The purpose of the Performance Summary report is to see the returns of the account or the overall return of the aggregated accounts as of a specific time range.
To access this report, open a transactional account of a client and from the top menu, click on Reports, Performance, Performance, and then Summary.
Note: This report can also be generated from the client level as an aggregated or segregated report for all accounts within that client. Additional options are available when generated from the client level.
The Use account inception date as Start Date option is controlled by an account setting. To access this setting, open an account and then go to Profile/Settings menu on the left. Click on the Account Profile page and scroll down to the Performance Start Date option. From here, you can enter a specific date or check the Use First Transaction Date option. Please note that if the Use First Transaction Date option is selected, you cannot type in the field or use the calendar to select a date until you uncheck the option.
Click the drop-down menu and select Yes or No to include a Cover Page.
Specify a Start Date for the report. The date can be typed into the field or use the drop-down calendar to select a date. Note: If you checked the option to Use account inception date as Start Date, this option will not be available.
Specify an End Date for the report.
Specify the Fee Type to be included on the report. When Net of Fees is selected, the return will be calculated after Management Fees have been taken out; Gross of Fees will include Management Fees.
Click the dropdown menu associated with the Return Type option and select Use IRR or Use TWR. Click here for more information on the IRR and TWR calculations.
Determine the Return Period for the investments included on the report. There are three options available for selection. Please note that for any of the periods selected, investments held longer than one year will show an annualized return. Data will only display for periods where there is sufficient transactional date to produce a return.
A Trailing Return is the return that the investment has achieved over the specified time period. Selecting this option will display six (6) periods: 1 Month, 3 Months, Year-to-Date, 1 Year, 3 Years and 5 Years.
Select Calendar Years to populate five (5) periods including Year-to-Date, and the last four calendar years, all from the end date of the report.
The Last 4 Quarters option will populate six (6) periods. They are 1 Month, Year-to-Date, and the most recent 4 quarters from the end date of the report.
Select the Primary, Secondary, and Tertiary Benchmark from the dropdown. This field defaults to the benchmarks set at the account level under Profile/Settings, Account Settings, Benchmark options. You can assign a different benchmark by clicking the dropdown menu and choosing Select Benchmark.
Note: If the account settings are set to Use Client Default, then these will be pulled from the Client Settings. If the Client Settings are set to Use User Default Settings, then these will be pulled from the User Default Account Benchmark settings.
The Investment Graph option allows you to include a graph on the report. Select Time Weighted to show the cumulative portfolio return against the primary benchmark during the period selected; or select Investment Growth Chart to show market value change during the selected time period of the report, along with cumulative contributions during the time period. Select None if you do not want to include a graph.
Select the Do Not Show Benchmark Returns to exclude benchmark returns from all areas of the report.
Select the Include Inception to Date option to include annualized returns since inception to end date of report. Note: This return will not be annualized if the inception to end date of the report is less than one year.
Select Mask Account Number to limit the amount of an account number that is displayed on the report. This inserts a level of security when reports are e-mailed to clients or uploaded to the Web via the Client Web Portal.
Click here to see how the masked account number will be represented (based on the number of characters in the account number).
Select the Display Management Fee option to include management fees on the report. Note: If this option is no selected and Fee Type is set to Net of Fees, the line items on the report may not add up.
If you choose to include a Cover Page, you can also use the option to Add disclosure to cover page. Click here for more information.
When selected along with using a cover page, the Add blank 2nd page option inserts a blank page between the cover page and first page of the report.
When the Report Accounts Aggregated option is selected, the program combines all the client's accounts and treats them as one account. If the Report Accounts Segregated option is selected, all of the client's accounts are displayed individually within one PDF. The options can both be selected and will generate two separate reports.
Click here for a report sample.
The information below describes each column of the report.
Beginning Market Value: The total market value of each holding in the account as of the report start date. Calculations vary based on the type of investment. Click here for calculations.
Beginning Accrued Interest - The interest that has been accrued for fixed income securities as of the day prior to the report start dates.
Notes:
To calculate accrued interest on a bond, the following data must be entered in the definition master for the investment: Maturity Date, Interest Rate, Payment Frequency, Day Type, and First Coupon Date.
In order for accrued interest to populate on the report, you must select the Display Accrued Interest option located under the Home tab, Settings, Portfolio Accounting System Settings,and then Reports, Tax Lot Methods, Transactions, Management Fees settings. Otherwise, this will show up as a dashed out data point.
The Beginning Accrued Interest will not impact the Beginning Market Value data point on this report, but it will impact the calculation for Total Gain After Management Fees, or Total Gain Before Management Fees.
Additions - This line shows the cumulative value of any transactions that create an inflow to the account or client, coming from an external source. Deliver-in transactions are inherently coming from an external source, and are always included in the Additions value. Other transactions are included only when the Cash Security Name on the transaction is linked to Out Of Pocket. They are Accrued Interest Bought, Buy, Covered Short, and Deposit.
Notes:
Credit of Security transactions are generating an inflow into an account, but are not counted in the Additions value. These transactions are generally used for corporate actions. We do not recommend using them in lieu of other transaction types as this may cause inconsistent data warnings on this, and other reports if these transactions are not accompanied by an offsetting Debit of Security transaction.
