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Welcome to Money Manager Review’s Quick Help Tour

 
     
  Click for Money Manager Review's Quick Step-by-Step Video Tour  
     
 
Introduction
MMR Search Options (Start Page)
Rank Managers
Reports
Charts
Risk Adjusted Rankings
Watch Lists
List
Find Managers
Search by Name
Search by State/Zip
Search by Managers Website
Search by Keyword
Search by Personnel
Search by Manager Interview
Rankings Summary
Contact
 
     
  Introduction  
  Before beginning, keep in mind the following:
First, to ensure browser compatibility, use only Microsoft Internet Explorer.
 
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  Second: If at any time you become lost after you have logged into the MMR site, you can instantly return to the login start page by clicking on “My Account” which is in highlighted in red on the upper right hand corner of your screen. Doing this always takes you back to the Search Option page.  
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  And Last: After opening a pop-up window, always close the window before opening another pop-up window. If you don’t do this, you next pop-up window may not appear.  
   
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  MMR Search Options (Start Page)  
  After logging in to the MMR site, the first page is the MMR Search Options page. You will know if you are logged in if you see your name appearing in the upper right hand corner. The headings of the start page are Find Managers, Rank Managers and Watch List (See Illustration #1).  
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(Illustration #1)
 
  Under each of the main menu headings (Find Managers, Rank Managers, and Watch List) are pull-downs shown below (See Illustration #2). Each of these pull-downs is discussed below in this tutorial. Clicking the Watch List heading takes you directly to the Watch List page. Here you can name and create your Watch Lists. Watch Lists are discussed in the Watch List section below.  
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(Illustration #2)
 
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  Rank Managers  
  To do a manager ranking, we begin by clicking on Rank Managers found in the middle of the Search Options page. Click on Rank Managers and from the pull-down click on Return, Risk and Efficiency (See Illustration #3).  
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(Illustration #3)
 
  Next you will be directed to the Return, Risk & Efficiency page. (See Illustration #4)  
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(Illustration #4)
 
  For option #1 the selections is US, Global, International and Emerging-Markets
For option #2 the selections is Equity, Balanced and Fixed Income
For option #3 you can select from a combination of Cap Sizes on the left side of the table and groups styles on the top. One or more combinations can be selected. To select all combinations click on the Select/D
eselect all box in the upper right. Note that if you select fixed income in option #2 the style section changes in option #3. (See Illustration #5)
 
   
 
(Illustration #5)
 
  For option #4 you can select from account minimums, total firm-wide assets managed annual turnover and product assets managed. Product turnover is helpful if you have a taxable account and you want to screen for managers with lower turnover.

For option #5 you can select for wrap managers, socially responsible, minority owned, AIMR/GIPS compliant, and geographically by state. Click the Wrap manager box if you want to screen for managers with account minimums between $100,000 and $250,000. Keep in mind that you will need to contact the managers to learn which brokerages carry their Wrap programs, fees and accounts minimums. If you are interested in finding managers within specific states, you can use the state pull-down to further narrow your search.

For option #6 you can choose annualized returns for time periods of 1,3, 5,7 and 10 year. You can also rank managers by returns risk or efficiency. We use standard deviation as a measurement of risk. Efficiency is defined as the ratio between the manager’s return and risk.

Now let’s do a ranking of US Equity Multi-cap Value managers ranked by Ten Year annualized returns. (See Illustration #6)

 
   
 
(Illustration #6)
 
  After clicking the submit button our ranking appears on the next page. (See Illustration #7)  
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(Illustration #7)
 
  The first column shows the ranking number, the second column the company and product name, the third column the account size minimum in thousands, the fourth column whether Wrap programs are offered, the fifth column shows the method of reporting, the sixth column whether performances reported gross or net of fees, the seventh column the annualized return, the eight column the risk or standard deviation, and the ninth column shows the return divided by standard deviation, which we also call the efficiency.

Using our number 1 ranked manager, Private Capital Management, we can learn more about the manager by clicking on “Report”, which is located next to Private Capital’s products name. A pop-up report appears. (See Illustration #8)

 
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(Illustration #8)
 
  This Report shows the managers contact information, history, assets, professionals, personnel, product information, strategy, reporting methods, holdings, fees, and disclosure. Make sure you use the scroll bar on the right to view all information in the report. You can also click on the top links of the report to quickly access any part of the report. Before continuing remember to close the pop-up by clicking the “X” on me upper right hand corner of the pop-up window. This takes us back on the rankings page.

