Model Portfolio Editor Options

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What is the rebalance frequency?

The rebalance frequency determines the frequency when the holdings are rebalanced to their specified target weightings. The options are monthly, quarterly, annual and never rebalanced.

What is the start of series?

The start of the series determines the date when we started calculating levels. The ‘newest’ option starts calculating levels once every single security has data available. The ‘oldest’ option finds the security which has the oldest history and starts calculating levels at the beginning of that securities history. If other securities do not exist at a certain date, we take the existing securities and reweight them based on their target weighting to maintain weightings that add up to 100%.

What is the initial level?

The initial level is the amount ‘invested’ into the Model Portfolio on the start date. The options are 1,000 or 10,000.

What is the benchmark index?

The index that is used to calculate a variety of risk metrics for the Model Portfolio as well as a benchmark used to compare performance against.

What happens if a security doesn’t exist until a certain date? How does that effect my target weightings?

If you set your Model Portfolio to use the ‘newest’ start of series option, your securities will have all data to start our calculations.

If you selected the ‘oldest’ start of series option, we will find the oldest security and starting calculating levels at the beginning of that securities history. If other securities do not exist at a certain date, we take the existing securities and reweight them based on their target weighting to maintain weightings that add up to 100%.

What is the maximum number of items my portfolio can have?

The limit is currently set to 100 items.

How do "sleeves" work?

Sleeves give you the ability to roll up a portfolio of securities into a parent or household portfolio. If a client has 3 separate asset areas of focus, such as US Equity, International Equity, and an Fixed Income, users can gain a holistic view of the client’s financial position by rolling these up into one hypothetical portfolio.

Any updates you make to a sleeve will affect any model portfolios that have the sleeve as a holding. For example, if you have a Portfolio B as a 50% holding in Portfolio A, any updates you make in Portfolio B will trigger Portfolio A to re-calculate.

If a sleeve has a different rebalancing frequency or start of series than your parent portfolio, the parent portfolio does not override the sleeve and the sleeve will keep its respective rebalance and start of series. For example, if a model portfolio sleeve has a quarterly rebalance and the parent model portfolio never rebalances, the sleeve will continue to rebalance quarterly while the parent portfolio will never rebalance the securities that make up its holdings.

Additionally, if you share a model that has sleeves as a holding, all of the underlying sleeves will automatically be shared with others.

How to Model Portfolio Fees apply to my portfolio?

Model Portfolio fees are intended to replicate management fees placed by advisors on a group of securities. The Fees option allows you to select from 3 frequencies (never, quarterly, and annually) that will apply an annualized rate at the end of the period.

For example if you choose a quarterly frequency and an annualized fee of 2%, then 0.5% will be deducted from the portfolio level on 3/31, 6/30, 9/30, and 12/31.

If you applied a fee to your sleeves and combined these into a parent portfolio, please be aware that adding a fee on the parent portfolio will add 2 layers of fees, one at the sleeve level and one at the parent portfolio level.

What does the message "Error: A Model Portfolio cannot use a comparable security as its own benchmark" mean?

This error will display when the benchmark selected in the editor is also set as a comparable security to the Model Portfolio. Comparable securities are selected in the Model’s Periodic Return module in the Quote tab or on the Performance tab. The desired benchmark must be removed as a comparable security before being selected as the Model benchmark.

For example, if the desired benchmark for the portfolio is a blended benchmark of SPY and AGG, neither SPY or AGG can be a comparable security. If either of these two securities in the blended benchmark are listed as comparable securities, they must be removed in order to add the blended benchmark.

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