

How Stress Tests Are Calculated

All figures rely on the clone returns framework to ensure apples-to-apples stress analysis:

• Manager Actual: Straight cumulative return of the portfolio over the defined window.
• Benchmark: Identical calculation for the index.
• Clone Role (underlying attribution): Static and dynamic clones dissect if the manager’s style (e.g., high-quality stocks holding up in recessions) or skill (e.g., nimble selection/timing) explained relative strength. Windows are peak-to-trough standardized for fairness, and results aren’t annualized given the short, intense nature of crises.
  When you create custom periods in the wizard, the same rigorous clone methodology applies automatically.

Key Insights to Spot

Focus on the black bar versus blue bar height in each event pair to uncover patterns:

• Relative Protection: A black bar noticeably less negative than the blue one (e.g., manager -4% vs. benchmark -21%) demonstrates superior downside management—crucial for real-world portfolios.
• Pattern Across Crises: Consistent black-bar advantage in multiple events (e.g., 4 out of 5) points to a repeatable defensive process, not luck.
• Style or Skill Driver: If the manager significantly outperformed, cross-reference clones (available in detailed views)—was it passive factor resilience or active decisions?
• Custom Scenario Power: Your wizard-defined periods (e.g., 2022 bear market) reveal current relevance beyond historical defaults.
• Amplification Effect: Crises magnify small edges seen in normal times, validating or debunking skill claims.

Actionable Uses

This chart fits seamlessly into risk assessment and decision-making:

• Resilience Prioritization: Favor managers where black bars are shallower than blue across most events, especially customs matching your risk views.
• Due Diligence Prep: Reference specific bars like “Your -8% in COVID beat the benchmark’s -42%—walk us through the positioning.”
• Portfolio Stress Modeling: Aggregate top black-bar performers to simulate blended crisis returns.
• Custom Testing: Use the manager selection wizard for “what-if” periods like geopolitical flares, ensuring hires withstand your scenarios.
• Capacity Correlation: Combine with AUM charts—if strong black bars persist at high assets, the process scales through turmoil.

By enabling wizard-based custom periods, this chart evolves from historical review to forward-looking stress validation.

Chart Elements

The chart uses stacked horizontal bars for each time period, with the Y-axis showing annualized skill return percentages (e.g., -20% to +10%) and the X-axis listing horizons. Here’s exactly what comprises each element:

• Time Horizons (X-Axis, left to right): QTD (shortest, most volatile), CYTD, 1YR, 3YR, 5YR, ITD (longest, most reliable). Parentheticals note peer count per period (e.g., QTD: 246 funds).
• Y-Axis (Ann Skill Return %): Annualized return specifically attributed to manager skill (peer-adjusted alpha from decomposition: stock selection + style timing, after clones). Positive = skill generated excess; negative = skill detracted. Zero line marks peer average.
• Stacked Bars (color-coded peer percentiles, bottom to top):
  • Dark Brown (75th-90th Percentile – Worst): Bottom 25% of peers (weakest skill).
  • Light Brown (50th-75th Percentile): Middle 25% (below average).
  • Yellow (50th-25th Percentile): Middle 25% (above average).
  • Green (Top 10th-25th Percentile – Best): Strong performers.
  • Blue (Top 10% – Best): Elite top decile.
• Orange Horizontal Line: Your manager’s exact skill return for that period (e.g., 2.78% in 3YR). Its height and stack position show rank.
• Universe Context: Data as-of (e.g., 12/2025), peer group name.

How Skill Return Is Calculated

The “Ann Skill Return %” on the Y-axis represents peer-adjusted alpha—annualized excess return from skill components only:

• Skill Return = (Manager – Static Clone) for long-term + timing adjustment, ranked and normalized vs. peers.
• Positive values mean skill beat peer average; derived from decomposition excluding benchmark/style effects.
  Bars show full peer distribution; orange line overlays manager’s contribution.

Key Insights to Spot

Scan the orange line’s position within stacks across periods:

• Consistent Top Placement: Orange consistently in blue/green (top 25%) signals persistent skill advantage.
• Rank Evolution: Deterioration from QTD green to ITD brown warns of fading edge.
• Peer Spread: Tall stacks indicate variable skill universe; short stacks mean homogenization.
• Negative Skill: Orange below zero across horizons flags systematic underperformance.
• Fund Count Changes: Shrinking peers (e.g., 84 ITD) may reflect survivorship—interpret cautiously.

Actionable Uses

Leverage this for efficient relative evaluation:

• Rank Snapshot: All orange lines in top 25%? High conviction for shortlisting.
• Persistence Check: Strong short-term but weak ITD? Probe for capacity or process shifts.
• Universe Validation: Large consistent fund counts ensure robust percentiles.
• Comparisons: Align with scatter plot—top stack matches top-right quadrant.
• Decision Triggers: Bottom-half ITD orange line + negative skill = deprioritize or investigate.

