by admin | Sep 25, 2012 | CIPM Exam Tips & Tricks, David Spaulding, ex-post risk, Jed Schneider, John D. Simpson, performance attribution, performance measurement, PMAR, risk, risk measurement, TSG
Read all about the Superheroes of Performance Measurement here!(and yes, that’s me on the left!)
by admin | Sep 10, 2012 | CIPM, CIPM expert, GIPS, internal rate of return, performance measurement, SI-IRR, since inception internal rate of return, time-weighted return
CIPM Expert Level candidates must know what return calculations are required by the Global Investment Performance Standards (GIPS(r)), and in which circumstances. Most of the time, time-weighted return (TWR) is required, but in some cases a since inception...
by admin | Sep 8, 2012 | bond prices, Campisi model, CIPM, CIPM Exam Tips & Tricks, CIPM expert, fixed income attribution, performance attribution, performance measurement, risk-free yield curve
The CIPM curriculum does not give much of an explanation of bond pricing in relation to interest rates, so here is a brief primer.Price change on bonds can be explained by how interest rates change during the period.Bonds are a lending agreement: the purchaser...
by admin | Sep 1, 2012 | cash flow timing, cash flows, CIPM Exam Tips & Tricks, CIPM expert, CIPM Principles, performance measurement, rate of return calculations
A Principles Level candidate emailed me the following problem, and asked me about how to interpret the timing of the cash flows: In this case, given that they tell you that the fair valuations are inclusive of the flows, my interpretation would be that the timing of...
by admin | Aug 25, 2012 | CIPM, CIPM Exam Tips & Tricks, CIPM Principles, GIPS, performance measurement
Last week, when I was teaching TSG’s CIPM Exam prep class for the Principles Level, a student asked me for help with a question on a sample exam from CFA Institute. The question read: Which of the following is most likely not a requirement of the GIPS...
by admin | Aug 24, 2012 | bond mathematics, Campisi model, CIPM, CIPM Exam Tips & Tricks, CIPM expert, fixed income attribution, performance attribution, performance measurement
For many CIPM Expert Level candidates, fixed income attribution is the most difficult topic. This is evident when I teach TSG’s CIPM prep classes, as we devote an entire afternoon to the subject. Among the three models that candidates are required to...
