| The Member Performance Detail Report details the performance and cash flows associated with
the investment of an individual member in the club.
Date -
The date applicable to each payment, fee, or withdrawal associated with
a selected member.
Description -
A description of the each transaction associated with the selected member.
Investments -
The value of any transactions with cash flows paid into the club by the selected member.
Returns -
The value of any transactions with cash flows taken out of the club by
the selected member. Note: the Ending Market Value is the
current value of the selected member's account as of the ending date
of the report.
Annualized Internal
Rate of Return -
The Annualized Internal
Rate of Return (AIRR)
is the internal rate of return (IRR)
earned by each member taking into consideration all cash flows into
and out of the club, as well as changes in the club's unit value.
This calculation, while quite complex, determines the
annual interest rate that would need to be paid on a bank account that
will give you the same total return on your investment.
Note: AIRR's for short periods of time can become extremely distorted
and misleading. For example: Let's look at a $1000 investment that
earns a 1% total return or $10 on the first day. On an annualized
basis $10 earned on $1000 invested for one day equals an AIRR of over
3600%. That's because the AIRR calculation is an annualized
calculation. In other words, if your put $1000 into a bank account, in
order for that $1000 to earn $10 in one day that bank account would
have to pay interest at a rate of 3679%.
To avoid confusion, a value of
N/A is displayed when the period is shorter than the configured
A.I.R.R. Wait Period. An officer may change the default
A.I.R.R. Wait Period as described in the
Club Configuration help topic.
In the unlikely event that
bivio does not find all of the data necessary to calculate an accurate
AIRR, bivio will place an ERR in the AIRR column for the
applicable security.
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