Chart Elements

The chart uses a standard scatter plot format with these core components:

• X-Axis (Style Timing Skill %): This measures the manager’s peer-relative performance in tactically rotating between factors or styles, such as shifting from value to growth at the right times. Values range from negative (underperformed peers) to positive (outperformed peers), for example from -7% to +5%. A dot further to the right indicates stronger timing skill compared to the peer group.
• Y-Axis (Stock Selection Skill %): This captures peer-relative outperformance from individual security picks after adjusting for style. Positive values (e.g., up to +10%) mean the manager selected stocks that beat what their dynamic style clone would predict; negative values (down to -20%) show underperformance in picks.
• Data Points:
  • Blue Dots: Each represents one peer fund in the universe. The cloud of dots shows the full distribution—dense clusters indicate common skill levels, while outliers highlight exceptional or poor performers.
  • Orange Dot: Your selected manager. Its position relative to the blue cloud tells the story of competitive standing.
• Zero Crosshairs: Vertical and horizontal lines at 0% divide the chart into four quadrants. The top-right quadrant is ideal (strong in both skills), while bottom-left signals weakness across the board.
• Labels and Context: The title notes the universe size (e.g., 245 funds), data as-of date (e.g., 12/2025), and current period (e.g., 3 Year).
• Interactive Features:
  • Hover over blue dots: A tooltip bubble appears with the peer fund’s name and exact skill values, letting you quickly identify competitors.
  • Double-click any dot: Opens the full Aapryl Dashboard in a new browser tab with that specific manager (peer or your own) pre-selected for deeper analysis.
• Period Dropdown: Switch between QTD (shortest, most volatile), 1YR, 3YR, or 5YR (longest, tests durability). Longer periods smooth out noise and better reveal sustainable skill.

How Skill Components Are Calculated

Both axes show annualized, peer-relative z-scores derived from Aapryl’s return decomposition model:

• Style Timing Skill: The difference between the dynamic clone (recent 36-month style) and static clone (fixed inception style), ranked against all peers in the universe. It isolates value added from factor rotations.
• Stock Selection Skill: Manager returns minus dynamic clone returns, ranked vs. peers. This pure residual measures idiosyncratic security-level decisions.
  These are normalized so the peer average sits near zero, making positioning intuitive.

Key Insights to Spot

Look for these patterns to draw meaningful conclusions:

• Quadrant Dominance: An orange dot in the top-right quadrant means your manager beats most peers on both dimensions— a strong buy signal. Conversely, bottom-left placement warrants caution.
• Relative Outlier Status: If the orange dot sits far above or right of the blue cloud, the manager has a differentiated edge. Check if it’s consistently there across time horizons.
• Peer Dispersion: A tight cluster of blue dots suggests commoditized skill levels in the universe (harder to stand out). Wide spreads create more opportunities for alpha.
• Changes Over Time: Toggle from QTD to 5YR— if the orange dot migrates toward top-right in longer periods, it indicates improving or persistent skill rather than luck.
• Universe Robustness: With 245 funds, rankings are statistically meaningful; smaller universes require more scrutiny.

Actionable Uses

This chart shines in comparative and due diligence workflows:

• Competitive Scouting: Hover over top-right blue dots to note rival names, then double-click to open their Dashboards and compare processes head-to-head.
• Conviction Building: A stable top-right position across 3YR and 5YR horizons supports allocation decisions, especially with positive peer-adjusted alpha from other charts.
• Skill Gap Analysis: If your manager skews left (weak timing), ask targeted questions like “How do you handle factor rotations?” during meetings.
• Persistence Screening: Use the dropdown to filter managers who maintain strong quadrants over multiple periods, avoiding one-hit wonders.
• Quick Navigation: Double-click your own orange dot anytime for a full Dashboard view, or explore peers without leaving the analysis flow.

By combining hover details, double-click navigation, and time toggles, this chart turns peer benchmarking into an efficient, interactive tool for manager selection.

Table Elements

Column Headers (Time Horizons, left to right):

• Peer Group: Specific Aapryl universe (e.g., Global Large High Quality Blend).
• QTD, CYTD, 1YR, 3YR, 5YR, ITD: Return periods—Quarter-To-Date (shortest), Calendar YTD, 1/3/5 Years, Inception-To-Date (longest). All annualized where applicable.

Row Breakdown:

• Manager Composite: The manager’s total return for each period (e.g., 0.84% CYTD).
• Static Clone (Long-Term Style Adj Bench): Passive long-term style replication return (e.g., 2.93% QTD)—what holding fixed factors yields.
• Benchmark (e.g., MSCI World): Broad index return (e.g., 3.12% QTD).
• Manager vs Benchmark: Excess return (Manager – Benchmark; e.g., -3.17% QTD).
• Style Effect (Clone Bench): Factor tilts’ contribution (e.g., -0.19% QTD).
• Peer Adjusted Alpha (Manager – Static Clone): Style-neutral skill excess (e.g., -2.99% QTD).
• Peer Quartile Rank (1 best, 4 worst): Manager’s percentile position (e.g., 5th percentile = top 5%, very strong).
• Peer Funds: Universe size per period (e.g., 246 funds QTD).
• R-Squared: Style explanation % (bottom row; e.g., 75% overall).

How It Works

Returns are gross or net composite (firm-wide), vs. benchmark and clones. Peer ranks use survivorship-free universe matching style. Alpha = Manager – Static Clone (pure skill). Positive ranks (1-2) + alpha confirm edge; R-squared validates decomposition reliability.

Key Insights to Spot

• Persistence Across Horizons: Consistent top-quartile ranks (1-2) signal repeatable skill vs. short-term luck.
• Alpha Drivers: Peer Adjusted Alpha >0 with good ranks shows skill beyond style.
• Style Impact: Negative Style Effect but positive alpha means manager overcame factor headwinds.
• Universe Context: Large # peers (200+) make ranks robust; watch shrinkage signaling universe changes.
• R-Squared Fit: 70-90% typical—high means style explains most; low flags unique strategy.

Actionable Uses

• Quick Screening: Scan for all 1-2 ranks + positive ITD alpha.
• Narrative Test: Strong ranks but negative style effect? Credit to skill.
• Capacity Check: Deteriorating ranks over longer horizons warn of scale issues.
• Comparisons: Benchmark against peers in same columns for relative bets.
• DD Deep Dive: Drill into periods with rank jumps for process questions.