phaseinvest supports two types of data, portfolio data and factor data.
Portfolio data contains portfolio details of the securities held in a portfolio along with their position size for each date. It can be of three types, portfolio, benchmark or universe. The type portfolio and benchmark require position size to be specified in the form of number of shares held, whilst universe type does not requite position size to be specied as the application converts the uploaded universe into an equally weighted portfolio.
phaseinvest supports two type of portfolio data:
These are portfolios available in the application that can be used as a reference benchmark for exposure analysis or as a universe from to construct a portfolio. Users subscribe to system portfolios of their choice through the Portfolio Administration module.
These are portfolios that the user uploads into his or her user account. These are visible only to the user or to other users to whom the user grants access. These users can be within the same tenant i.e. organisation, or external to the user's tenant. This functionality is under construction and will be released in the coming weeks.
Risk Factors are metrics that are primary drivers of security and portfolio return. Each risk factor contains security level numeric data that quantifies the sensitivity of each security to the factor.
These are factors available in the phaseinvest factor library. Users can manage subscription to risk factors through the Factor Administration module. phaseinvest supports two types of system factors:
These are factors that the user uploads into his or her user account. These are visible only to the user or to other users to whom the user grants access. These users can be within the same tenant i.e. organisation, or external to the user's tenant. This functionality is under construction and will be released in the coming weeks.
phaseinvest supports several market symbologies for the identification of traded securities.
The Financial Instrument Global Identifier (FIGI) is phaseinvest's primary symbology OpenFIGI. It is an open system for identifying instruments globally across all asset classes. The FIGI is a unique, non-changing and perpetual identifier that enables linking material changes to that instrument, maintains permanent association with those changes and provides a consistent historical perspective of that instrument changing over time through corporate actions and other events.
The FIGI is a 3-tier hierarchy:
Exchange Level FIGI: The most granular hierarchy that identifies an instrument specific to the exchange on which it trades
Country Composite FIGI: The second tier of the hierarchy that resides above the Exchange Level FIGI. All Exchange Level FIGI of the same security that trade on multiple exchanges within an country will have the same Country Composite FIGI
Share Class FIGI: The highest tier of the hierarchy that resides above the Country Composite FIGI. All Country Composite FIGI of the same security that trade on multiple exchanges globally will have the same Share Class FIGI
The example for Mercedes Benz Group AG aptly illustrates the FIGI hierarchy. All common stock are the same security and hence share the Share Class FIGI BBG001S69JW7. Within this Share Class FIGI, the two FIGI that trade on XETRA and Frankfurt share the same Country Composite FIGI BBG000CCVZZ9. The ADR is a different security and therefore has a different Share Class FIGI BBG00FQ9Y9Y4 even though it trades on the same exchange in the US as the common stock. It also has a different Country Composite FIGI because it lies within a different Share Class FIGI branch.
|Company||Type||Exchange||Exchange Country||Exchange Level FIGI||Country Composite FIGI||Share Class FIGI|
|MERCEDES-BENZ GROUP AG||Common Stock||XETRA||Germany||BBG000CCW1K9||BBG000CCVZZ9||BBG001S69JW7|
|MERCEDES-BENZ GROUP AG||Common Stock||Frankfurt||Germany||BBG000CCW0T2||BBG000CCVZZ9||BBG001S69JW7|
|MERCEDES-BENZ GROUP AG||Common Stock||Pink Slip||USA||BBG000CHPQ49||BBG000CHNG70||BBG001S69JW7|
|MERCEDES-BENZ GROUP AG||ADR||Pink Slip||USA||BBG00FQ9Y9K9||BBG00FQ9Y929||BBG00FQ9Y9Y4|
The Legal Entity Identifier (LEI) is a company level identifier. It is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions. Each LEI contains information about an entity’s ownership structure and thus answers the questions of 'who is who’ and ‘who owns whom’. Simply put, the publicly available LEI data pool can be regarded as a global directory, which greatly enhances transparency in the global marketplace.
The LEI site above the Share Class FIGI and unites all share classes of the same company under one umbrella.
The example below illustrates that both Share Class FIGI for Mercedes Benz Group AG share the same LEI.
|Company||Type||Share Class FIGI||LEI|
|MERCEDES-BENZ GROUP AG||Common Stock||BBG001S69JW7||529900R27DL06UVNT076|
|MERCEDES-BENZ GROUP AG||ADR||BBG00FQ9Y9Y4||529900R27DL06UVNT076|
Stock ticker symbols are codes that represent publicly traded companies in the stock market. Tickers for the same security listing can very depending on the source. phaseinvest currently supports:
The example below illustrates the various tickers associated with Berkshire Hathaway Class B listing on the New York Stock Exchange (NYSE).
|Company||Type||Exchange Level FIGI||EOD Ticker||FIGI Ticker||Bloomberg Ticker||Market Ticker|
|BERKSHIRE HATHAWAY INC-CL B||Common Stock||BBG000DWH8Q0||BRK-B||BRK/B||BRK/B.US||BRKB|
Currently phaseinvest supports the EOD Ticker from the various ticker types but we will shortly provide support for the Bloomberg Ticker and Market Ticker.
