# Version History## SmartFolio 3.2.4
### Improvements
- New
**Aggregate by Period** field is added to the **Portfolio Construction** dialog. The field contains options for aggregation of prices by calendar periods. Three choices are available: **Do Nothing** (no aggregation is performed), aggregate by **Weeks** and by **Months**. Calendar aggregation is especially convenient when historical prices are sparse and otherwise result in too many missing values in returns series.
## SmartFolio 3.2.3
### Bug fixes
## SmartFolio 3.2.2
### Bug fixes
## SmartFolio 3.2.1
### Bug fixes
- The bug in the determination of assets that are defined on in-sample periods during walk-forward optimization with expanding in-sample window - fixed. Due to this bug, SmartFolio could suddenly stop responding during optimization process.
## SmartFolio 3.2
This update is devoted to risk-based portfolios. Namely, it allows for backtesting of **risk parity** and **maximum diversification** **portfolio strategies** subject to arbitrary constraints. Due to dynamic nature of the above strategies, the most appropriate mechanism for their backtesting is walk-forward optimization. In order to bring this functionality to SmartFolio, the following features were added:
### Parameter Estimation
**Proportional to volatilities** estimate of expected returns is now available. Use it together with **Zero correlations** as covariance estimate to proceed to risk parity portfolio construction (see the next step below). Use other covariance matrix estimation methods to arrive at maximum diversification portfolio.
### Portfolio optimization
**Instantaneous Sharpe ratio maximization** (ISRM) is added to the list of SmartFolio optimization criteria. In order to build portfolio strategies described above, one should apply appropriate estimation methods and then run ISRM with **zero weight in risk-free asset** constraint (this is the most conventional choice, other constraints are also allowed).
### Bug fixes
- Excel 2010 32-bit compatibility restored;
- There were several bugs in the "no historical data" portfolio construction mode. All fixed.
## SmartFolio 3.1.1
This update brings one more improvement to the process of **walk-forward optimization**. Previously, the latter was applicable only to periods where all historical series were present. This limitation effectively excluded from analysis any portfolios with short-lived instruments, such as many ETFs.
Now walk-forward optimization process can be applied to the whole period where at least one portfolio component is defined. The only exception is the case where Portfolio Type = *Analytical model* and *Shrink to Factor Model* estimation method is used. In this case history is truncated to the period where all portfolio factors and at least one portfolio asset are present. ## SmartFolio 3.1
Several simple, but highly demanded functional enchancements are made, which bring even more power to **walk-forward optimization**.
### Parameter Estimation
**Zero correlations** option is now evailable in the covariance matrix estimates list. This is especially useful for testing risk parity strategies and other similar approaches that ignore correlations.
**Exponentially weighted sample estimates** are added. This option is of particular use in walk-forward optimization.
### Walk-forward optimization options
**Expand in-sample window** option is added, which allows use of all past history.
## SmartFolio 3.0.88
### Bug fixes
- Incorrect calculation of WFO in-sample and out-of-sample periods, which in some cases lead to early calculation break - fixed.
## SmartFolio 3.0.86
### Bug fixes
- Microsoft Office Security Update MS12-060 released on August 14 , 2012 caused problems with MSCOMCTL.OCX control library - fixed.
## SmartFolio 3.0.85
### Bug fixes
- Microsoft Office Security Update MS12-027 released on April 12 , 2012 caused problems with MSCOMCTL.OCX control library - fixed.
## SmartFolio 3.0.83
### Bug fixes
- SmartFolio failing to import
**dividend data** from Yahoo!Finance due to change in the Yahoo dividend history page - fixed.
## SmartFolio 3.0.82
### Bug fixes
- Fix of incorrect calculation of parameter
**Mu** (vector of expected returns) when **risk-free rate** and/or **dividend yields** are **non-zero** and one of the following two estimation methods is applied:
**Shrink to GMV portfolio**
**Missing factor estimator**.
## SmartFolio 3.0.79
### Bug fixes
- Incorrect calculation of WFO out-of-sample periods (influenced calculations only if out-of-sample period length was set equal to several days or less) - fixed. Now lengths of in-sample and out-of-sample periods are set in periods instead of calendar days.
