HOME | DETAILS | EVENTS | SCORES
The Manager Challenge is a team competition: a web-based, investment strategy simulation. It was created to provide an interactive way for investment professionals to test and sharpen their manager selection and monitoring skills in a competitive, yet fun environment. The Manager Challenge reflects the Brandes Institute’s goal of delivering “education through engagement.” It provides a competitive environment in which participants can sharpen their skills in manager selection and monitoring – while learning valuable “real world” lessons.
Getting Started | Background | On-Screen Play | Manager Profiles | Information
Manager Challenge - Getting Started (PDF)
What is the Manager Challenge?
The Manager Challenge is a team competition: a web-based, investment strategy simulation. It was created to provide an interactive way for investment professionals to test and sharpen their manager selection and monitoring skills in a competitive, yet fun environment.
How does the Challenge work?
Conducted online, the Manager Challenge is an investment strategy simulation. Teams allocate assets among a range of equity and fixed income products offered by fictitious investment managers. There are multiple objectives: maximize the portfolio value, manage career risks (by retaining “Career Points”), and exceed liability and policy targets.
The Manager Challenge is played over a simulated 15-year timeframe, divided into five periods of three years each. Each period can bring new developments – performance fluctuations, product closures, personnel turnover among select managers, and mergers or acquisitions. Teams can fire existing managers, hire new ones, adjust asset allocations – or do nothing. A “Leaderboard” shows the running totals for each team participating in the Manager Challenge, including portfolio values relative to the index and current “Career Point” totals.
The winning team in a single Manager Challenge event is the one achieving the highest portfolio value at the close of the final period, after adjusting by the value of career points retained. (Career points are assigned a value at the start of each event.)
Who is eligible to play?
The Manager Challenge is designed for players at all levels of investment sophistication, from experts down to those just starting in the business.
What types of Manager Challenge competitions are available?
The Manager Challenge offers competitions divided by peer groups, such as institutional investors, institutional consultants, financial advisors, students, and others.
The Manager Challenge also may be offered for “intramural” competition – for teams drawn from a single organization that could match colleagues in one office, or in various offices, against each other.
What are the “System Requirements” that you’ll need?
Teams should have:
- Broadband Internet connection (ISDN, DSL, Cable, or T1)
- 1024 x 768 or higher-resolution display with 256 colors
- Microsoft Internet Explorer 6 or later
- JavaScript enabled from within Internet Explorer
- Microsoft Excel 2000 edition or later (only needed in order to view "Manager Profile" Excel files)
- Microsoft XP operating system, other operating system with Zip file reading capability, or Zip reader software. (The Zip reader may expedite downloads of "Manager Profiles.")
A free Zip program by PKWare is available at: http://www.pkware.com/home_and_small_office/downloads/windows/reader/
When are Manager Challenge events scheduled?
Please see the Events page.
How do we get started?
You’ll need the password for the event you’re entering. We will email eligible participants ahead of time, with invitations providing the website address, date, and time of the Manager Challenge.
If you believe you are eligible for a Manager Challenge, and want to participate, but didn’t get an email invitation, please contact us at challengeinfo@brandes.com.
Are the managers and products based on real life managers?
Managers and products are fictitious and any resemblance to actual investment management firms or their strategies is coincidental. Managers and products are, however, designed to simulate the reality of managing a portfolio of investment products whose performance, process, people, philosophy, strategy, etc. change over time.
How long is each period during the game?
Each period represents three years.
Is the game based on a real period of 15 years?
No. The game is based on a simulated 15-year period, designed to have realistic index and product return characteristics, but without replicating actual investment history.
Are returns net of fees? Annualized?
All returns are net of fees and annualized for the period stated.
Can I have more than one person playing with me on my team?
Yes. A team may consist of any number of players. However, please note – for some “in-person” events teams may be limited to a specific number of players; if so, teams will be notified regarding that event.
How long do I have to research managers, determine a portfolio strategy, and make allocation/withdrawal decisions?
Prior to the start of the Manager Challenge, each team may form its portfolio strategy, and allocate an initial portfolio. Once the Game Administrator has released a password for that Manager Challenge event, teams may log in, view the Liability and Index Targets, download the Manager Profiles spreadsheet, begin evaluating managers and specific products, and start allocating their portfolios. Typically this will be at least a day or two prior to the event. This begins “Period 0,” which will continue until a few minutes after the scheduled game start time. Once the game has started, and the administrator advances the Manager Challenge to Period 1, results for each team’s portfolio will be calculated and displayed on the Leaderboard.
