NEW Features (See "Menu > Help > New Features" in the Steele Expert program)
Best-fit Index Modern Portfolio Theory statistics added to Pro Plus edition. Modern Portfolio Theory statistics driven by the Primary Index for each fund in all editions.
Maximum Drawdown risk measure added to Pro Plus, Professional and Variable Annuities editions.
Added several indexes.
Windows 10 High DPI display handling
The application selects optimal display settings in Windows 10 for screens up to 1920x1080.
For ultra-high resolution 2k and 4k screens, if some components of the application display too small, you can select a different scaling mode for the Steele Expert program:
- Find "Steele Mutual Fund Expert" in the Windows 10 Start menu. Right-click on it and select "More > Open file location".
- There, right-click on "Steele Mutual Fund Expert" and select "Properties > Compatibility > Change high DPI settings".
- Check "Override high DPI scaling behavior" and select "System (Enhanced)".
- Added: Money Market—Non-40 Act
- Revised text definition of Muni National Long, Muni National Intermediate, Muni National Short, Muni Single State Long, Muni Single State Intermediate, Muni Single State Short, Muni California Long, Muni California Intermediate, Muni New York Long, Muni New York Intermediate, and Bank Loan.
be able to see all the new report/graph changes, you should create a new
Notebook file, which will automatically contain all new objects and settings, and
then copy your own reports into it. You should keep all your modified/customized report templates in a folder in the Pages List so you can copy it easily into a new, updated notebook.
To create a new notebook, select
"Menu > File > New notebook / Select Database". To copy any report/graph templates you have created or modified into a new notebook see "Menu > Help > User's Guide > Pages > Copying a Page or a Folder".
(We recommend copying them to the "Customized" folder and its subfolders in the "Pages List".)
When we make improvements and additions to the standard reports, graphs and settings, this is the best method to view and take advantage of them.
- "Option Writing" has been renamed "Options-based". The text definitions have been revised for "Options-based", "World Bond", "Target-Date 2055", and "Target-Date 2060+".
- "Commodities Miscellaneous" has been retired. "World Small/Mid Stock" has been added, and "World Stock" has been renamed to "World Large Stock".
- Added: Infrastructure, Emerging-Markets Local-Currency Bond, Target-Date 2060+, Option Writing, Long-Short Credit, Prime Money Market, Allocation—15% to 30% Equity, Allocation—85%+ Equity
- Renamed: Target Date 2051+ to Target-Date 2055, Conservative Allocation to Allocation—30% to 50% Equity, Moderate Allocation to Allocation—50% to70% Equity, Aggressive Allocation to Allocation—70% to 85% Equity
Added to the Personal,
Professional, and Variable Annuity editions:
Full Equity Style Box Breakdown, Average Bond
Duration and Average Bond Quality. Also added to these editions: Equity Style
Analysis report and 3 Equity Style Breakdown graphs (Detail, Market Cap,
Category changes:Category Ranks Analysis:
- Added the "Energy Limited Partnership" category.
Added Category Percentile Ranks fields along with reports
and graphs for the last 20 years of Rolling Returns and for the last 10
Calendar Years. These enhance comparing and filtering based on consistency of managerial success in relation to each fund's peers.
Equity World Regions Exposure
Added equity regional breakdown fields, reports and
graphs to facilitate assessing and comparing geopolitical risk.
New/updated reports & report
New fund and portfolio graphs and reports such as "Portfolio Quick View",
"Category Performance Ranks", and "Allocation Analysis" have been added and
organized in a new, convenient way.
- Added the "Corporate Bond", "Preferred Stock", and "Tactical Allocation"
Portfolio Extended Performance:
Now the system computes portfolio performance since the earliest security data
in the portfolio. The Hypothetical Illustration environments, such as the
"Long-Term Growth" graph, now also use the same computational methodology.
(The assigned weights of any securities missing data for any data point are
allocated equally to the remaining securities.)
- Added the "Single Currency" and "Miscellaneous Region" categories
- Renamed the "Currency" category to "Multicurrency"
- Renamed the field "Broad Asset Class" to "Category Group"
- Renamed the following Category Groups: "Balanced" to "Allocation", "U.S.
Stock" to "U.S. Equity", "International Stock" to "International Equity", and
"Sector Stock" to "Sector Equity"
Keyboard shortcut added to display only tagged records:
The Ctrl+Shift+A keystroke was added to display only tagged records in
Database views. It complements Ctrl+A which displays all records. This
allows rapid switching between viewing all records and only those that have
been tagged with two simple keystrokes.
- Redemption Fee Maximum Period: Expressed in days, it is the period
that must pass for the redemption fee to be reduced to zero (All editions and
- Asset Allocation Short-only Positions: to complement Net positions
(Pro Plus edition).
After-Tax Returns added:
SEC tax-adjusted returns have been added to the Pro Plus edition for both Pre-
and Post-Liquidation scenarios aimed at comparing, ranking and filtering fund
returns in a way that includes the effect of taxation. The "After-Tax Returns
Comparison Analysis" report has also been added.
Y/N Fields added
The following Y/N fields were added to the professional editions to facilitate
filtering: Leveraged Fund, Inverse Fund, Dividend Yield Fund (for ETF's).
- Added new Sector Stock broad asset class: 14 categories were moved from U.S.
Stock, International Stock, and Alternative broad asset classes into this new
broad asset class
- Added India Equity, Foreign Small/Mid Blend, Target-Date 2046-2050
- Replaced Target-Date 2050+ with Target-Date 2051+ category
- Re-launched the Muni Single State Short category
- Renamed Muni Short to Muni National Short
New Rolling Returns Graphs
The Rolling Returns graph displays 1, 3, 5, and 10-year returns for quick, yet
powerful comparisons. You can select to display either Average or Total
returns. There is also a Rolling Returns graph for short-term periods
displaying 1, 3, 6, 9 and 12-month returns. Besides using these stand-alone
graphs, you can change any graph on any built-in or customized report to the
Rolling Returns types.
