RAD X

FROM THE ROOTS UP

Training Academy

presents

Performance Measurement,
Attribution Analysis and
GIPS® Modelling
Your Course Presenter:

Hamed Behairy, CFA

Leading international financial

trainer and corporate
governance specialist.
CEO of Radix Corporate
Governance (Pty) Ltd and
Radix Training Academy (Pty) Ltd.

www.radixacademy.com +27 (0)82 621 3077 +27 (0)86 620 2013 training@radixacademy.com
 M
Introduction

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To
Su
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es
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Performance measurement and attribution analysis represent a critical part of the portfolio

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management process. It is an exciting and dynamic topic and its importance grows with the

ith
increased sophistication, maturity and awareness of the investing community. This increasingly
–complicated task should be structured in a disciplined process.

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s
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 managers
Ÿ A fund manager using attribution analysis as a marketing tool for his fund.

The Global Investment Performance Standards

Key Objectives of
the Course are to:
Ÿ Understand different advanced
Excel formulas and tools
Ÿ Building models from scratch
Ÿ Customize models to your
needs
Ÿ Visualize the performance
measurement cycle
Ÿ Build solid Equity attribution
and GIPS models
Ÿ Have control cells that change
the outcome of the whole
model
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.
(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

Who should attend?

:
Ÿ Portfolio managers
Ÿ Pension fund trustees
Ÿ Performance analysts “It has been an amazing, brilliant, practical course. Hamed is an excellent presenter and
Ÿ Fund of funds managers very seldom do you come to a course which teaches you so much, is so practical and is
Ÿ Financial advisors brilliantly presented in such a fun manner. Thanks!”
Ÿ Risk controllers Hadley Lakay, performance analyst- Prescient Investment Management
Ÿ Compliance officers
Ÿ Senior managers
Ÿ Private equity managers
Course Outline

Day One Day Three

Introduction to performance measurement and attribution analysis · Basic attribution modeling:
Ø Asset allocation
Ø Security selection
· Introduction to performance measurement and attribution
Ø Interaction
analysis
· The performance measurement process and the Excel flow · Advanced attribution modeling (multiperiod)
chart from inputs to outputs Ø Smoothing algorithm
· Some useful advanced Excel formulas and tips Ø GRAP
· Gathering and tabulating data inputs Ø Carino
· Modeling contributions and management fees Ø Menchero
· Calculating gross, net and excess returns using different Ø Frongello
methodologies'
· Benchmark and peer group analysis · Advanced attribution modeling (multi-currency)
· Introduction to GIPS Ø Naïve currency attribution
· Modeling GIPS presentations Ø Karnosky and Singer
· Case study: applying all concepts to the 10 hypothetical funds Ø Currency allocation
in Excel
· Case study: applying all concepts to the 10 hypothetical funds in
Excel
Day Two:

· Risk management modeling:

Ø Standard deviation
Ø Sharpe Ratio
Ø Risk Adjusted returns M2
Ø Differential returns
Ø Regression beta
Ø Bull beta
Ø Bear beta
Ø Systematic risk
Ø Specific or residual risk
Ø Treynor ratio
· Relative risk:
Ø Tracking error
Ø Information ratio
· Return distributions:
Ø Normal distributions
Ø Skewness
Ø Kurtosis
· Downside risk
Ø Sortino ratio
Ø Upside potential ratio
Ø Omega excess returns
Ø Value at Risk (VAR)
· Which risk measure to use and why?
· Case study: applying all concepts to the 10 hypothetical funds
in Excel

“I wish every single lecturer I had at university was exactly like Hamed. Brilliant!! Loved
the practical nature of the course. Kept seeing how I would implement them in some of
my existing sheets back home. Excellent lecturer; starts from the bottom up which is how
all 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 another
session given by Hamed”
Zeenat Kalla, performance analyst, Element Investment Management
Course Info

I s ED
S TOM
C U In-hours training – we will
come to you!
If you have 15 or more delegates who are
interested in this course, we can come to you
and customise the course content to your
particular needs. Kindly contact us for more details

Recent attendees:
The presenter has taught delegates on various
topics from over 130 companies worldwide including
the following. Please contact us for the various
programs that Radix offers

ABSA
Adcock Ingram
Afgri Operations
Allan Gray
Astro Media- Malaysia
Banco Commercial De Investimentos- Mozambique
Blue Financial Services
Business Connexion
Day 1 Schedule
CBZ Bank Holdings- Zimbabwe Registeration: 08:00
Citigroup First session: 08:30 - 11:00
Department of Public Enterprises Second Session: 11:10 - 13:10
Ellies Holdings Lunch: 13:10 - 14:10
Eskom Holdings Third session: 14:10 - 16:00
Exxaro Resources Fourth session: 16:10 - 17:35
Financial Services Board FSB
Gold Fields Group Day 2 Schedule
Government Institutions Pension Fund- Namibia
Grindrod Bank First session: 08:30 - 11:00
Investec Asset Management Second Session: 11:10 - 13:10
Lunch: 13:10 - 14:10
Khazanah (Central Bank)- Malaysia Third session: 14:10 - 16:00
Metropolitan Life Fourth session: 16:10 - 17:35
Munich Reinsurance
National Empowerment Fund (NEF) Day 3 Schedule
Nedbank
Old Mutual First session: 08:30 - 11:00
RMB Second Session: 11:10 - 13:10
Standard Bank Lunch: 13:10 - 14:10
Symmetry Multi Managers Third session: 14:10 - 16:00
Fourth session: 16:10 - 17:35
UBS Investment Bank
Virgin Money

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 and

trainer 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.

Other courses by Hamed Behairy, CFA

• Valuation Modelling
• Investment Philosophies
• South African Financial Markets (bond, equity, money, forex, & derivatives)
• Investor Relations
• Corporate Failures: how and why do companies fail?
• Mergers and Acquisitions Modelling
• Performance Measurement, Attribution Analysis and GIPS Modelling
• Private Equity and Venture Capital Modelling and Structuring
• VBA Financial Programming

Kindly contact us for course brochures and booking.

The price of the Course includes:

Course attendance for three days in a minimum of 4-star Conference Facility For More info
All course notes
Visit our Website
CD with all relevant modules HERE
One month window period after the course to ask any question
or
Email us
Daily breakfast, lunch and two coffee breaks with snacks.

If needed, we can assist with finding suitable accommodation nearby

HERE
the Conference Facility
 RAD X
FROM THE ROOTS UP
Training Academy

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www.radixacademy.com +27 (0)82 621 3077 +27 (0)86 620 2013 training@radixacademy.com