Reference Materials
Zephyr Defined Universes
Zephyr creates domestic equity and investment-grade fixed income universes based on investment style / fund behavior using the Morningstar, Mobius, Nelson’s, PSN, and eVestment Alliance databases.
The universes are standardized in the sense that they are created the same way each time. A five year scan is performed for each database using a single computation. The coefficients from the Style Benchmark are then used to create the universe.
Zephyr Domestic Equity Universes
Zephyr Domestic Equity Universes are based on size (large capitalization vs. small capitalization) and valuation (growth vs. value). The equity universes are large core, large growth, large value, mid core, mid growth, mid value, small core, small growth, and small value.
The following chart shows the various cut-offs for the universes:
Zephyr Domestic Fixed Income Universes
Zephyr Domestic Fixed Income Universes are based on credit quality (super credit vs. medium credit) and duration (short duration vs. long duration). The fixed income universes are Ultra Short Duration Super Credit, Short Duration Super Credit, Medium Duration Super Credit, Long Duration Super Credit, Short Duration High Credit, Medium Duration High Credit, Long Duration High Credit, Short Duration Medium Credit, Medium Duration Medium Credit, and Long Duration Medium Credit.
The following chart shows the various cut-offs for the universes: