公开(公告)号：US08005740B2

公开(公告)日：2011-08-23

申请号：US11931913

申请日：2007-10-31

申请人： Robert D. Arnott ,  Paul C. Wood

发明人： Robert D. Arnott ,  Paul C. Wood

IPC分类号： G06Q40/00

CPC分类号： G06Q30/02 ,  G06Q40/00 ,  G06Q40/06

摘要： A system, method and computer program product creates an index based on accounting based data, as well as a portfolio of financial objects based on the index where the portfolio is weighted according to accounting based data. A passive investment system may be based on indices created from various metrics. The indexes may be built with metrics other than market capitalization weighting, price weighting or equal weighting. Non-financial metrics may also be used to build indexes to create passive investment systems. Additionally, a combination of financial non-market capitalization metrics may be used along with non-financial metrics to create passive investment systems. Once the index is built, it may be used as a basis to purchase securities for a portfolio. Specifically excluded are widely-used capitalization-weighted indexes and price-weighted indexes, in which the price of a security contributes in a substantial way to the calculation of the weight of that security in the index or the portfolio, and equal weighting weighted indexes. Valuation indifferent indexes avoid overexposure to overvalued securities and underexposure to undervalued securities, as compared with conventional capitalization-weighted and price-weighted.

摘要翻译： 系统，方法和计算机程序产品基于基于会计的数据创建索引，以及基于根据基于会计数据加权投资组合的指数的财务对象组合。 被动投资系统可以基于从各种指标创建的指数。 指数可以用除市值加权，价格权重或相等权重之外的指标构建。 非财务指标也可用于构建指标来创建被动投资系统。 此外，金融非市值资本指标的组合可以与非财务指标一起使用，以创建被动投资系统。 一旦该指数建成，它可能被用作为投资组合购买证券的基础。 具体排除的是广泛使用的资本化加权指数和价格加权指数，其中证券的价格以实质的方式贡献于计算指数或投资组合中该证券的权重，以及相等的加权权重指数。 估值无关的指标避免过度暴露于高估的证券和低估的低估证券，与传统的资本化加权和价格加权相比。

公开(公告)号：US20100262563A1

公开(公告)日：2010-10-14

申请号：US12819199

申请日：2010-06-19

申请人： Robert D. Arnott ,  Paul C. Wood

发明人： Robert D. Arnott ,  Paul C. Wood

IPC分类号： G06Q40/00

CPC分类号： G06Q40/06 ,  G06Q40/00 ,  G06Q40/04 ,  G06Q40/12

摘要： A system, method and computer program product creates an index based on accounting based data, as well as a portfolio of financial objects based on the index where the portfolio is weighted according to accounting based data. A passive investment system may be based on indices created from various metrics. The indexes may be built with metrics other than market capitalization weighting, price weighting or equal weighting. Non-financial metrics may also be used to build indexes to create passive investment systems. Additionally, a combination of financial non-market capitalization metrics may be used along with non-financial metrics to create passive investment systems. Once the index is built, it may be used as a basis to purchase securities for a portfolio. Specifically excluded are widely-used capitalization-weighted indexes and price-weighted indexes, in which the price of a security contributes in a substantial way to the calculation of the weight of that security in the index or the portfolio, and equal weighting weighted indexes. Valuation indifferent indexes avoid overexposure to overvalued securities and underexposure to undervalued securities, as compared with conventional capitalization-weighted and price-weighted.

摘要翻译： 系统，方法和计算机程序产品基于基于会计的数据创建索引，以及基于根据基于会计数据加权投资组合的指数的财务对象组合。 被动投资系统可以基于从各种指标创建的指数。 指数可以用除市值加权，价格权重或相等权重之外的指标构建。 非财务指标也可用于构建指标来创建被动投资系统。 此外，金融非市值资本指标的组合可以与非财务指标一起使用，以创建被动投资系统。 一旦该指数建成，它可能被用作为投资组合购买证券的基础。 具体排除的是广泛使用的资本化加权指数和价格加权指数，其中证券的价格以实质的方式贡献于计算指数或投资组合中该证券的权重，以及相等的加权权重指数。 估值无关的指标避免过度暴露于高估的证券和低估的低估证券，与传统的资本化加权和价格加权相比。