The time between periods of the game will depend on the game being administered. For example, in a “one-hour event,” typically, teams will have 10 minutes between rounds to evaluate current and prospective managers and make allocation-withdrawal decisions. Other events may allow a longer gap between periods to allow teams to research their selections in more detail.
Can I reply to the messages that pop-up on my screen?
No. Teams cannot reply to messages that appear on their screens. During Manager Challenge play, teams may only initiate communication with the Manager Challenge Administrator via the Manager Challenge Helpline: 858.523.3322.
Does the Liability Target change during the course of the game?
No. The Liability Target remains constant during the Manager Challenge.
Can I log in and play at any time?
No. The Manager Challenge is not designed for teams to “play against the system.” Each team must register for a specific Manager Challenge event to be held at a specific date and time. For more information on Manager Challenge Events, visit: http://www.brandes.com/Institute/BIManagerChallenge/ManagerChallengeEvents.htm or contact challengeinfo@brandes.com.
How Do Cumulative Manager Challenge Competitions Work?
As well as individual events, the Manager Challenge can be played over a series of rounds. In these competitions, teams are ranked by their cumulative excess return (in %) relative to the index in each individual round, plus their cumulative Career Point total (with each Point given a percentage return value at the outset of the competition).
Alternatively, a series of Manager Challenge events can be played with the winner being the team that scores the highest excess return in any one event within that series. Please see the specific rules for each competition on the Events page.
Do Managers, Products and Scenarios Change from one Event to the Next?
Yes. The Manager Challenge can be offered with a large number of different scenarios, managers and products. This means that having played before gives a team an “experience advantage”, it will not give them any “information advantage”.
return to top
What's the difference between a product's strategy age and the number of years of performance history I am able to view for that product?
A product strategy age may be substantially longer than the number of years for which you can view performance history of the product. For instance, a product’s age may be 15 years, yet only 5 years of performance history is available for analysis. The amount of performance history for any product is the amount available in the Manager Challenge Database for a particular game, and does not necessarily coincide with a product’s inception date.
What is the Index Target and are the weightings fixed for the duration of the game?
The Index Target is the weighted combination of stock and bond indices, providing benchmark returns for these asset classes in the game’s designated allocation. The weightings for each asset class within the Index Target are fixed for the duration of the game.
When do I get assessed transaction fees for purchases and withdrawals? What if I accidentally make a trade I didn’t want?
Transaction fees are assessed immediately after withdrawing or allocating assets in a product. The fee for each transaction will appear in the trading dialog box. Fees are assessed for every transaction – including those made by accident. Be careful.
What are the maximum allocations to a manager or particular product?
Allocations to a single product are limited to 20% of your portfolio at time of purchase. If subsequently that exposure goes over 20% due to relative performance, you are not forced to reduce, but you cannot add to that product. Other than this, there is no limit to your exposure to a manager with multiple products.
Is there a limit to how many products in which I may invest?
There is no limit on the number of products in which you may invest. Remember that transaction fees are a “flat” amount, so the more you spread your allocations, the higher the transaction fee in proportionate terms.
Can I view “Headlines” from past periods of the game?
No, “Headlines” on the left navigation column only reflect those stories occurring during the current period of play.
Why did my “Career Points” change?
A team will lose one career point at the close of each period if any of the following occur:
a. The team’s portfolio declines in value compared to the prior period, thereby missing the objective of a positive absolute return. (One career point deduction.)
b. The team’s portfolio underperforms the Target Index during the period. (One career point deduction.)
c. The team’s portfolio underperforms the Liability Target in the period. (One career point deduction.)
A maximum of three career points may be lost each period. Teams start with 15 career points and cannot accumulate additional career points during the game.
What does the “Allocation” column represent in my portfolio (upper grid)?
The “Allocation” column in the upper portfolio grid represents the amount of assets (expressed as a percentage) that your team has invested in each product at its current market value.
What does the “Alloc. Assets” column represent in the product universe (lower grid)?
For each product, the “Alloc. Assets” column in the lower product universe grid is the percentage of the aggregate assets that all teams in this game have invested in that product. Thus, a higher percentage in this column represents a more popular product.
Can I see the portfolio allocations of other people playing the game?
No. Teams cannot see the allocations and strategy selections of other teams. However, viewing the “Alloc. Assets” column in the lower product universe grid provides an indication of the products attracting the greatest assets among all teams participating in the game.
Can I leave some of my portfolio in cash?
