Name - The name of each member in your club portfolio as of the ending date of the report.

Units - The number of units held by each member in your club portfolio as of the ending date of the report.

Market Value - The value of each member's holdings in the club as of the ending date of the report.

Percent of Portfolio - The market value of individual member's account as a percentage of the total market value of the club as of the ending date of the report

Return Since- The starting date specified for the report (defaults to the starting date of your club) or the date that member first joined the club, whichever is later.

Annualized Internal Rate of Return 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.