公开(公告)号：USRE44362E1

公开(公告)日：2013-07-09

申请号：US13587921

申请日：2012-08-17

申请人： Robert D. Arnott ,  Paul C. Wood

发明人： Robert D. Arnott ,  Paul C. Wood

IPC分类号： G06Q40/00 ,  G06Q40/06 ,  G06Q40/02

CPC分类号： G06Q40/00 ,  G06Q40/02 ,  G06Q40/06 ,  G06Q40/12

摘要： A system, method and computer program product creates an index based on accounting based data, as well as a portfolio of financial objects based on the index where the portfolio is weighted according to accounting based data. A passive investment system may be based on indices created from various metrics. The indexes may be built with metrics other than market capitalization weighting, price weighting or equal weighting. Non-financial metrics may also be used to build indexes to create passive investment systems. Additionally, a combination of financial non-market capitalization metrics may be used along with non-financial metrics to create passive investment systems. Once the index is built, it may be used as a basis to purchase securities for a portfolio. Specifically excluded are widely-used capitalization-weighted indexes and price-weighted indexes, in which the price of a security contributes in a substantial way to the calculation of the weight of that security in the index or the portfolio, and equal weighting weighted indexes. Valuation indifferent indexes avoid overexposure to overvalued securities and underexposure to undervalued securities, as compared with conventional capitalization-weighted and price-weighted.

摘要翻译： 系统，方法和计算机程序产品基于基于会计的数据创建索引，以及基于根据基于会计数据加权投资组合的指数的财务对象组合。 被动投资系统可以基于从各种指标创建的指数。 指数可以用除市值加权，价格权重或相等权重之外的指标构建。 非财务指标也可用于构建指标来创建被动投资系统。 此外，金融非市值资本指标的组合可以与非财务指标一起使用，以创建被动投资系统。 一旦该指数建成，它可能被用作为投资组合购买证券的基础。 具体排除的是广泛使用的资本化加权指数和价格加权指数，其中证券的价格以实质的方式贡献于计算指数或投资组合中该证券的权重，以及相等的加权权重指数。 估值无关的指标避免过度暴露于高估的证券和低估的低估证券，与传统的资本化加权和价格加权相比。

公开(公告)号：US08374951B2

公开(公告)日：2013-02-12

申请号：US12554961

申请日：2009-09-07

申请人： Robert D. Arnott ,  Paul C. Wood

发明人： Robert D. Arnott ,  Paul C. Wood

IPC分类号： G06Q40/00

CPC分类号： G06Q40/06 ,  G06Q40/10 ,  G06Q40/12

摘要： A system, method and/or computer program product for managing an index or portfolio of one or more financial object is disclosed. An index (or portfolio) may be created, including selecting object based on accounting data or weighting the object based on accounting data. Investment managers may manage accounts for investors. The investors may directly hold assets in the accounts so the investors may take advantage of any benefits generated by transactions using the assets in the accounts. Investor(s) may have account(s) and manager(s). A manager may have one or more investors and account(s) to manage. Virtual mutual fund manager may use a holdings matrix and lot matrix to track asset lots in the accounts. When a manager wishes to make a trade affecting an investor, virtual mutual fund manager may determine which asset lots held by the investor should be used to execute the trade.

摘要翻译： 公开了一种用于管理一个或多个财务对象的索引或组合的系统，方法和/或计算机程序产品。 可以创建索引（或投资组合），包括基于会计数据选择对象或基于会计数据对对象进行加权。 投资经理可以管理投资者账户。 投资者可以直接在账户中持有资产，使投资者可以利用账面中的资产交易产生的利益。 投资者可能有帐户和经理。 经理可能有一个或多个投资者和账户管理。 虚拟共同基金经理可以使用持有矩阵和批次矩阵来跟踪账户中的资产批次。 当经理希望对投资者进行交易时，虚拟共同基金经理可以确定投资者持有的资产批次应用于执行交易。

