The Member Performance Detail Report shows the performance and cash flows for an individual member of the club.
The fields on the report show:
- Date - The date of a payment, fee, or withdrawal associated with the member.
- Description - A description of each transaction associated with the member.
- Investments - The value of any cash flows paid into the club by the member.
- Returns - The value of any cash flows taken out of the club by the selected member. Note: the Ending Market Value is the value of the member's account as of the ending date of the report.
- Annualized Internal Rate of Return (AIRR) - The AIRR is the internal rate of return (IRR) earned by each member. It is calculated by 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, gives you a value that can be compared to the annual interest rate that would need to be paid on a bank account to 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%. In other words, if you put $1000 into a bank account, you'd only earn $10 in one day if it paid interest at a rate of 3679%.
To avoid confusion, a value of N/A is displayed when the time 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 report ERR rather than a value.
Related help topics: