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"#.  $/  % VOLATILITY (Volatility Risk Volatility Sensitivity Prepayment and Call Risk Function of Interest Rates and Volatility Can be measured and managed by Prepayment Elasticities and Convexityb <o <*E &CREDIT(IDefault Spread Measured and Managed by Effective Spread Duration (Sprdur)6B <;B'()*+@Option Adjusted Risk Factors Absolute, Relative, Target Relative.A$($Curve Sensitivities by Sector Effective Duration to Parallel Shift of Spot curve Effective Twist Duration (yield curve steepenning) Effective Barbell Duration (yield curve bulging) Effective Convexity Sensitivity to Key Rates Sensitivity to Prepayment Factors Sensitivity to Volatility Spread Duration Risk Sensitivity to Currencies Sensitivity to Country Correlation Assumptions (for tracking error)HK KKKv ,-DAILY RISK REPORTS$Relative Curve Exposures, Yield, OAS, Convexity Absolute Curve Exposures Absolute and Relative Sector Exposures % Invested and Duration Contribution Duration/Sector/Quality Bucket Exposure Full-Valuation Scenario Returns by Sector Absolute and Relative Factor Returns p'S*p'R/%FIXED-INCOME PERFORMANCE ATTRIBUTIONS&&$Two Approaches: Periodic Performance Attribution For selected accounts with special benchmarks Division to sub-periods (portfolio & benchmark) Portfolio action Market moves Cash Flows Daily Performance Attribution For all portfolios and composites|!Fb K)$ K1b)$0GENERAL METHODOLOGY$Detailed sub-period return attribution to: Yield, roll-down, convexity, curve, sector/quality, selection, and trading Bottom-Up Approach Geometric Linking Accounts for Cash Flows at sub-period levelsP+& K- KR+SR12'3(4)7$ PERFORMANCE ATTRIBUTION PITFALLS!! Plain bad pricing Non-contemporaneous pricing Benchmark and Portfolio Sectors Curve calculation Coarse generic pricing Insensitive to sector specific factors, e.g. WAM, WAC, seasoning, age, volatilityd.2 KR K.2R8%'PERFORMANCE ATTRIBUTION PITFALLS, cont.(( !Client-directed actions & cash flows that affect performance Over Linking and Cross Factor Returns Benchmark Changes and Inaccuracies Sponsor initiated changes Benchmark pricing Forward benchmark vs. Backward benchmark Exclusion/Inclusion of new asset classes6~~><& CONCLUSIONS  fComprehensive Multi-Factor Model Intuitive Factors High Fidelity Yield Curve Sensitivity Model Detailed Sector/Benchmark Comparison Analysis (BCA) Scenario Analysis (SA) and Optimization (SO) Uniform Measurement of Risk and Implementation of Market Views Across Hundreds of Portfolios with Different Benchmarks and Investment Objectives Consistent Reporting!?g ff?fQ=*/>ABCDEFGHI J K L M NOPQRSTUVWXYZe  ` ̙33` 3` 3333f` 999MMM` f` f3` 3>?" dd@,|?" dd@   "  " \ n?" dd@   @@``PR      ` p>>0 ;(    ZtYgֳgֳ ?P  T Click to edit Master title style! !:  TWgֳgֳ ?  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D Portfolio Re-optimization Sector/Quality Relative Valuation Tactical SectorAllocation Strategic Asset Allocation Overlay Risk Hedges Investment Process Honing Evaluation of Asset Mix Policy@ u22Hn2  ZĆgֳgֳ31?,l b0Ex-Post Market Move Monitoring and Decomposition112  Zgֳgֳ31?| V$Feedback Into The Investment Process%%H  0޽h ? 333  bZ$(  $ $ 3 rgֳgֳ3 ?    $0 TA ? ?~h $ 00 H $ 0޽h ? 333  h`((  ( ( 3 rDgֳgֳ3 ?    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P|Option Adjusted Sensitivity Analysis Curve Reshaping Spread Volatility Prepayment Models for Agency and Non-agency Mortgages Extensive Security Modeling Tools Call, Put, Conversion, Sinking Fund Structures, Make-Whole Calls CMO s, Asset-backed Securities, Floating Instruments with Caps/Floors/Collars, Multi-index Floating Derivative s Structuring Tools Exchange and OTC Traded Fixed for Floating, CMT, and Fixed-for-Fixed Swaps Forward Swaps and Swaptions Credit Derivativesf%"X%", @`0H h 0޽h ? 333  0(l(  T l l 3 rdBgֳgֳ3 ?P`    l  fBgֳgֳ ?   H l 0޽h ? 333 ~vp( `Sx `O  p p NA ??P`PX $ 00H p 0޽h ? 333  0(t(  t t 3 r$Cgֳgֳ3 ?P    t  fCgֳgֳ ?@P  H t 0޽h ? 333  0(|(  | | 3 rdEgֳgֳ3 ? P    |  fEgֳgֳ ?PP0`  H | 0޽h ? 333  0((    3 r$Fgֳgֳ3 ?P      fFgֳgֳ ?   H  0޽h ? 333 ~v(    NA ??X $ 00H  0޽h ? 333 {s  (  2  ZT gֳgֳ1?D  > YIELD/ AGING  o  T gֳgֳ?  Beginning portfolio return under unchanged yield curve, OAS, and volatility scenario Includes accrued as well as accretion (aging)F--0! _2  Z gֳgֳ1?D   7CURVE  Tt gֳgֳ?v o ? Beginning portfolio return with end period curve and volatility under OAS unchanged scenario less yield Decomposed to convexity, duration, twist, and butterfly Curve residual/selection component for periodic attribution<C,yoxH  0޽h ? 333N 0v(  2  Z4 gֳgֳ1?l NNONCURVE (OAS+VOL)   ^  N gֳgֳ?P@  Beginning Portfolio s Buy-and-hold Total Return Minus [(Yield+Aging)+Curve Returns] Attributed to Credit Sector factor move (OAS) Security specific OAS move Selection/Residual 2 26 2 26 qAAH  0޽h ? 333 @(  2  ZTgֳgֳ1? FINTRA-PERIOD TRADING  Ngֳgֳ?9 Calculated only for periodic approach Difference of the actual return of the portfolio from the buy-and-hold Portfolio s actual total return (accounting) includes the effect of client-directed cash flows L&H7-H  0޽h ? 333  0(P(    3 rgֳgֳ3 ?P      ftgֳgֳ ?  H  0޽h ? 333  |t` (    3 r4gֳgֳ3 ?P      fgֳgֳ ?@  \$ 00  H  0޽h ? 333  0(p(    3 rgֳgֳ3 ?      ftgֳgֳ ?  H  0޽h ? 333C  k( X   NVgֳgֳ3?P00 (CONCLUSIONS (Cont D)  +  NVgֳgֳ?00 Other Benefits Performance Attribution Multi-factor Accurate Consistent with Risk Model Quantitative Security and Sector Valuation Framework Multi-factor valuation Accurate Consistent with risk and performance attribution models  1  5 X  f 25XH  0޽h ? 333J 0  (     H1 ?6    # legֳgֳ ?    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