公开(公告)号：US20100191628A1

公开(公告)日：2010-07-29

申请号：US12752159

申请日：2010-04-01

申请人： Robert D. Arnott ,  Paul C. Wood

发明人： Robert D. Arnott ,  Paul C. Wood

IPC分类号： G06Q40/00

CPC分类号： G06Q40/06 ,  G06Q40/00 ,  G06Q40/04 ,  G06Q40/12

摘要： A system, method and computer program product creates an index based on accounting based data, as well as a portfolio of financial objects based on the index where the portfolio is weighted according to accounting based data. A passive investment system may be based on indices created from various metrics. The indexes may be built with metrics other than market capitalization weighting, price weighting or equal weighting. Non-financial metrics may also be used to build indexes to create passive investment systems. Additionally, a combination of financial non-market capitalization metrics may be used along with non-financial metrics to create passive investment systems. Once the index is built, it may be used as a basis to purchase securities for a portfolio. Specifically excluded are widely-used capitalization-weighted indexes and price-weighted indexes, in which the price of a security contributes in a substantial way to the calculation of the weight of that security in the index or the portfolio, and equal weighting weighted indexes. Valuation indifferent indexes avoid overexposure to overvalued securities and underexposure to undervalued securities, as compared with conventional capitalization-weighted and price-weighted.

摘要翻译： 系统，方法和计算机程序产品基于基于会计的数据创建索引，以及基于根据基于会计数据加权投资组合的指数的财务对象组合。 被动投资系统可以基于从各种指标创建的指数。 指数可以用除市值加权，价格权重或相等权重之外的指标构建。 非财务指标也可用于构建指标来创建被动投资系统。 此外，金融非市值资本指标的组合可以与非财务指标一起使用，以创建被动投资系统。 一旦该指数建成，它可能被用作为投资组合购买证券的基础。 具体排除的是广泛使用的资本化加权指数和价格加权指数，其中证券的价格以实质的方式贡献于计算指数或投资组合中该证券的权重，以及相等的加权权重指数。 估值无关的指标避免过度暴露于高估的证券和低估的低估证券，与传统的资本化加权和价格加权相比。

公开(公告)号：US20100287116A1

公开(公告)日：2010-11-11

申请号：US12619668

申请日：2009-11-16

申请人： Robert D. Arnott ,  Paul C. Wood

发明人： Robert D. Arnott ,  Paul C. Wood

IPC分类号： G06Q40/00

CPC分类号： G06Q40/06 ,  G06Q30/02

摘要： An investment system based on indices created from various metrics is disclosed. The indexes may be built by selecting from a universe of assets, a subset using selection metrics primarily substantially independent of market capitalization weighting, price weighting or equal weighting. These metrics may include, but are not limited to book value, sales, revenue, debt to equity adjusted sales, earnings, earnings per share, EBITDA, income, income growth rate, any dividends, any dividends per share, any dividend yield, any distribution to holders, buybacks, cumulative retained cashflow, earnings before interest, tax, depreciation and amortization, employees, demographics, etc. Non-financial metrics may also be used to build indexes, which may be used to create investment systems. Additionally, a combination of financial non-market capitalization metrics may be used along with non-financial metrics to create passive investment systems. Once the index is built, it may be used as a basis to purchase securities for a portfolio. As the data underlying the indexes change because of, e.g., economic activity, the index may be updated and may be used as a basis to rebalance the portfolio. Several time periods may be averaged. Alternatively, the index can be rebalanced when a pre-determined threshold is reached, or on a periodic or aperiodic basis. Specifically excluded are widely-used capitalization-weighted indexes and price-weighted indexes, in which the price of a security contributes in a substantial way to the selection of the constituents in the index or the portfolio. Valuation indifferent indexes of the present invention avoid overexposure to overvalued securities and underexposure to undervalued securities, as compared with conventional capitalization-weighted and price-weighted.

摘要翻译： 披露了基于各种指标创建的指数的投资体系。 这些指数可以通过从一个资产的世界中选择一个子集，一个子集使用主要基本上独立于市值加权，价格权重或相等权重的选择指标。 这些指标可能包括但不限于账面价值，销售，收入，债务与权益调整后的销售额，收益，每股收益，EBITDA，收入，收入增长率，任何股息，每股股息，任何股息收益率，任何 分配给持有人，回购，累积保留的现金流，利息前的收益，税收，折旧和摊销，员工，人口统计等。非财务指标也可用于构建可用于创建投资系统的指数。 此外，金融非市值资本指标的组合可以与非财务指标一起使用，以创建被动投资系统。 一旦该指数建成，它可能被用作为投资组合购买证券的基础。 由于例如经济活动，索引所依据的数据会发生变化，因此可能会更新该指数，并将其用作重新平衡投资组合的基础。 可以对几个时间段进行平均。 或者，当达到预定阈值时，或者在周期性或非周期性的基础上，索引可以重新平衡。 具体排除的是广泛使用的资本化加权指数和价格加权指数，其中证券的价格大大有助于选择指数或投资组合中的三方成员。 与传统的资本化加权和价格加权相比，本发明的估值无关指数避免过度暴露于高估的证券和低估的低估证券。

