Technical Issues

Installation
Where can I find installation Instructions?
Installation instructions can be found at http://www.styleadvisor.com/support/documentation.html. You can also contact support at 1-800-789-5323.

What are the configuration options for StyleADVISOR?
It is possible to install StyleADVISOR on a user's local machine and network. The networks options include SQL servers and Citrix. SQL server data is recommended with all configurations.

Can StyleADVISOR be installed in a Citrix environment?
Yes. Please contact client support for help installing StyleADVISOR in a Citrix environment. SQL server data is required.

What are the advantages and disadvantages of a network installation?
The advantages of a network installation include the ability to share data amongst users, administration done from a central location and exceptional application performance if using SQL. The disadvantages include network traffic, difficult to restrict file sharing and not useful for traveling laptop users.

Licensing
How do I activate a license?
To activate a license go to Help / Acitivation in StyleADVISOR or click Activate Now on the activation pop-up. You will need the product key that is sent to all licensed users. This is sent with new licenses and each year with the license renewal. If you need your product key contact licensesupport@styleadvisor.com.  Internet activation is the easiest option, but email activation (and phone activation as the last resort) may be required. Follow the prompts throughout the program.

Why was I sent a product key and what is it?
Each licensed user will receive a product key when they first install StyleADVISOR and each year before the license renewal date. The product key is used in the activation process. If you need to activate your license your license a pop-up will appear when you open StyleADVISOR stating that your license will expire in X days. Click Activate Now or go to Help / Activation if the pop-up is closed. Internet activation is the easiest option, but email (and phone as the last resort) may be required. Additional information is available in the License Instructions at http://www.styleadvisor.com/sites/default/files/SA_License_Instructions.pdf.

Why internet activation failed?
Internet activation can fail if you are blocked from our licensing servers. Try email activation next.

Data Updates
How do I update my data?
Every time an update is available we send out an e-mail to all the users on our distribution list. Click the link in your email or go to http://www.styleadvisor.com/updates/index.html. A password is needed to run each update and is available in the email or by calling 1-800-789-5323. You can only receive passwords for updates you are licensed to receive.
Data updates and software upgrades are posted as both executable files (*.exe) and compressed zip files (*.zip). They can be run from our web site or downloaded to your local computer. We recommend downloading them to a designated download directory on your local system or to your desktop. While running the update, you will be asked where StyleADVISOR is installed. Please note that you must direct the update to the location of your style.exe file even if the data resides in another location. The update will read an initialization file and will find the correct location for the data.

When are data updates available?
With the exception of the early index update, updates are released as soon as we receive the data from our vendors. We send out notification email to subscribers when the data is available. Below is a schedule of the most common updates.

• Early Index Update- 3 business after month end
• Full Index Update- 10th business day after month end
• Zephyr Managed Accounts- 20, 40 and 60 days after quarter end
• Morningstar Mutual Funds- 7 business days
• Lipper Mutual Funds- 7  business days

What data updates should I run?
You should run the updates for which you receive emails. If you are not sure what data you receive, or if you want to receive emails about data updates, please call us at 1-800-789-5323.

What data is included with the program?
All users receive over indices and separate accounts. This data is a part of the Early Index, Full Index and Zephyr Managed Accounts updates.

What are my data options?
See data menu.

Error Messages

Zephyr Help
How do I get help with StyleADVISOR and AllocationADVISOR?
All users have access to unlimited support with their license. Email support@styleadvisor.com or call 1-800-789-5323. The support group is available Monday through Friday, 8am – 5pm PST.

StyleADVISOR

Style Analysis
What is Returns-Based Style Analysis (RBSA)?
Returns-based Style Analysis was developed by Nobel Laureate William F. Sharpe in 1988 in order to determine the style of an investment product by using its underlying returns. It is a mathematical algorithm which selects a blend of indices that is most highly correlated with the total returns of the manager. For more information see Style Analysis under concepts at http://www.styleadvisor.com/resources/concepts/style_analysis.html.

