âInnovation focused on expanding, improving and updating is a continual process as Wilshire Equity Analytics responds to the needs of its clients around the world,â noted David Hall, senior managing director of Wilshire Associates Incorporated and head of Wilshire Equity Analytics, a division of Wilshire Analytics. âIn times such as these, with regulators, boards of directors and money owners reacting to market volatility by focusing on risk-adjusted returns, as well as the sources and contributions to risk, Wilshire Analyticsâ clients are increasingly turning to our multi-factor risk and attribution analyses to gain new insight, control risk and provide more comprehensive reporting to their clients,â Hall continued.
âDuring the course of the last year, the Wilshire Atlas development team has focused its efforts on the development of a new Graphical User Interface (GUI) for the Wilshire Atlas system,â Hall said. âThe goal of this project was to advance both the technology that supports the interface, and to improve the functionality of the GUI to facilitate both the organization and management of portfolios within the system. Additionally, the GUI development was designed to make access to the core reports and tools in the system more intuitive, and more straightforward, for both experienced and new users alike.â
All portfolios and indexes loaded in the Wilshire Atlas system now may be viewed and organized within a customizable folder structure. This new Portfolio Navigator was designed to facilitate access to saved portfolios for both the running of new reports and the editing of portfolio holdings. The holdings of each portfolio in the system are now be accessed via the Portfolio Navigator. Upon opening a portfolio, asset positions are displayed in a new portfolio holdings window for every date on which the portfolio has been loaded.
Based on the GUI technology employed in MicrosoftÂ® Office 2007, the Wilshire Atlas GUI now gives users access to the analysis tools and utilities of the Wilshire Atlas via a multi-tab toolbar or âribbon.â Available at all times in the user interface, the Wilshire Atlas ribbon groups each tool in the Wilshire Atlas by function type, thereby displaying in one convenient place all appropriate options for the task at hand. The ribbon also offers users direct access to the tools within the Wilshire Atlas without first having to open a portfolio or create a portfolio list.
Wilshire also has increased the multi-factor risk and attribution functionality of the system to allow users to perform flexible decomposition of risk and return contributions into any user-defined grouping scheme within the system. The risk and factor attribution modules also have been expanded through the addition of a number of new reporting features, including new security detail and linked-period analysis reports. In addition, a new HTML reporting format has been added to the system. Reports built using this format exhibit increased levels of interactivity and, using this format, it is possible to construct group-based attribution reports in the Wilshire Atlas with full drill down capability.
Beyond these developments to the basic system, the reporting capabilities of the Wilshire Atlas have been enhanced with the development of a Microsoft ExcelÂ® plug-in associated with the Wilshire Atlas API (both require an additional subscription), which gives users access to the core analysis functions of the system via custom cell functions from within a Microsoft Excel spreadsheet. In this way, it is possible to build fully customized reports without needing to code new Microsoft Excel macros.
Alongside the development of a new user interface, Atlas v11 also exhibits enhanced risk and factor attribution reports. Both the Risk Analyzer and model based Factor Attribution tools have been extended to incorporate a number of new reporting options. In particular, the Risk Analyzer application has been developed to include the following enhancements:
â¢ New flexible decomposition of risk reports
â¢ New âmultiple portfolioâ summary
â¢ User-defined Value at Risk (VaR) Calculation
â¢ Enhanced reporting of security level risk
The multi-factor attribution module in the system has also been expanded and now exhibits a number of new reporting features:
â¢ Flexible decomposition of return
â¢ New linked multi-period reports and multiple portfolio summary reports
â¢ Enhanced security detail return attribution reports