RAD XFROM THE ROOTS UP

Training Academy

Your Course Presenter:

.

Hamed Behairy, CFA

Leading international financialtrainer and corporate

governance specialist.CEO of Radix Corporate

Governance (Pty) Ltd andRadix Training Academy (Pty) Ltd

Performance Measurement,Attribution Analysis andGIPS® Modelling

presents

www.radixacademy.com +27 (0)82 621 3077 +27 (0) training@radixacademy.com86 620 2013

Performance measurement and attribution analysis represent a critical part of the portfolio management process. It is an exciting and dynamic topic and its importance grows with the increased sophistication, maturity and awareness of the investing community. This increasingly –complicated task should be structured in a disciplined process.

Was the portfolio manager's performance skillful, or lucky? This and many other questions are answered by attribution analysis. It plays a crucial role in identifying and quantifying the different factors behind any abnormal return, whether positive or negative. Factors including style, sector and stock allocation together with activity can be quantified over time in Excel spreadsheets. Other attributes related to industry, country, currency and more can be analyzed.

A disciplined performance measurement and attribution analysis is quite vital to many different participants. The following cases are just few examples:

Ÿ A fund manager investigating how well a particular strategy did over time.Ÿ A pension fund or other clients examining different fund managers to manage its capital.Ÿ Using attribution analysis as a fair basis for determining the level of performance fees. Ÿ Trustees, advisors, or fund of funds monitoring the performance of different fund managersŸ A fund manager using attribution analysis as a marketing tool for his fund.

The Global Investment Performance Standards (GIPS®) grew to be the benchmark in the investment community as far as the performance measurement is concerned. Yes, modeling these standards can be fairly complicated. It is imperative that market participants understand and apply these principles in the most practical way. This 3-day intensive course will give you the hands-on experience of applying performance measurement and attribution analysis to 10 different hypothetical funds. The funds will be structured in a way that takes into account many different real life complications that participants face on a daily basis. The intention is to be in a position to apply all concepts by using the models, immediately upon completion of the program. For this reason we will start building our models from point zero where we will tabulate the data required for the analysis and then move all the way in the performance measurement process in the most dynamic way using advanced Excel tools and formulas. All models will have control points that allow retrieving performance

reports for different months on a dynamic basis. Building and securing databases is an inherent part of the course. The course is based entirely on Excel models from the first to the last minute. You must bring your laptop.

IntroductionM

ove To Success With U

s

:

Ÿ Portfolio managersŸ Pension fund trusteesŸ Performance analystsŸ Fund of funds managersŸ Financial advisorsŸ Risk controllersŸ Compliance officersŸ Senior managersŸ Private equity managers

Who should attend?

Key Objectives ofthe Course are to:

Ÿ Understand different advanced Excel formulas and tools

Ÿ Building models from scratchŸ Customize models to your

needsŸ Visualize the performance

measurement cycleŸ Build solid Equity attribution

and GIPS modelsŸ Have control cells that change

the outcome of the whole model

“It has been an amazing, brilliant, practical course. Hamed is an excellent presenter andvery seldom do you come to a course which teaches you so much, is so practical and is

brilliantly presented in such a fun manner. Thanks!”Hadley Lakay, performance analyst- Prescient Investment Management

Course Outline

Day One

Day Two:

Introduction to performance measurement and attribution analysis

· Introduction to performance measurement and attribution analysis

· The performance measurement process and the Excel flow chart from inputs to outputs

· Some useful advanced Excel formulas and tips

· Gathering and tabulating data inputs

· Modeling contributions and management fees

· Calculating gross, net and excess returns using different methodologies'

· Benchmark and peer group analysis

· Introduction to GIPS

· Modeling GIPS presentations

· Case study: applying all concepts to the 10 hypothetical funds in Excel

· Risk management modeling:Ø Standard deviationØ Sharpe Ratio Risk Adjusted returns M2Ø Differential returnsØ Regression betaØ Bull betaØ Bear betaØ Systematic riskØ Specific or residual riskØ Treynor ratio

· Relative risk:Ø Tracking errorØ Information ratio

· Return distributions:Ø Normal distributionsØ SkewnessØ Kurtosis

· Downside riskØ Sortino ratioØ Upside potential ratioØ Omega excess returnsØ Value at Risk (VAR)

· Which risk measure to use and why?

· Case study: applying all concepts to the 10 hypothetical funds in Excel

Day Three

·Ø Asset allocationØ Security selectionØ Interaction

· Advanced attribution modeling (multiperiod)Ø Smoothing algorithmØ GRAPØ CarinoØ MencheroØ Frongello

· Advanced attribution modeling (multi-currency)Ø Naïve currency attributionØ Karnosky and SingerØ Currency allocation

· Case study: applying all concepts to the 10 hypothetical funds in Excel

Basic attribution modeling:

Ø

“I wish every single lecturer I had at university was exactly like Hamed. Brilliant!! Lovedthe practical nature of the course. Kept seeing how I would implement them in some ofmy existing sheets back home. Excellent lecturer; starts from the bottom up which is howall training should be done! The training should have been longer since it seems that

Hamed has a lot more to teach and I have a lot to learn. I would definitely attend anothersession given by Hamed”