Specific transactions counting toward Additions for a particular reporting period can be revealed by running a Portfolio Cash Flows report for the same reporting period.
Withdrawals - This value includes any transactions that create an outflow from the account or client, going to an external source. Deliver-out, Expense, Margin Interest, and Sell to Pay Expense transactions are inherently going to an external source, and are always included in Withdrawals. Other transactions are included when the Cash Security Name on the transaction is linked to Out of Pocket. These transactions include Accrued Interest Sold, Distribution, Income, Interest, Long-Term Capital Gain, Redeem, Return of Principal, Sell, Sell Short, Short-Term Capital Gain, Tax Withheld, and Withdrawal.
Notes:
Debit of Security transactions are generating an outflow from the account, but are not counted in the Withdrawals value. These transactions are generally used for corporate actions. We do not recommend using them in lieu of other transaction types as this may cause inconsistent data warnings on this, and other reports if these transactions are not accompanied by an offsetting Credit of Security transaction.
Specific transactions counting toward Withdrawals for a particular reporting period can be revealed by running a Portfolio Cash Flows report for the same reporting period.
Period Realized Gains/Losses - The realized gains/losses generated by all closed holdings during the reporting period based on the report's Beginning Market Value. For purchases made during the reporting period, the realized gain/loss is based on the cost basis of those purchases.
Calculation Notes:
Holdings purchased within the reporting period: Sell Amount - Buy Amount = Period Realized Gain/Loss.
Holdings purchased prior to the reporting period: Sell Amount - report Beginning Market Value = Period Realized Gain/Loss.
Period Unrealized Gains/Losses - The unrealized gains/losses of all open holdings during the reporting period based ont he report's Beginning Market Value. For purchases made during the reporting period, the unrealized gain/loss is based on cost basis of those purchases.
Calculation Notes:
Holdings purchased within the reporting period: Market Value on Report End Date - Buy Amount = Period Unrealized Gain/Loss.
Holdings purchased prior to the reporting period: Market Value on Report End Date - Beginning Market Value on report Start Date = Period Unrealized Gain/Loss.
Interest Income - The sum of all Interest and Income transactions that occurred during the report period.
Dividend Income -The sum of all Distribution and Distribution Reinvest transactions that occurred during the reporting period.
Management Fees - The sum of all Management Fee transactions and "sell to pay fee" transaction types that occurred during the reporting period.
Ending Market Value - The total market value of each holding in the account as of the report end date. Calculations vary based on the type of investment. Click here for calculations.
Ending Accrued Interest - The interest that has been accrued for fixed income securities as of the market close on the report end date.
Notes:
To calculate accrued interest on a bond, the following data must be entered in the definition master for the investment: Maturity Date, Interest Rate, Payment Frequency, Day Type, and First Coupon Date.
In order for accrued interest to populate on the report, you must select the Display Accrued Interest option located under the Home tab, Settings, Portfolio Accounting System Settings,and then Reports, Tax Lot Methods, Transactions, Management Fees settings. Otherwise, this will show up as a dashed out data point.
The Ending Accrued Interest will not impact the Ending Market Value data point on this report, but it will impact the calculation for Total Gain After Management Fees, or Total Gain Before Management Fees.
Total Gain before Management Fees or Total Gain after Management Fees - The overall increase or decrease in the portfolio's market value including or excluding management fees. Only one of these line items will appear on the report based on your selection of Fee Type from the report options. Total Gain before Management Fees is calculated as Ending Market Value + Ending Accrued Interest – Beginning Market Value – Beginning Accrued Interest – Additions + Withdrawals + Management Fees, and appears when Gross of Fees is selected. Total Gain after Management Fees is calculated as Ending Market Value + Ending Accrued Interest - Beginning Market Value - Beginning Accrued Interest - Additions + Withdrawals, and appears when Net of Fees is selected.
TWR / IRR - The percentage return of the account or aggregated accounts that make up the portfolio. Click here for additional information on the TWR and IRR calculations.
Return Notes: 1. If a percentage shows as a dash (-), this indicates there is insufficient data to calculate a return. 2. Returns are annualized for periods greater than one year.
Benchmark Return % - This is a non-annualized return number for the primary benchmark established in the report options.
Average Annualized Return % - If the reporting period is greater than one year, this will show the annualized TWR/IRR percentage.
Annualized Benchmark Return % - If the reporting period is greater than one year, this line shows the annualized benchmark return percentage.
Returns - Based on your report option selection for Return Period, this area will display portfolio returns for specified terms as compared with the primary benchmark.
Notes:
If a security was not held long enough to populate one of the time period returns the field will contain a dash (-).
For each return calculation the report looks back to the appropriate date of the previous month or year. For example, the 1 Mo return for the end date of 8/15/15 would have a begin date of 7/16/15.
Note: If no price for a security is provided, then the purchase price is used. If there has been no purchase price provided, then, for cash & cash equivalent securities, the price of 1 is used. For all other security types, the price of 0 is used.