What is a style benchmark?
The style benchmark is a unique benchmark that StyleADVISOR creates for every manager in an analysis using returns-based style analysis. This optimization selects the blend of indices that best describes the way a manager's performance behaves. This allows you to get an accurate picture of the investment style of the manager. The rolling window Style Benchmark identifies shifts in style or style drift.

The Style Benchmark is an excellent performance benchmark. When a manager's performance exhibits excess return over the style benchmark it can usually be attributed to value added by the manager, because variations in return due to style are captured by the benchmark itself.

Creating and Updating an Analysis
How do I get my workbooks to update automatically?
To update workbooks automatically make sure the End Date is set to Latest date in the analysis parameters.

Why don't all of my charts update when I change the analysis parameters?
When charts are not updating with new analysis parameters, it usually means Chart parameters are included in the workbook. Chart parameters can be found by right clicking a chart and going to Analysis Parameters for this Chart. These parameters will only apply changes to a single chart and will override workbook parameters that our found at Edit/Analysis Parameters for Workbook.

How do I create blends?
Two methods are used to create blends in StyleADVISOR.

Method 1: Create blends outside of a specific StyleADVISOR Workbook and Edit existing blends. To create a new blend go to File/ Edit Data Files/Blends/New. To edit a blend go to File/Edit Data Files/Blends/select the file to be edited. Method 1 tends to be the most common way to create a blend.

Method 2: Create a blend from assets already selected in a workbook by clicking the Create Blend button in the Managers section of the Analysis Parameters dialog.

Both methods will open the Edit Blend Dialog. Click Select Assets to open the Select Managers Dialog and add managers or indices to the blend. Replace the red zeros with blend weights as percentages, dollar values or decimals. Click Insert to add a new column of weightings to reflect changing allocations or to add/ remove assets over time. The blend can be rebalanced Monthly, Quarterly or Annually or based on a Buy and Hold strategy.  The date listed above the weightings in the first column represents the begin data of the blend.

Why doesn't alpha match excess return?
Alpha and excess return are not the same statistic. Excess return is simply the manager's return minus the benchmark return. Alpha is a beta adjusted excess return.
Mathematically, Alpha and Beta are obtained by fitting a straight line to the points in a scatter plot of the manager's returns and the benchmark's return. Beta is the slope of the line and Alpha is the y-intercept. There are several things to consider when comparing Alpha to excess returns.

First, Alpha is a Beta adjusted excess return - the slope of the line affects the point of the y-intercept. When Beta strays from 1.00, the excess returns are adjusted to obtain Alpha. Second, the r-squared to the benchmark is important. If you have a Beta close to 1.00 but a poor r-squared, your returns are widely scattered and a more appropriate benchmark should be selected. Finally, even with a Beta of 1.00 and an r-squared of 100.00, Alpha and excess return will vary somewhat. The excess return number has the effects of compounding while the Alpha number does not.

What does cash-adjusted mean?
The Cash-Adjusted statistics subtract the risk-free rate from the returns of both the manager and benchmark. Cash-adjusted statistics include alpha, beta and R-squared.

Where can I find definitions of statistics?
See Statistics page.

AllocationADVISOR 

What is Mean Variance Optimization?
Mean-variance optimization was developed by Nobel Laureate Harry Markowitz as a way to create optimal portfolios based on risk and return trade-offs and the benefits of diversification. The optimization uses return, risk and correlation forecasts to combine assets into portfolios that maximize return for different levels of risk. See Asset Allocation Concept.

What is the efficient frontier?
AllocationADVISOR uses mean-variance optimization to create a set of portfolios that maximize return for different levels of risk. A graph of this set of optimal portfolios is called the efficient frontier.

Other Programs

What is ZOD?
See ZOD page.

What is ZAP?
See ZAP page.

Are custom solutions available?
Custom solutions are available. Contact Zephyr Associates, Inc. at 1-800-789-5323 to discuss options with a sales associate.