公开(公告)号：US20100063942A1

公开(公告)日：2010-03-11

申请号：US12554961

申请日：2009-09-07

申请人： Robert D. Arnott ,  Paul C. Wood

发明人： Robert D. Arnott ,  Paul C. Wood

IPC分类号： G06Q40/00

CPC分类号： G06Q40/06 ,  G06Q40/10 ,  G06Q40/12

摘要： A system, method and/or computer program product for managing an index and/or a portfolio of financial objects. An index may be created, which may include selecting financial objects based on accounting data and/or weighting the financial objects based on accounting data. A portfolio may be created based on the index. A plurality of investment managers may manage a plurality of accounts for a plurality of investors. The investors may directly hold assets in the accounts so that the investors may take advantage of any tax benefits generated by transactions using the assets in the accounts. An investor(s) may have one or more accounts and thus one or more managers. A manager may have one or more investors and thus one or more accounts to manage. A virtual mutual fund manager may use a holdings matrix and a lot matrix to track the asset lots in the accounts. When a manager wishes to make a trade affecting an investor, the virtual mutual fund manager may determine which asset lots held by the investor should be used to execute the trade. Optionally, each investor may be associated with a tax-managed account. The tax-managed account may be used by the virtual fund manager to make deferred “paper” trades thereby avoiding certain adverse tax consequences that may be created when an investor has multiple managers. Optionally, each investor may allow loss-harvesting trades to be executed on his or her behalf in circumstances where such trades may reduce the investor's tax obligations.

摘要翻译： 一种用于管理指数和/或金融对象组合的系统，方法和/或计算机程序产品。 可以创建索引，其可以包括基于会计数据选择财务对象和/或基于会计数据对财务对象进行加权。 可以根据索引创建投资组合。 多个投资经理可以为多个投资者管理多个账户。 投资者可以直接在账户中持有资产，以便投资者可以利用账户中的资产交易产生的任何税收优惠。 投资者可能有一个或多个帐户，因此可能有一个或多个经理。 经理可能有一个或多个投资者，因此有一个或多个帐户进行管理。 虚拟共同基金经理可以使用持有矩阵和批次矩阵来跟踪账户中的资产批次。 当经理希望进行影响投资者的交易时，虚拟共同基金经理可以确定投资者持有的哪些资产手段应用于执行交易。 可选地，每个投资者可以与税务管理的帐户相关联。 虚拟基金经理可以使用纳税管理账户进行延期“纸”交易，从而避免当投资者有多名经理时可能产生的某些不利税务后果。 可选地，每个投资者可以允许在这种交易可能减少投资者的税务义务的情况下代表他或她执行的收获收益交易。

公开(公告)号：USRE44098E1

公开(公告)日：2013-03-19

申请号：US13569200

申请日：2012-08-08

申请人： Robert D. Arnott ,  Paul C. Wood

发明人： Robert D. Arnott ,  Paul C. Wood

IPC分类号： G06Q40/00

CPC分类号： G06Q40/06 ,  G06Q40/00 ,  G06Q40/04

摘要： A system, method and computer program product creates an index based on accounting based data, as well as a portfolio of financial objects based on the index where the portfolio is weighted according to accounting based data. A passive investment system may be based on indices created from various metrics. The indexes may be built with metrics other than market capitalization weighting, price weighting or equal weighting. Non-financial metrics may also be used to build indexes to create passive investment systems. Additionally, a combination of financial non-market capitalization metrics may be used along with non-financial metrics to create passive investment systems. Once the index is built, it may be used as a basis to purchase securities for a portfolio. Specifically excluded are widely-used capitalization-weighted indexes and price-weighted indexes, in which the price of a security contributes in a substantial way to the calculation of the weight of that security in the index or the portfolio, and equal weighting weighted indexes. Valuation indifferent indexes avoid overexposure to overvalued securities and underexposure to undervalued securities, as compared with conventional capitalization-weighted and price-weighted.

