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- 2013-9-25
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2#
发表于 2013-4-22 09:33
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| Time weighted and money weighed return is same with now cash flows. Composite as such will not have any cash out flows. Its just an aggregation of number of portfolios returns. Individual portfolio on the other had will have different amount of cash out flows at different times. So money weighted and time weighted returns are different. If the cash flow are not large then the return valuation is close, so modified dietz is allowd. However, large external cashflows cause big differences betwee money weighted and time weigthed returns, so portfolios are mandated to be evaluated when such large cash flows happen. |
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