Managing Asset Management

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Stands for “Trade And Quote.” It's the same information that the ticker feed captures, but it's not coming in real-time. Instead, it's a historical collection of trade and quote data. The NYSE publishes its U.S. equities trade data, the NYSE TAQ, for daily web FTP, as well as a monthly CD/DVD.

TASS database
This database is recognized as probably the most accurate and comprehensive hedge fund database available today and serves as the foundation for the CSFB/Tremont Hedge Fund Index, the industry's first asset-weighted benchmark of hedge fund performance. The database lists in excess of 5,500 funds and managers. The TASS Database provides information on a global and extensive range of alternative investment funds and managers which includes (but are not limited to) all types of hedge funds, including long/short equity funds, equity market neutral funds, event driven funds, distressed securities funds, risk arbitrage funds, convertible arbitrage funds, fixed income arbitrage funds, managed futures funds, commodity trading advisors, emerging market funds and funds of funds. The TASS Database tracks over 150 fields of information for each of the hedge funds in the database, and is one of the only sources that provides assets under management since inception. It is available electronically through a range of application providers including those offered by Strategic Financial Solutions and S&P Fund Services.

A tick is the bid and asked price movement up or down on a security, as well as the actual trades. Ticks happen in real time and are captured in ticker feeds, such as Reuters and Bloomberg. When you trade you make an agreement between the buyer and seller, but in between each trade are many bids and asks, all of which are captured in real-time.

An electronic form showing all the relevant information about an order: type of order, trade number, portfolio name, ticket number, bank name, security name, number of shares or amount of the transaction, transaction date, trade date, and special instructions.

top-down investment strategy
An investment strategy that seeks to assess the influence of various macro-and micro-economic factors before finally identifying individual investments.

transaction fees
A transaction fee is a broker / custodian charge incurred for each investment. Usually transaction fees are associated with the investment itself; however, some administrators gather all the transaction fees into a monthly fee expense. In this case, the transaction fee is entered as a one time flat fee.

transfer (cash)
Transfer of cash from one account into another. If the transfer is in different currencies, this is equivalent to an FX Spot Operation.

Treynor ratio
Similar to the Sharpe ratio, except that it uses beta as the volatility measurement. Return (the numerator) is defined as the incremental average return of an investment over the risk-free rate. Risk (the denominator) is defined as the beta of the investment return relative to a benchmark.

Time Weighted Rate of Return.


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