• Aapryl’s factor cloning process diagnoses a manager’s factor exposure tendencies, which result in a more refined benchmarking tool to assess true manager skill (alpha).
• Aapryl’s peer grouping process results in a more precise peer group comparison and ranking as it groups managers with similar factor profile instead of relying on manager identified peer group.

• Aapryl Score is a more efficient way to screen high probability managers who will rank in the top quartile of their peer group 3 years forward saving research time.
• Aapryl’s market cycle chart provides a visual on which segment of the market a manager is expected to outperform.
• Aapryl’s optimizer allows for the use of less mean reverting Aapryl Alpha score as target input for optimization.

• Manager’s exposure or beta to various factors calculated using returns-based style analysis.
• Exposures as of the date presented in the chart and shows the exposure in the context of the manager’s peer group.
• While no generalization can be made regarding a manager’s relative exposure to a factor versus its peer group, the comparison on the chart can be useful when evaluating managers.
• Exposures in either static mode, calculated using the manager’s full history, or dynamic mode, calculated using the last 36 months of data.

These charts reflect the location within Aapryl’s proprietary Market Cycle Chart for which a manager would plot, representing when, throughout the economic cycle a manager is expected to best perform based on their style and factor exposures

• Return from stock selection skill and the  return from timing skill for both the manager and the peer group.
• The X axis shows the style timing alpha which is a manager’s dynamic clone return less its static clone return.
• The Y axis shows the stock selection alpha which is the manager’s overall skill return less the return from timing.
• Each blue dot represents a manager which can be identified by highlighting it.
• The orange triangle represents the manager.

• An adaptation of a traditional style box that shows the results of Aapryl’s style analysis through the 2-dimensional lens of our clusters.
• The horizontal (x) axis measures value to growth; while the vertical (y) axis measures the quality of the manager.
• The circles show the result of the analysis using this framework. The larger the circles the more recent the time period. This allows users to see how the manager changed over time.