Skip to main content

​
When to use the Explainer

  • After a move you didn’t expect. “Why is the book down 4% this month when the market is flat?”
  • To separate luck from exposure. Was it the market, your industry tilt, or the stocks themselves?
  • Before you rebalance. See which holdings and industries are doing the work.

​
Where to find it

On the Portfolio value chart. Drag across a range and select Explain beneath the tooltip that appears.

​
Using the Explainer

  1. On the value chart, drag across the window you want explained. A tooltip shows the start and end values and the change.
  2. Select Explain. The Analyst opens, reads the numbers, and shows the Explainer card. The first explanation of a window is built from scratch and takes longer. The same window again comes back in seconds.
  3. Read the card top to bottom. A Detailed read follows a few minutes later with a fuller written explanation. The figures don’t depend on it.
The Explainer always covers your whole book, even if the chart was filtered or comparing when you asked. The card says so when that applies. To analyze a different window, drag it on the chart and select Explain again. A question typed into the chat can discuss the card, but it doesn’t read your book afresh.

​
Frequently asked questions

​
Why does the card’s window differ from the range I dragged?

Attribution works on whole trading days, close to close. A range inside one day is widened to that day. A range under two trading days is replaced by the shortest one the analysis can use. An intraday range is measured on whole days, so its figures won’t match the percentage on the chart tooltip. The card says which of these applied.

​
How is the benchmark chosen?

By resemblance: the fund whose exposures most resemble your book’s over the window. The card names it, says why it was chosen, and lists the alternatives with how much of your movement each explains.

​
What does “Stock-specific” mean?

The part of the move that market, industry and style factors don’t explain. It’s a residual, not a score of stock-picking skill.

​
Why are some holdings listed under Coverage exceptions?

Some holdings can’t be given factor exposures, so their value is disclosed rather than folded into the figures. The card lists each with the reason and how much of the move sits outside the analysis.

​
Does the Explainer give advice?

No. It describes the move and stops there.