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After IPEX completes its evaluation of a money manager, it prepares a comprehensive, written analysis that it provides to the client. The document analyzes each manager's investment style, return, risk and risk-adjusted returns, as well as issues that relate to the firm's structure and organization, in a format that facilitates an objective comparison between the managers. Benchmarks (indices) are used to provide the client with a method of evaluating the relative performance of the managers. In addition, IPEX compares the manager candidates to a peer group of real world managers, a money manager universe, that has the same investment style.
The IPEX Manager Evaluation normally consists of seven distinct sections. The format of the evaluation is usually the same, regardless of the number of money managers analyzed or the money managers' investment style. Those seven sections are described below.
| Overview |
This section outlines the screening process and the objectives of the manager evaluation, and summarizes the factors that pertain to each manager's structure, style and performance
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| Manager Vita |
This section presents descriptive information, both qualitative and quantitative, concerning the manager profiles, the personnel profiles and the performance composite profiles.
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| Style |
This section describes each manager's investment style and philosophy, and analyzes each manager's style through both return based style analysis and fundamental style analysis.
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| Return |
This section tracks each manager's investment performance against an appropriate benchmark and a universe of managers with similar investment styles, and also compares the managers to each other over various trailing and calendar time periods.
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| Risk |
This section evaluates, over a statistically significant time span, several risk measures for each manager, including volatility, up / down market performance and various risk statistics.
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| Return / Risk |
This section explains each manager's level of return per unit of risk according to various, generally accepted return / risk ratios.
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| IPEX Evaluation |
This section contains a summary evaluation, prepared by IPEX, that grades each of the managers presented according to a comprehensive list of selection criteria. |
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