Sure. Assets left in cash will receive a cash return; the return is depicted under the “Challenge Progress” title bar on the left navigation window.
Where can I view a summary of my portfolio’s asset allocation?
A summary of each team’s portfolio asset allocation appears in the left column at the top, indicating percentage allocations to equity, fixed income and cash. To see a more detailed version of this asset allocation, move the cursor over the portfolio allocation (equity and fixed income) and a pop-up window will appear, indicating amounts invested in each sub-strategy.
Why are some products highlighted in a darker shade of color?
Products that are closed to new and/or additional contributions will be highlighted in a darker color. Please note that products may close at any time – but may reopen in later rounds. Be sure to read through headlines and messages posted by the administrator.
Can I play part of a game and then resume play later?
Once a team starts play by registering in Period 0, their portfolio will continue through till the end of that event. So if you “pause” by taking time away from your screen (whether you’ve logged out or not), your portfolio continues on a “buy-and-hold basis”. You can resume actively allocating at any time during the event. Even if you don’t return during that event, your portfolio results will still be included based on the “buy-and-hold” strategy.
return to top
What do the items in bold represent on the Manager Profiles (Excel spreadsheet)?
Items in bold on the Manager Profiles represent values that have changed materially since the previous period (i.e. in the last three years). For instance, if Assets Under Management ($millions) changes from $5,245 to $10,654 over the course of one period in the game, the latter value will typically be bolded to represent the notable increase from the prior period. Occasionally, a red tag in the corner of the cell accompanies a bolded item. Simply place the cursor over the cell to display a note with additional information regarding the change from the prior period.
Where can I find the expenses of each product?
Expenses for each manager’s strategy may be found on the corresponding page in the Manager Profile spreadsheet. Manager profiles are available once logged into the game (either as a “spectator” or participant) by following the “Manager Profiles” link in the upper right of the screen. Please note that this will prompt a download of an Excel file that, depending on connection speeds, may take several minutes to download.
I’m having trouble downloading the Manager Profiles Excel spreadsheet. What do I do?
If you’re having difficulty downloading the Manager Profiles spreadsheet, try these tips:
1. The Manager Profiles are “zipped” Excel files. Please make sure your PC runs Microsoft XP or that you have software capable of extracting Zip files (WinZip, PKWare, etc.)
A free Zip program by PKWare is available at: http://www.pkware.com/home_and_small_office/downloads/windows/reader/
2. Note that during the game, information for each manager will be updated after every period. You may find it helpful to download the spreadsheet after each period. You should close the file from the previous period before trying to download the next period’s Manager Profiles.
3. Be patient. Depending upon the speed of your Internet connection, it may take a few minutes (or longer) for the spreadsheet to download successfully.
4. When prompted to open or save, try saving the Zip file to your PC and then opening it, as opposed to opening directly from the Manager Profiles link.
5. If you are having trouble, close Excel and attempt the download again. Multiple spreadsheets open at once can prevent the document from opening promptly.
6. Try limiting the number of necessary programs running concurrently with the Manager Challenge and spreadsheet download.
7. Have one of your team-mates log in as a spectator on a separate machine, and download the Manager Profiles on that PC.
8. If you cannot download the spreadsheets after trying each of the previous tips, call the Manager Challenge Helpline at 858.523.3322.
Should I save or open the Manager Profiles Excel spreadsheet? Can I save it later?
After downloading the Manager Profiles, you may save them on your computer – or you can simply open them. The profiles are updated after each round. To access updated Manager Profiles, close the previous Manager Profiles file and download the new spreadsheet at the start of each period. You cannot retrieve profiles for previous rounds as the game progresses. However, the updated performance data in the spreadsheet for each product will reflect returns for all prior periods.
How can I find out how markets performed generally during the past period?
While overall market performance is not published anywhere (aside from the Index Target’s performance) in the game, the Manager Profiles contain ample information on the performance of the various asset benchmarks (equity and fixed income).
Do the Manager Profiles update as the game progresses?
Absolutely, but in order to view the revised information, the Profile must be re-downloaded each period. Given the size of the file and the time in between periods, it is most efficient to start the download of this file at the beginning of each period.
return to top
For general information about the Manager Challenge, contact us at challengeinfo@brandes.com.
The “Challenge helpline,” 858.523.3322, will be open during Manager Challenge events, and is regularly checked for messages at other times.
Manager Challenge® has been created by the Brandes Institute, a division of Brandes Investment Partners®.
Manager Challenge® is a registered trademark of Brandes Investment Partners, L.P. in the United States.