Morningstar Direct Release Notes | December 14, 2004

Data Enhancements

Excess return is a fund�s return over Treasury Bills. Excess return is used when calculating Modern Portfolio Theory statistics. We previously derived the excess returns on a monthly basis, and then summed the results for the chosen time period. Now, we sum the investment�s monthly returns for the chosen time period and separately sum the Treasury Bill�s return for the time period, and then derive the overall excess return.

Functionality Enhancements