摘要翻译： 系统，方法和计算机程序产品基于基于会计的数据创建索引，以及基于根据基于会计数据加权投资组合的指数的财务对象组合。 被动投资系统可以基于从各种指标创建的指数。 指数可以用除市值加权，价格权重或相等权重之外的指标构建。 非财务指标也可用于构建指标来创建被动投资系统。 此外，金融非市值资本指标的组合可以与非财务指标一起使用，以创建被动投资系统。 一旦该指数建成，它可能被用作为投资组合购买证券的基础。 具体排除的是广泛使用的资本化加权指数和价格加权指数，其中证券的价格以实质的方式贡献于计算指数或投资组合中该证券的权重，以及相等的加权权重指数。 估值无关的指标避免过度暴露于高估的证券和低估的低估证券，与传统的资本化加权和价格加权相比。

公开(公告)号：US20080288416A1

公开(公告)日：2008-11-20

申请号：US11931913

申请日：2007-10-31

申请人： Robert D. Arnott ,  Paul C. Wood

发明人： Robert D. Arnott ,  Paul C. Wood

IPC分类号： G06Q40/00 ,  G06F12/00

CPC分类号： G06Q30/02 ,  G06Q40/00 ,  G06Q40/06

摘要： A system, method and computer program product creates an index based on accounting based data, as well as a portfolio of financial objects based on the index where the portfolio is weighted according to accounting based data. A passive investment system may be based on indices created from various metrics. The indexes may be built with metrics other than market capitalization weighting, price weighting or equal weighting. Non-financial metrics may also be used to build indexes to create passive investment systems. Additionally, a combination of financial non-market capitalization metrics may be used along with non-financial metrics to create passive investment systems. Once the index is built, it may be used as a basis to purchase securities for a portfolio. Specifically excluded are widely-used capitalization-weighted indexes and price-weighted indexes, in which the price of a security contributes in a substantial way to the calculation of the weight of that security in the index or the portfolio, and equal weighting weighted indexes. Valuation indifferent indexes avoid overexposure to overvalued securities and underexposure to undervalued securities, as compared with conventional capitalization-weighted and price-weighted.

摘要翻译： 系统，方法和计算机程序产品基于基于会计的数据创建索引，以及基于根据基于会计数据加权投资组合的指数的财务对象组合。 被动投资系统可以基于从各种指标创建的指数。 指数可以用除市值加权，价格权重或相等权重之外的指标构建。 非财务指标也可用于构建指标来创建被动投资系统。 此外，金融非市值资本指标的组合可以与非财务指标一起使用，以创建被动投资系统。 一旦该指数建成，它可能被用作为投资组合购买证券的基础。 具体排除的是广泛使用的资本化加权指数和价格加权指数，其中证券的价格以实质的方式贡献于计算指数或投资组合中该证券的权重，以及相等的加权权重指数。 估值无关的指标避免过度暴露于高估的证券和低估的低估证券，与传统的资本化加权和价格加权相比。

公开(公告)号：US20130117199A1

公开(公告)日：2013-05-09

申请号：US13593415

申请日：2012-08-23

申请人： Robert D. Arnott ,  Feifei Li ,  Paul C. Wood

发明人： Robert D. Arnott ,  Feifei Li ,  Paul C. Wood

IPC分类号： G06Q40/06

CPC分类号： G06Q40/06 ,  G06Q40/04

摘要： A system, method and computer program product creates an index based on accounting data, or a portfolio of financial objects based on the index where the portfolio is weighted according to accounting data. Indexes may be built with metrics other than market capitalization weighting, price weighting or equal weighting. Financial and non-financial metrics may be used to build indexes to create passive investment systems. A combination of financial non-market capitalization metrics may be used with non-financial metrics to create passive investment systems. Once built, the index may be used as a basis to purchase securities for a portfolio. Specifically excluded are widely-used capitalization-weighted and price-weighted indexes, in which price of a security contributes in a substantial way to calculation of weight of that security in the index or the portfolio, and equal weighting weighted indexes. The indexes may be constructed to minimize volatility.

摘要翻译： 系统，方法和计算机程序产品将根据会计数据或财务对象组合，根据会计数据对投资组合加权的指数进行创建。 指数可以用除市值加权，价格加权或相等权重之外的指标构建。 可以使用财务和非财务指标来构建指标来创建被动投资系统。 金融非市值资本指标的组合可以与非财务指标一起使用，以创建被动投资系统。 一旦建成，该指数可用作为投资组合购买证券的基础。 具体排除的是广泛使用的资本化加权和价格加权指数，其中安全性的价格有力地计算指数或投资组合中该证券的权重，以及相等的加权权重指数。 可以构建索引以最小化挥发性。