Concord will utilize the manager databases as described in the preceding manager search page, to generate comparative universes to evaluate investment performance. Universes can be generated on a customized basis with as many as several hundred firms with broad investment process guidelines, or as few as thirty specialist firms. We work with our client to tailor the universe to their particular needs and desires. Depending on the universe, information may either be purchased or internally prepared.

Most of our performance analysis software is proprietary. We do purchase additional software from BARRA as well as Ibbottson.

Our performance evaluation and reporting process is typically delivered via quarterly reports to our clients. The reports provide a synopsis of how a client's managers and the total portfolio are performing versus its benchmarks, investment guidelines, and overall policy constraints. Our reports are designed to include both numerical data and graphic presentations, but also include a written "areas of concern/comments" section. In this section we summarize the highlights of the portfolio's activities and especially those items that should be of particular interest to the client. We will highlight issues that need to be dealt with, as well as areas that are performing extremely well.

In addition our standard performance reports, Concord produces Performance Analytics reports. These reports are generated by proprietary software that analyzes rolling-period investment performance of a manager and illustrates the risk posture of the portfolio along with long-term performance characteristics, such as consistency and value added by the manager. The bottom line of the performance evaluation effort is to keep the client informed as to whether or not it is receiving competitive performance at reasonable prices, while assuming a risk posture consistent with their stated guidelines.

All of our performance evaluation work is completed in-house by our portfolio analysts. Because of this, we are able to customize your performance reports to meet the client's particular needs.

Manager terminations are recommended for several reasons. The three primary reasons are 1) poor performance (relative to benchmark as well as peer group), 2) change in a firm's organizational structure that negatively impacts key personnel, or 3) a change in investment process (i.e. style drift or violation of investment disciplines). Typically manager is put on notice if any of these items occur, with its grace period being determined jointly by our firm and the investment committee.