How is CAPS 4.0 different than the system I use now?
Other systems may allow you to construct composites, but they do not inform you of changes in portfolio composition that could affect the composite structure. CAPS 4.0 is a system that analyzes information over time. Because portfolios and management styles can change over time, it is necessary to examine characteristics on a regular basis to discover changes in the portfolio composition, which can affect the portfolios' representation within a composite.

How can CAPS 4.0 save us time and money?
In addition to the automated review and updating of composites, the system contains several administrative features which reduce the time and effort needed for GIPS ® compliance. For example, the system automatically creates audit notes whenever a composite structure change occurs. Having detailed audit information will reduce the time verifiers spend in your office, saving you money.

What data must our performance system provide CAPS 4.0?
Each month, the CAPS Loader program obtains the following data for each portfolio you manage: total market value, total gross return, total net return, other asset class gross returns (equity, fixed, cash and user-defined) and market values, and net cash flows. Benchmark and exchange rate data can also be imported.

How often is data loaded?
Normally once a month, however some of our clients like to run preliminary composites with preliminary data. When performance data is finalized, another import run is easily done to update the preliminary data to final performance for your composites. The system can even tell you which performance numbers changed and by how much, from preliminary to final.

What if a portfolio return changes after it is loaded into CAPS 4.0?
The CAPS Loader program contains a retroactive performance audit feature that allows changes to be detected. If a change does occur, the system notifies the user of the portfolio and the performance period. When the performance is updated in CAPS, a performance audit note is automatically created on the system. Users can set a Percent Change Limit for insignificant changes under which no warning or audit note will appear

Does this system guarantee GIPS ® compliance?
No system can guarantee GIPS® compliance. Our system will point-out problems with compliance and provide you with the tools to maintain the appropriate composite structure. However, it is still your responsibility to represent your performance ethically.

How does using CAPS 4.0 help with GIPS®?
In January 2006, GIPS® added a few new requirements which have been built into the system. One example is the creation date for composites. CAPS 4.0 tracks this date.

How many people in our company can use the system?
Normally, you only want one or two people within your firm to have access to the CAPS 4.0 program allowing change in composite structures and performance. However, the system supports multi-user access and there is virtually no limit to the number of users the system can support. We recommend limiting access by non-administrators to the CAPS Reports program only. 

Can verifiers and consultants utilize this system?
We do not have a separate program for third parties, but many reports from the system have been designed specifically for the use of auditors and consultants.

Can I e-mail reports from CAPS 4.0?
Yes. All reports and data on the system can be easily e-mailed or exported to another program. Another feature is the dynamic creation of HTML pages directly from CAPS 4.0

Can I run reports for individual portfolios only?
Yes. Most of the performance reports available for composites are also available for individual portfolios.

What's involved with installing and setting up the system?
Software installation is just like any Windows software program and takes just a few minutes. The CAPS SQL database installation requires technical support from CAPS, Inc.

What about on-going maintenance and support?
By purchasing the system, you obtain a license to use the version you purchased, indefinitely. You also receive maintenance and support for one year. After the first year, you may purchase a maintenance and support contract, which will entitle you to support and upgrades for one year.

Can CAPS, Inc. provide consulting services for compliance issues and setting up composites?
Yes. We can provide you with a full range of GIPS ® compliance consulting services, including recommendations on creating composites and ensuring your disclosures are accurate.

Has CAPS 4.0 been verified?
A software program cannot be GIPS ® verified. Many of our clients are successfully verified.