Import Symbols text files
This feature allows you to import text files with securities symbols into the
system. You can now import special mutual fund groups or portfolios that you
can then save as Securities Groups (which can be easily used as conditions in
Filtering) or save as Portfolios.
"Record Pools" are now referred to
as "Securities Groups" system-wide.
New Fixed-Income Sectors & Super Sectors:
These new classifications can help investors and investment professionals
easily compare and understand the sector exposures of each portfolio. The data
is especially useful for comparing two investments that may be in the same
Expense Ratios and 12b-1 fees are now provided with three decimal places for
greater accuracy when comparing fund costs.
Added comprehensive "Risk-Return Comparison Analysis" landscape report (Pro
Plus): It allows the easy comparison of risk and return of multiple funds and
benchmarks at the same time.
Graph Options: Easily change the automatic benchmark for Performance, Growth
and Risk/Return graphs
Risk/Return Graphs: 1) Now
the user can graph any risk measure in the database: Standard Deviation,
Downside Deviation, Upside Deviation, Semi-standard Deviation, Loss Deviation,
Volatility, Beta. 2) The user can also select any rolling time period: 1, 3,
5, 10, 15, or 20-years. 3) Beta Risk/Return graphs and improved reports have
Personal edition: Annualized
Standard Deviation and monthly data for graphs for the last 10 years have been
New: Post-Modern Portfolio Theory statistics columns for 1, 3,
5, 10, 15, and 20 years, and "Risk Analysis" report added to the Pro Plus
edition. They include Sortino Ratio, Information Ratio, Upside/Downside
Capture Ratios, Tracking Error, Batting Average, Relative Risk, Percent Of
Positive Months, Downside Deviation, Upside Deviation, Semi-standard
Deviation, Loss Deviation, Skewness, Kurtosis. Read in
"Menu > Help > User's Guide > Data Definitions > Risk and Statistics >
Modern & Post-Modern Portfolio Theory"
about how to utilize these statistics to construct safer, more profitable
New: Equity Style Complete Breakdown columns, graphs, and
"Equity Style Analysis" report added to the Pro Plus edition.
Category changes: Replaced Long/Short with
Long/Short Equity. Added: Managed Futures, Multialternative, Volatility,
Trading-Leveraged Commodities, Trading-Inverse Commodities, Trading-Leveraged
Debt, Trading-Inverse Debt, Trading-Leveraged Equity, Trading-Inverse Equity,
Trading-Miscellaneous. For their definitions see "Menu > Help > User's Guide >
Data Definitions > Investment Category".
New Equity & Fixed-Income Sectors & Super Sectors:
The new sector structure allows more intelligent sector analysis and
diversification when constructing portfolios. The Personal edition includes
the new Top 10 Sectors, while the Professional and Pro Plus editions now also
include the complete equity and fixed-income sector and super sector
breakdowns, allowing those to be automatically calculated by user-created
portfolios. All new fields are available for all operations including ranking,
filtering, graphing, exporting, etc. See "Equity Sectors" and "Fixed-Income
Top 10 Countries breakdown and graph is now included for all funds in
the professional editions as well.
New reports & graphs: The Fund Allocation Analysis & Portfolio
Allocation Analysis reports have been
added and several other reports have been updated. Graphs for Equity &
Fixed-Income Sectors and Super Sectors have been added. The graphing options
have also been upgraded.
Automatic Updating of installed program and database files: Now, if
there is an update to the software or data after the initial publication of an
issue, Steele Expert will notify you and will download, install and restart
the program. This way you are ensured to have the latest version of the Steele
software and data that is installed on your computer.
fields to the Professional & Pro Plus editions:
Oldest Share Class (Y/N): It identifies whether this is the oldest
share class for a mutual fund. This allows users to evaluate a series of
multi-class funds by looking at one representative share class for each unique
portfolio. You can add this condition to your filter to ensure that it only
contains unique mutual fund portfolios. If several classes of the same fund
were started at the same time, only one of them is designated as the oldest
Oldest Share Class Security ID: The Security ID of the oldest share
class for each mutual fund. This allows users to evaluate a series of
multi-class funds by identifying all the share classes that are represented by
the same unique portfolio.
Investment Category changes: Added Aggressive Allocation, China Region and
Market Neutral categories. Removed Muni Single State Short category. You
should review any filters that contain categories as they may be affected by
interface has been revamped.
Filter" feature has been added as a toolbar button (lightning bolt) and to the
Filters drop-down list. It allows you to click first on any cell value in the
database (spreadsheet) display, and then click on the "Quick Filter" button to
instantly filter the database by that value.
Now you can
rapidly select many columns to display or hide on the "Database Options"
dialog box by using the Spacebar key.
Market Indexes were added to provide better performance benchmarking.
Growth Graph Options for Hypothetical Illustrations:
1) They can now use an additional user-supplied annual
rate of return applied to the investment each interval (yearly, quarterly,
monthly). This rate can represent additional investing based not on a fixed
amount, but an amount based on a rate such as the rate of inflation. It can
also be negative to represent management fees of an advisor or the erosion of
a forecast inflation rate. The annual rate will be converted to quarterly or
monthly based on the selected interval.
2) Growth graphs can now be displayed on a Relative basis against any other
benchmark, fund or portfolio in the database.
To see the Graph Options dialog box, simply double-click on a stand-alone
graph. (If a graph is placed on a report, enter "Design Mode" first so you can
modify the objects on the report, including report graphs).