## SmartFolio 3.0.78
### Bug fixes
- Incorrect import of
**dividend data** from Yahoo!Finance due to another change in the Yahoo dividend history page - fixed.
## SmartFolio 3.0.77
### Bug fixes
- Incorrect import of
**split data** from Yahoo!Finance due to changes in the Yahoo dividend history page - fixed.
## SmartFolio 3.0.76
### Compatibility
- Partial
**Excel 2010** support (custom ribbon icons currently can't be displayed)
### Bug fixes
- Import from Yahoo!Finance error due to changes in the Yahoo dividend history page - fixed.
## SmartFolio 3.0.68
### Compatibility
### Bug fixes
- The
**"Could not load some objects because they are not available on this machine"** error appears on some machines - fixed
- Updates from Excel table work incorrectly in case of only one new data point - fixed
## SmartFolio 3.0.66
### Bug fixes
- Error during optimization with group constraints taken from MS Access database - fixed
## SmartFolio 3.0.65
### Bug fixes
- Microsoft Office 2007 SP2 compatibility
## SmartFolio 3.0.60
### Bug fixes
- Importing of long symbol lists from Yahoo!Finance (IE cache bug) - fixed
## SmartFolio 3
### Compatibility
### Data Management
**Batch import** from Yahoo!Finance and text files;
- Import from an
**Excel table** (either prices or returns);
- Import from
**Bloomberg Professional**;
- Automatic
**update** from all 4 sources;
- Separate storage of asset prices and correction values such as dividends and splits.
### Parameter Estimation
- The
**Black-Litterman model**
### Portfolio Optimization
- Fully automatic
**walk-forward optimization** as a new option in the Portfolio Optimization dialog
## SmartFolio Professional Edition version 2.0.2.
### Bug fixes
- Sometimes "Type Mismatch" error is generated during portfolio construction if Access is selected as a data source - fixed.
- Can't change path to the database file in
**Options dialog** - fixed.
- Minor bugs in
**TreeView dialog** - fixed.
## SmartFolio Professional Edition version 2.0.1.
### Improvements
- The Text File Import procedure improved to support wider range of date formats.
### Bug fixes
- "Type Mismatch" error that appears during IPOPT optimization on machines with non-English Windows Regional Settings - fixed.
- Corrupted Conditional Formatting on machines with Excel 2007 and non-English Windows Regional Settings - fixed.
- "Type Mismatch" error in
**Bootstrapping dialog** on some machines with non-English Windows Regional Settings - fixed.
- A chart Task Pane sometimes appears after opening a previously saved smartbook in Excel 2007 - fixed.
- The Text File Import procedure fails to automatically recognize date format - fixed.
## SmartFolio Professional Edition version 2.0.
### Improvements
- Full support for
**Excel 2007** including:
- Greatly improved look of charts and tables
- Maximum portfolio size is now 16368 (Corporate License only)
- Enhanced conditional formatting
- Custom task panes in charts
- Ribbon panel
- Now there is only one place to set portfolio weights. These portfolio weights are then used both in analytical model calculations and in historical simulations.
### Bug fixes
- Bug of not taking into account lower bounds on portfolio weights during Solver optimization - fixed.
- Formatting bug in main table that appears if non-cash risk-free asset is selected during portfolio construction - fixed.
- Bug that appears when trying to delete the last asset in the
**Manage Assets dialog** - fixed.
## SmartFolio Academic Edition version 1.0.3.
### Improvements
- Reduced installation package size - flash tutorials now downloaded from the Web.
### Bug fixes
- Bug of not taking into account lower bounds on portfolio weights during optimization - fixed
- Formatting bug in main table that appears for non-cash risk-free asset - fixed
- Bug that appears when trying to delete the last asset in
**Manage Assets dialog** - fixed.
## SmartFolio Professional Edition version 1.0.2.
### Improvements
- Userforms Tab order functionality improved
### Bug fixes
- Bug in
**Manage Groups dialog** fixed
- Incorrect handling of "Microsoft Excel is not installed" situation fixed
## SmartFolio Professional Edition version 1.0.1.
### Improvements
**IPOPT Options dialog** redesigned to show more available options
- Flash tutorials updated to reflect recent changes
### Bug fixes
- Historical optimization bug fixed
- Minor bug in
**Manage Assets dialog** fixed
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