Getting Industry Total Return Data (Total Returns)
Sudweeks
The purpose of this Teaching Tool is to help you get your Total Returns necessary for your Market and Industry indices for your Industry Report.
I. Getting Market and Industry Indices
A. Before you start, you must first determine your major market and industry indices.
One of the easiest ways is to type your company symbol [equity] and [go]. Then type
RG [go], and it will give you relative graphs. Note which indices Bloomberg uses as defaults for your company and write them down. This is a good starting point for your industry report. Remember that while you need an index that has Price Earnings data for your company report, for your industry report you only need indices that have price data.
II. Getting Annual Total Returns for your Indices
A. There is a major difference between total returns and price returns. Total returns include dividends—actual cash flows to you. As such, we should always try, if possible, to get total return for your company and industry reports. To get total returns, type your industry symbol [index] and [go]. Next, type TRA and [go]. TRA gives you your total return analysis for your company or index. This analysis includes not only your price appreciation but dividends as well.
B. Next you must set your time periods. Use the [Tab] to take you to the date function. Set your beginning period to 96, leave the end period as today, [Tab] to the period, and hit Y for “year” and [go]. Then hit [Page Down] to go down one page.
You will notice that Bloomberg gives you both price appreciation and Total Returns as well. Your preferred data is Total Returns, which includes dividends. In Bloomberg, the second to the last column on the right is total returns over the total period, and the far right column is the annual return for each of the yearly periods. These annual returns, which include dividends, are the numbers you should use for each year.
III. Getting Year-to-Date Returns
A. To get your year-to-date returns, type your industry symbol [index] and [go].
Next, type TRA and [go]. TRA gives you your total return analysis for your company or index.
B. Next you must set your time periods. Use the [Tab] to take you to the date functions. Set your beginning period to the beginning of the year, i.e., 12/31/01, and leave the end period as today. Tab to the period, and hit D for daily and [go]. You will notice that Bloomberg gives you a holding period return in the middle column and
Annual return in the far left column of the first page. Since the period is the year-todate, the holding period return is your Year-to-date return. Note that it includes simple price appreciation, gross dividends reinvested into the index, and dividends
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Getting Industry Total Return Data (Total Returns) reinvested at a specific rate that you input. We are looking for Gross dividends reinvested into the Index. The bottom line takes into account the tax implications of your dividends.
IV. Putting it into the Report
A. To build the Return Performance versus the Market and Industry chart in your industry report, set your decimal tabs at .75” and every 0.5” afterwards, i.e. .75”,
1.25”, 1.75”, etc. Put your years across the top, with YTD as your last column. Put your industry index on the left first, followed by your market index on the next line,
“Excess” or your excess returns of your industry less the market index on the following line, and “GDP” as your last row. GDP data can be found in the Teaching
Tools under FR-CR-1A Apple Spreadsheet Example. GDP data is in Exhibit 4
(Ratios) under Section 19 Global Economic Data.
IR-4 - Getting Industry Total Return Data 10Oct06
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