Next click on “Chart” which you will find located next to the report link. (See Illustration #9)

 
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(Illustration #9)
 
  This will open the manager’s performance graphs and tables. There are four graphs and tables: Annualized returns, Calendar returns, Growth of a Dollar, and the Return versus Risk graph. Below these graphs are the manager’s rankings summary table, and quarterly returns. We will learn about the manager’s Summary Rankings table in separate section of our help tour.

To compare a manager’s performance against a benchmark, scroll to the top of the chart page and next to Dow Jones indexes click on the down arrow next to select a product. Clicking on any of these indexes will allow a benchmark index to be added to the manager’s graphs and tables below. In addition, you can add a second index by clicking on the select product under the market indexes. This will give you an additional benchmark against which to measure performance. When you have finished viewing the graphs, click on the “X” on the upper right hand corner of the pop-up window. This will bring you back to the rankings page.

To see all the manager’s products, click on the manager’s name from the ranking table and all the manager’s products will be shown. The product highlighted in red is the product you just clicked on in the rankings table. (See Illustration #10)

 
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(Illustration #10)
 
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  Risk Adjusted Rankings  
  Another useful performance measure is risk-adjusted rankings. This ranking helps to identify managers with above average returns and below average risk.

From the search options page, click on rank managers, and from the pull-down click on risk-adjusted. (See Illustration #11)

 
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(Illustration #11)
 
  This will take you to the risk-adjusted rankings page. This page is similar to the return risk and efficiency page. The only difference is that at the bottom of page, option #6, we have pull-down for a 1,3,5,7 and 10 year risk adjusted ranking.

Let’s do a risk adjusted ranking for all US Equity Multi-Cap managers for ten years. Next we click submit. (See Illustration #12)

 
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(Illustration #12)
 
  A rankings page appears that gives us a 10-year risk-adjusted ranking using the relative values of return risk and efficiency. (See Illustration #13)  
   
 
(Illustration #13)
 
  The four columns to the right are Annualized percentile return, risk, and return over risk and overall percentile. The first three of these Return, risk and return/risk show the managers percentile relative to the universe of all managers we are tracking. The higher the return and return over risk, the higher the percentile with 100 being the highest and zero being the lowest. For risk, we invert the percentiles because we are looking for lower risk mangers. In the risk column, the lower the manager’s risk the higher the percentile. The overall percentile is the average of the three. We sort the overall percentile column to find which managers have the best combination of high return with low risk and greatest performance consistency. For more information on how to use the risk adjusted features of the MMR site, please see the Rankings Summary explanation found near the end of this help tour.

 
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  Watch Lists  
  Another useful feature of the MMR site is the ability to compare multiple managers and indexes.

You can set up Watch Lists starting at the MMR Search Options page at the following locations:
 
  1) From the Find Managers
            Search by Name
            Search by State/Zip
            Search by Keyword
2) From Rank Managers
            Return, Risk & Efficiency (add from ranking list)
            Risk Adjusted (add from ranking list)
3) From the Watch List
 
  To set up and view a Watch List from a Return, Risk & Efficiency and Risk Adjusted rankings is a 4 step process (See Illustration #14):  
 
 

1) Create a Watch List by giving it a name and clicking “Submit”
2) In the Select Watch List window make sure the Watch List name is visible in the box below.
3) Next click on “List” next to the manager’s products name. Every time a new product is added a Composite Successfully Added to Watch List” notice appears. Click “Ok” to close the pop-up notice. You can add as many products as you want.
4) Once you have finished added your composites, click on “View” to go to your Watch list page.

 
  (From the Search by Name, State/Zip and Keyword pull-downs, products are added to the Watch List by checking the Watch List box. Watch list’s can not also be viewed from these sections. To view a watch list, click on the Watch List menu on the upper right hand corner of the page and then select your watch list for viewing.  
   