An International Securities Identification Number (ISIN) is a 12-digit alphanumeric code that uniquely identifies a specific security. It is used worldwide to identify securities such as bonds, stocks, futures, warrants, rights, and trusts. The example for Mercedes Benz Group AG demonstrates that the ISIN is a share class equivalent identifier.
|Company||Type||Exchange||Exchange Country||Share Class FIGI||LEI||ISIN|
|MERCEDES-BENZ GROUP AG||Common Stock||XETRA||Germany||BBG001S69JW7||529900R27DL06UVNT076||DE0007100000|
|MERCEDES-BENZ GROUP AG||Common Stock||Pink Slip||USA||BBG001S69JW7||529900R27DL06UVNT076||DE0007100000|
|MERCEDES-BENZ GROUP AG||ADR||Pink Slip||USA||BBG00FQ9Y9Y4||529900R27DL06UVNT076||US2338252073|
phaseinvest covers Global Markets with native risk factor coverage for stocks and ETFs. This means that a stock or ETF is our coverage universe can be included as a security in a portfolio or benchmark, and phaseinvest will provide risk factor analytics for the security. We continously expand our coverage universe naturally via our production process but also as a result of client request when they encounter a security that is not included in our coverage universe.
Our coverage universe comprises of circa 15,000 dead & alive stocks across developed and emerging markets, and we cover over 99% of the market capitalisaton of the world's stock markets. We cover several stock listings across multiple stock exchanges so our users can analyse and construct portfolios using the exchange listing of their choice.
We provide native factor coverage of an extensive list of ETFs across developed and emerging markets. We cover several ETF listings across multiple stock exchanges so our users can analyse and construct portfolios using the exchange listing of their choice.
We support cash in multiple currencies as an explicit holding in a portfolio. The presence of cash in a portfolio will result in divergence of its exposure relative to the universe against which its exposures are being measured. We have special symbols designated for cash that are contructed using the ISO 3-letter currency code. The ID.Type is cash and the eod_exchange field is to be left blank.
|Currency||FIGI||EOD Ticker||ID.Type||EOD Exchange|
We have global stock exchanges in our coverage universe. At present we do not cover frontier markets but will add these to our coverage the moment our data provider can provider market data and fundamental data to securities that trade in frontier market exchanges. We cover multiple stock exchanges within a country; cases where securities trade on each exchange e.g. XETRA and Frankfurt in Germany, and cases such as the US where a security that trades on NASDAQ will not trade on the NYSE.
Uploading data into the phaseinvest application is straightfoward but the application does require pre-defined tabular structure in order a achieve a successful upload. The following data elements must be present but they can be present in any order.
The ID field contains the security level idenitfiers as defined in the Symbology section. Mixed identifiers types are supported which means that it is possible to provide Ticker as the identifier for some securities and Exchange Level FIGI for others.
A special case of the ID field name exists in the case when all identifiers are Exchange Level FIGI. In this case the field header can be named figi and it removes the requirement of the next field, which is ID.Type.
The ID Type field contains information on the type of identifier provided in the ID field for the specified security e.g. ticker or figi. As stated in the section above, this field is not required if the ID field name is figi.
Market identifiers such as Ticker and ISIN are not unique as multiples securities within the same exchange or on different exchanges can have the same identifier. Specifiying the listing exchange together with a market identifier creates a unique key to enable identification.
Exchange Level FIGI is a unique and permanent identifier and the Exchange field should be left blank in a mixed identifier file and the field is not required if all identifiers in the upload data are of type figi.
The following ID, ID.type, Exchange pairings are required in their respective fields:
The EOD Ticker is in most cases identical to the other market tickers but can vary in some cases e.g. Berkshire Hathaway A and Berkshire Hathaway B shares. Please refer to EOD for the correct ticker and exchange codes. The list of supported exchanges along with respective exchange codes is available in the Supported Exchanges section of the user guide.
phaseinvest supports single and multi-date upload structures. It is not necessary to include a Date field when uploading data for a single date as the upload module offers a date selector field to specify data date.
Multi-date upload data must contain the date field. phaseinvest automatically detects date formats e.g. YYYY-MM-DD, DD-MM-YYYY, MM-DD-YYYY, YYYYMMDD etc and multiple date separators e.g. "/", "-", and "", a uniform date format and date separator is required throughout the data to be uploaded. A multi-date data structure is simply several single-date data structures stacked on top of each other.
Please note that due to different date conventions in the world, it is important to use the preview during upload to ensure that the correct date has been recognised. For example a data structure with date format 05-06-2023 will be June 5, 2023 in Europe whilst it will be May 6, 2023 in the USA.
This field specifies the numeric data for each security being uploaded. phaseinvest supports two types of numeric data, position size for data type Portfolio and factor value for data type Risk Factor.
phaseinvest supports the following fields for positions size:
phaseinvest supports the following fields for factor value:
phaseinvest supports the following delimiters:
Examples of data structures for uploading Berkshire Hathaway B data:
figi as id field
eod_ticker as id field
Data is uploaded into phaseinvest via csv files or by copy and paste from Microsoft Excel, Google Sheets, or Numbers. In each case, the tabular structure must be followed but phaseinvest's supports a highly flexible upload data structure as discussed in the section Data Upload Structure.
We provide a variety of formatted data upload files to upload data of portfolio type and risk factor type.
Data administration module to manage portfolios. Users can control various aspects of their portfolios.
The following portfolio data management functionality is available:
You may share a portfolio with a user within your tenant id or external to your tenant id. You can share portfolios with tnternal users automatically through the application. To share a portfolio with an external user, please submit a request to email@example.com. You may select from one of the following sharing priveleges:
These are system portfolios that the phaseinvest application shares with all users. Users may subscribe to a portfolio, a portfolio series, or to a specific portfolio state i.e. holdings date. Once a user subscribes to a system portfolio, it is automatically added to the list of portfolios available to the user for use in all modules of the application.