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Monthly Performance Report

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Postby mahe79 » Fri Oct 18, 2019 8:03 am

The calculations in my Monthly Perfromance Report are not consistent. For some months the TWR-return is displayed and for other months N.A. is shown.
Just by opening the Settings dialog and closing it again, not changing any setting, the report is recalculated but now different months are showing either TWR-return or N.A..

I've attached an image of two reports that should be identical, the only difference between them is that I recalculated as mentioned above.

I'm using Fund Manager Personal Version 2020.16.0.100
Attachments
Bugg monthly report.JPG
Screen shot Monthly Performance Report
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mahe79
 
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Postby Mark » Fri Oct 18, 2019 8:28 am

Hi mahe79,

Is this problem reproducible? If you look at "Help / Logs / Report Calculation..." what are the reasons being given for the NA values? Are the reasons correct?
Thanks,
Mark
Fund Manager - Portfolio Management Software
Mark
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Postby mahe79 » Fri Oct 18, 2019 11:07 am

Yes, it is reproducible. It happens every time I open the report. Sometimes all but a few months are calculated, the next time almost none are calculated.
The Report Calculation Log shows:
"Unable to calculate TWR for dates 10/1/2008 - 10/31/2008. (Failed to open log file)"
for each month that is shown as N.A.

If I change settings "Log Calculation Details for TWR Yields" to OFF the Monthly Performance Report is shown correctly. The problem is only occurring for TWR. The other performance metrics ROI, Gain, Value are calculated without a problem.
mahe79
 
Posts: 19
Joined: Sun Mar 29, 2009 3:13 am

Postby mahe79 » Fri Oct 18, 2019 11:11 am

I forgot to mention that the TWR log contains only the correctly calculated months. So Fund Manager is capable of opening the log file, but not for the entire report date settings.
mahe79
 
Posts: 19
Joined: Sun Mar 29, 2009 3:13 am

Postby Mark » Fri Oct 18, 2019 3:03 pm

Hi mahe79,

It sounds like for some reason FM is unable to write to the TWR log file. Here are some things to check/try:

1) Go delete the log file. It will be located at:

C:\Users\<username>\AppData\Roaming\Fund Manager\TWR_log.txt

The AppData folder is hidden, so you have to display hidden files/folders.

See if the problem persists after deleting the log file.

2) Check to see if you have any other programs that may be monitoring files that get modified, and then try to read them for any reason. For example, many backup programs will try to read files after you modify them (or after FM modifies it). If you have any such programs, try excluding this whole folder from being monitored/backed up. Usually backup programs have this option.
Thanks,
Mark
Fund Manager - Portfolio Management Software
Mark
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Posts: 11252
Joined: Thu Oct 25, 2007 2:24 pm
Location: Chandler, AZ

Postby mahe79 » Sun Oct 20, 2019 1:41 pm

Hi,

Problem solved, the backup program was monitoring the folder so excluding it from the backup made Fund Manager work properly.

A follow-up question about the Monthly Performance Report:
I noticed that the TWR and ROI calculations are done without interpolation which is different from the RIO Yield Report and TWR Report, where interpolation is used. The Monthly Performance Report only shows a yield of 0% and the RIO and TWR Report shows N.A. instead. Is there some way I can force the Monthly Report to interpolate prices to increase accuracy?
mahe79
 
Posts: 19
Joined: Sun Mar 29, 2009 3:13 am

Postby Mark » Sun Oct 20, 2019 2:30 pm

Hi mahe79,

Glad the first problem is resolved.

The Monthly Performance report is showing yields for the whole portfolio, for each month. The Yield reports show this, plus all the investment yields. When calculating yields for an investment, if the price can't be interpolated, you'll get an N/A. However, when calculating yields for a portfolio, FM does not require a price for all investments in the portfolio in order to calculate a yield. If you compare the Monthly Performance to a Yield report, they should both report the same yield assuming you're looking at the same yield type and date range. Look at the portfolio line in the Yield report, and compare that to the Monthly Performance figure. You shouldn't get an NA for one, and not the other, as long as the dates are the same. For the Yield report, you'd need to have a 1 month yield, and have the report end on the ending date of a month to be comparable to the Monthly Performance report. You can adjust the yield terms under "Options / General Preferences... / Yields", so you can make one of them a 1 month yield.
Thanks,
Mark
Fund Manager - Portfolio Management Software
Mark
Site Admin
 
Posts: 11252
Joined: Thu Oct 25, 2007 2:24 pm
Location: Chandler, AZ

Postby mahe79 » Mon Oct 21, 2019 2:45 pm

Hi,

I understand, the yield for a portfolio is always calculated even if a price for an underlying investment cannot be interpolated.

Is there some easy way I can verify that the output from a Monthly Performance Report is valid? I would like to verify that all non-zero investments for each month have a price or an interpolated price so that the output from the Monthly Report will be consistent, even if I for instance do a historical price update sometime in the future.

I made a try by making the TWR Report comparable to the Monthly Report by setting up 1 month yields. This indicated with a NA for each investment that didn't have sufficient prices. But I could not easily filter investments with zero shares, so I though I would solve it by doing a historical price retrieve for all investment during the entire time period. But this was unsuccessful.

So my question is if there is an easy way of verifying that the investments in a portfolio have either a price or an interpolated price for each month, so that the output from the Monthly Report is robust.
mahe79
 
Posts: 19
Joined: Sun Mar 29, 2009 3:13 am

Postby Mark » Mon Oct 21, 2019 3:55 pm

Hi mahe79,

You could check this for a single month at a time by creating a Custom report with the fields:

Time-Weighted Return (between)
Value (beginning)
Value (ending)

and listing by investment. Set the date range to a single month, like 9/1/19 - 9/30/19 to check September.

You can also set the option "Options / Report Preferences... / General / Investment Display: / Do Not Show Investments with Zero Share Balance" to "Over Entire Report Date Range". This will hide any investments that weren't owned during the month of the report.

You can see if all your owned investments are reporting a TWR.

It might just be easier to retrieve historical prices over the entire time frame you're looking at. What was the reason the historical price retrieve wasn't successful before?
Thanks,
Mark
Fund Manager - Portfolio Management Software
Mark
Site Admin
 
Posts: 11252
Joined: Thu Oct 25, 2007 2:24 pm
Location: Chandler, AZ

Postby mahe79 » Sun Oct 27, 2019 1:34 pm

Hi,

Yes, using the Custom Report is a way of manually solving the issue. I was hoping for a more automated way, when I used the Professional version I remember being alerted by a N.A. when calculating Sharpe, Beta or some other portfolio statistic. I really hoped the Monthly Performance Report worked the same way.

I was able to do a historical price retrieve, but not for all the investments and not for the entire time period. That was the reason I called it unsuccessful.
mahe79
 
Posts: 19
Joined: Sun Mar 29, 2009 3:13 am


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