Managing Asset Management

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T

ticket
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. Webfolio generates PDF tickets automatically whenever an order is placed and stores them in EDM by default.

tracking error, annualized
Tracking error is a measure of the unexplained portion of an investment’s performance relative to a benchmark. Annualized tracking error is measured by taking the square root of the average of the standard deviations between the investment’s returns and the benchmark’s returns, then multiplying the result by the square root of 12.

trade tickets
Trade tickets are generated automatically in PDF format whenever an order is placed.

transaction
Operations consist of a number of transactions that are linked to the operation and carry out the individual actions to fulfill it. Transactions are typically Debits and Credits into current, securities, and fees accounts. See Accounts.

TWR
Time-weighted rate of return.
The true Time-Weighted Return for the period 0 to T can be calculated by valuing the portfolio whenever contributions occur. The product of the changes in the value of the fund including the net of the contributions/withdrawals, minus 1 gives the overall return for the period. This requires re-evaluating the portfolio each time a net contribution occurs. See Dietz and Modified Dietz.

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