 
(Illustration #14)
 
  After clicking “View” your Watch List page appears. Now choose which manager composites you want in your report by clicking on or off the Display in Report boxes. (See Illustration #15)  
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(Illustration #15)
 
  Click “Submit” and your Watch List Report which includes graphs and tables will appear. (See Illustration #16)  
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(Illustration #16)
 
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  Find Managers  
  The Find Manager’s pull-down from the MMR Search Options page enables searches for managers by:  
 
  1) Name
2) State or Zip Code location,
3) Manager Websites,
4) Keyword Search,
5) Manager Personnel
6) Manager Interview.
(See Illustration #17)
 
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(Illustration #17)
 
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  Search by Name  
  From the MMR Search Options Page, click on Find Managers, and then click on Search by Name and then follow the instructions in Illustration #18.  
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(Illustration #18)
 
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  Search by State/Zip  
     
  From the MMR Search Options Page, click on Find Managers, and then click on Search by State/Zip and then follow the instructions in Illustration #19.  
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(Illustration #19)
 
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  Search by Manager Website  
  From the MMR Search Options Page, click on Find Managers, and then click on Search for Managers Websites and then follow the instructions in Illustration #20.  
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(Illustration #20)
 
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  Search by Keyword  
  From the MMR Search Options Page, click on Find Managers, and then click on Search by Keyword and then follow the instructions in Illustration #21.  
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(Illustration #21)
 
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  Search by Manager Personnel  
  From the MMR Search Options Page, click on Find Managers, and then click on Search by Manager Personnel and then follow the instructions in Illustration #22.  
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(Illustration #22)
 
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  Search by Manager Interview  
  From the MMR Search Options Page, click on Find Managers, and then click on Search by Manager Personnel and then follow the instructions in Illustration #23.  
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  Illustration #23  
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  Rankings Summary  
  The Rankings Summary (Illustration #24) provides an easy way to compare a manager’s risk adjusted performance over time. The Rankings Summary table is found in the manager’s product Chart section (See Illustration #9) below the Return/Risk graph and above the Quarterly Performance numbers.

The Rankings Summary table is divided into four sections identified as Annualized Return, Annualized Risk, Return/Return and Overall. Each section is further divided into Percentages and Percentiles. On the left side of the table years 1, 3, 5, 7 & 10 year annualized periods are further identified.

In Illustration 24, the red arrows show the annualized returns, risk (standard deviation, and return/risk. These are “absolute” returns which we most often use to access managers’ performance but do not help us in identifying how each manager is doing relative to other managers or their style groups.

The green arrows show the relative percentiles for annualized returns, risk (standard deviation, and return/risk. The relative percentiles are a valuable tool to access how managers’ are doing relative to each other, their style groups and style indexes.

These percentiles are calculated by using performance measures of each manager relative to all managers in the MMR universe. For example, for 10 years, our manager’s 24.70% return put them in the 78.57 percentile of all managers in the MMR universe. With a 78.57 percentile, this manager had a 10 year annualized return which was better than all but 24.43% of MMR managers (100-78.57=24.43).

For risk (standard deviation) we should favor low risk managers. We invert the percentiles so that the lower the manager’s risk the higher their percentile. In our example, the 10 year risk was 19.11% which put this manager in the 64.75 percentile when compared to all MMR managers. This means that 64.75% of the managers in the MMR universe have a risk factor higher than this manager.

For Return/Risk we are again looking for a higher ratio or higher percentile. In our example our manager has a 73.02 percentile which means that his is return to risk ratio is better than all but 26.98 of our mangers (100-73.02=26.98).

The Overall percentile, shown in the last column to the right, is the average of the three percentiles, Return, Risk and Return/Risk. Our example shows us that this manager has a 72.11% overall percentile average for 10 years.

In evaluating this table we should be looking for an overall higher than average percentile for all time periods. We are also looking for consistency in these numbers over time. For example, if we look at the percentile return numbers for 1,3,5,7, & 10 years, we see that the manager is generally between a range of 59 and 78 percentile. However, in the risk category the numbers place the manager between 46 and 64 percentile with the lower percentile numbers coming in more recent time periods of 1 & 3 years. This indicates that the manager may have shifted his investment strategy and is now taking on higher levels of risk with his portfolios.

It is always helpful to compare the mangers relative performance to either their index style or other mangers with similar investment styles. For example, a large cap value manager is best compared to other large cap value managers or to a similar index like the Dow Jones large cap value index.

The Rankings Summary table can serve as a valuable tool in identifying above average manager performance. It can also help in judging the manager performance consistency over time.

 
 
 
 
Illustration #24
 
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