dotamasta

Holding Period is from Jan1 to April 30 (Close of Business) , but the $2 million dividends paid are for the securities held for that specific 4 month period (thats why it says paid on May 1st), so it is counted in the formula
(P1-P0 +D1)/P0 (Note that the $20MM inflow is NOT counted here since its not part of the returns)

Similarly for money weighted returns, the end of Jan-April period is where the first discounting starts. So all cash inflows/outflows happening at the end of that period counts. While discounting to calculate IRR as MW returns, the $2MM dividend and the $20MM additional cash is discounted by 1 period. (not 2 periods)