FAQs

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Data Related Questions

We want our indexes to be representative of fund managers trying to beat the benchmark. We include primary funds with a country/region’s major benchmark. We exclude sector funds, balanced funds and index funds. Currently, we are focusing on large cap indexes. Consequently, small cap funds are also excluded.

We run our models daily, after the close, once stock exchanges and funds have published closing prices. The majority of funds report their prices promptly. However, we wait until midnight EST before starting our updates in order to have the maximum number of funds in our data. Unfortunately, sometimes, some funds do not report until the next day. This is why we recalculate our numbers with historical data every day to adjust for this. To smooth out the unwanted impact of missing a few funds for the day, we apply a five-day moving average to our weight calculations. This is minimal smoothing.

Top quartile (or decile) weights are the average weight of fewer funds. This results in a higher volatility. Moreover, the composition of funds in the top quartile varies over time. A fund could be included in the group one day and not the next day. Our criterion for inclusion is the past three months performance as our backtest shows it is a useful indication of future performance. It is important to remember that our goal is to identify the current portfolio of managers that have outperformed recently.