Zeenat Kalla, performance analyst, Element Investment Management

Recent attendees: The presenter has taught delegates on varioustopics from over 130 companies worldwide includingthe following. Please contact us for the variousprograms that Radix offers

ABSAAdcock IngramAfgri OperationsAllan GrayAstro Media- MalaysiaBanco Commercial De Investimentos- MozambiqueBlue Financial ServicesBusiness ConnexionCBZ Bank Holdings- ZimbabweCitigroupDepartment of Public EnterprisesEllies HoldingsEskom HoldingsExxaro ResourcesFinancial Services Board FSBGold Fields GroupGovernment Institutions Pension Fund- NamibiaGrindrod BankInvestec Asset ManagementKhazanah (Central Bank)- MalaysiaMetropolitan LifeMunich ReinsuranceNational Empowerment Fund (NEF)NedbankOld MutualRMBStandard BankSymmetry Multi ManagersUBS Investment BankVirgin Money

Registeration: 08:00First session: 08:30 - 11:00

Second Session: 11:10 - 13:10Lunch: 13:10 - 14:10

Third session: 14:10 - 16:00Fourth session: 16:10 - 17:35

First session: 08:30 - 11:00Second Session: 11:10 - 13:10

Lunch: 13:10 - 14:10Third session: 14:10 - 16:00

Fourth session: 16:10 - 17:35

Day 2 Schedule

First session: 08:30 - 11:00Second Session: 11:10 - 13:10

Lunch: 13:10 - 14:10Third session: 14:10 - 16:00

Fourth session: 16:10 - 17:35

Day 3 Schedule

Day 1 Schedule

In-hours training – we willcome to you!

If you have 15 or more delegates who areinterested in this course, we can come to you

and customise the course content to yourparticular needs. Kindly contact us for more details

CUSTOMIsED

Course Info

Why Radix Training Academy (Pty) Ltd

Radix Training Academy (Pty) Ltd offers its clients outstanding financial services in three spheres: training, consultation and modeling solutions. Our clients span from major listed companies and financial institutions to small and medium enterprises. Radix offers a number of public and in-house financial training courses around the world directly through Radix or through one of our affiliates. All the courses are intended to be of a practical nature. The common theme of all courses is the heavy use of modeling and case studies with minimum theoretical discussions. We start from the roots up. However complicated

financial concepts purport to be, we aim to show you exactly how fantastically uncomplicated learning about them or modeling them can be. Radix also offers Excel modeling and Business Intelligence solutions. There is no modeling task that

is too big or too small. We will ensure that all assignments are adhered to in the most professional way. Radix provides financial consulting services to corporates, financial institutions and central banks to create effective solutions to the

complicated problems they are facing in various areas.

About the presenter

Hamed Behairy, CFA, an internationally renowned financial consultant andtrainer over the past 14 years.

With more than 14 years of experience in the fields of financial analysis, modelling, corporate governance, consultation and training, Hamed has been consistently acclaimed as one of the top financial consultants in South Africa.

The presenter is widely renowned in different parts of the world as a seasoned valuation modelling expert. Hamed is the founder and CEO of Radix Training Academy (Pty) Ltd and cofounder and CEO of Radix Corporate Governance (Pty) Ltd based in Cape Town, South Africa. Radix shares the spirit of doing things right, and getting things done in the most professional way.

Hamed has an extensive training experience. His workshops combine professional knowledge along with excellent presentation skills. Participants' comments of Hamed's workshops indicate that they leave with deep understanding of the material covered and conclusive ability to apply these concepts at their workplace upon completion of his courses. He has substantial experience in training corporate executives on strategic matters including valuation modelling, corporate restructuring, M&A modelling, applied corporate finance modelling, financial analysis modelling, attribution analysis modelling and other modelling courses. Hamed worked as a financial analyst and modeller in an asset management company. While lecturing accounting and financial analysis at the University of Alexandria, Hamed was awarded the best teaching talented lecturer.

Hamed is a Chartered Financial Analyst (CFA). He qualified with Bcom (honours) in accounting - cum laude with first class honour, and Bcom (honours) in Financial Analysis and Portfolio Management - cum laude, with first class honour. Hamed's hands-on training approach is mixed with energy, humour and continuous interaction with delegates. The systematic build up of his workshops ensures a bottom-up explanation, leading delegates quickly from the basics through the more advanced topics.

Course attendance for three days in a minimum of 4-star Conference Facility

All course notes

CD with all relevant modules

One month window period after the course to ask any question

Daily breakfast, lunch and two coffee breaks with snacks.

The price of the Course includes:

If needed, we can assist with finding suitable accommodation nearbythe Conference Facility

For More infoVisit our Website

orEmail us

Other courses by Hamed Behairy, CFAValuation ModellingInvestment PhilosophiesSouth African Financial Markets (bond, equity, money, forex, & derivatives)Investor RelationsCorporate Failures: how and why do companies fail?Mergers and Acquisitions ModellingPerformance Measurement, Attribution Analysis and GIPS ModellingPrivate Equity and Venture Capital Modelling and StructuringVBA Financial Programming

Kindly contact us for course brochures and booking.

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RAD XFROM THE ROOTS UP

Training Academy

www.radixacademy.com +27 (0)82 621 3077 +27 (0) training@radixacademy.com86 620 2013

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