Custom Data Series
A Game Changing Feature
At Koyfin we recently released a new functionality called Custom Data Series. I believe this is a game-changing feature for us and one that is flexible enough to satisfy the demands of multiple workflows.
In short, this allows users to upload a time series of data (only requiring dates and units) and that data series will exist as a useable asset within their Koyfin account. The custom data series can be shared, added to Watchlists & Portfolios and can be pulled up in charts. The engine we use to create these custom series also afforded benefits to the rest of the system and other workflows, which I will discuss shortly.
What was the catalyst?
When you release a new feature or workflow, there follows a new timeline of improvements. The first version of a product is never the final one. For example, we launched Model Portfolios in mid-2023. We’ve since launched an abundance of improvements and new features related to that workflow that include but are not limited to, portfolio sleeves, reporting tools, richer exposure exhibits, a holdings matrix to identify exposure overlap, x-ray fund exposure, and more.
The idea for custom data series was born from the fact that Advisors, who use Models, often have clients who own assets that are not publicly traded. By virtue, they are not supported as instruments in Koyfin and can’t be included in their Models or reports. The initial idea was more of a ‘Custom Security’ engine that would allow Advisors to add non-supported or private assets to their portfolios such as corporate or government bonds, private equity, art, annuities, real estate, private funds, and more.
This would have been a great feature nonetheless, but with a few minor tweaks, it could be a great deal more flexible and appeal to an additional segment of consumers.
Custom Security ➝ Custom Data
The term ‘Custom Data Series’ differs in that it’s less definitive. In theory, this engine could be used to create anything, not just tradable securities. Things like company segment data or KPIs, economic data series, or just about anything you’d be interested in tracking on a time series. For example, below is a chart displaying Nielsen data on streaming as a % of US TV time. This data isn’t provided by Koyfin, but it exists publicly, for free, in a time series.
This data set now lives inside of my Koyfin account, I can update it easily and monitor it over time. Similarly, I now input all of the KPIs from the companies in my portfolio to Koyfin and update them quarterly. I can now also add the private equity and options that I own into my portfolio too.
The primary requirement of our first iteration of Custom Data Series was centred around allowing users to create these data sets, supporting them as assets which can be used around the platform, and most importantly enabling them to be added to portfolios. I am confident there are more great improvements we can make to this workflow in the years ahead, and I am equally confident we will gather many great suggestions from users, each of who have different ideas about how this feature can be used. Like other new keystone functions of Koyfin, the first version is never the final one.
Creation
The custom data series live in a user’s ‘My Data’ section, located in their account settings alongside other personal assets like Graph and FA templates or Watchlists. Here, they can be created, edited, managed, shared, deleted, and copied over to a watchlist.
Initial creation requires the series to have a Name, Ticker, Asset Allocation, Instrument Type, and be designated as a monetary (currency) or non-monetary (no currency) item. To upload data, a CSV with Dates and Values is required.
Each item of metadata will serve different purposes throughout the system. Name and Ticker are obvious, these will be used to identify and retrieve the security. These data series will then appear in ticker selection windows for Graphs, Watchlists, Portfolios, and Search.
Instrument Type and Asset Allocation are important as they will now surface in portfolio exposure exhibits. For instance, if you owned a portfolio of 50% SPY and 50% in a private corporate bond fund, the instrument type (corporate bond) and asset allocation (fixed income) would now surface in exposures.
Choosing whether or not a series has a currency is important when distinguishing between tradable assets with a monetary value (e.g. a private hedge fund asset) or a series with a numerical value (e.g. the number of Tesla vehicles sold in 2023).
Appending
Updating the data series can be handled in the My Data section, where users have the choice of uploading a CSV which will overwrite the previous data (+New) or maintain the existing data but add new data on top of it (Append).
Two Functions in One
The engine that we use to create these data series is now being used for other workflows too. Previously, Advisors who connected their custodians via our integration service would be able to pull in clients’ accounts and their positions but were limited by the fact that only securities we have in the system would be ingested.
For instance, if the client owned a Coca-Cola corporate bond, that security would be skipped from the ingestion. Thanks to custom data series, we now automatically ingest these securities, using a mapping from the custodian, and automatically assign their instrument type and asset allocation as well as loading their price, cost, quantity, and P/L data. This means that these securities will now provide a more accurate depiction of the client’s account and populate those allocations in exposure exhibits which then feed through to reporting tools.
I am excited about the custom data series because it feels like we have created something that serves our variety of user personas from Advisors to researchers to data fanatics. I look forward to seeing how users adopt the feature and how we develop this in the coming years.
This functionality is now live for Pro and Advisor Pro users who can create unlimited custom data series. There is also a limit of five custom data series in the Plus plan. If you’d like to test it out (or watch a demo), feel free to reach out to me with your account email and I can set up a trial for you. Equally, if this is the feature you were waiting for the make the jump to Pro, here is a 20% discount code also.
Thanks for reading,
Conor
Merry xmas Conor! 💚 🥃