Consolidation and performance
Consolidation turns several accounts into one picture without double-counting or inventing anything. These are the rules the figures follow, and the reasons a figure is sometimes withheld.
Valuation
Every holding is valued in the client's base currency. Conversions use ECB reference rates, and each conversion names its rate. The dossier header and the Overview show the date of the last valuation.
If any holding cannot be priced, the consolidated total is withheld and the unpriced tickers are named. A total that leaves one position out would look complete when it is not.
Cash
Cash is included in the consolidated value when the broker's statement reports a closing balance. When it does not, cash can be reconstructed from the confirmed transactions, and the figure is labelled as derived from transactions. If neither is possible, the value is shown as holdings only, and says so.
Allocation and exposure
Allocation is shown by trading currency and by fund domicile. Domicile is read from the ISIN country prefix, not from the exchange: an Irish fund listed in London is Irish. Instruments without an ISIN are reported as unknown rather than guessed. Currency exposure follows the listing, so a USD-listed global fund counts as USD exposure.
Income and gains
Expected annual income projects the funds' trailing twelve-month distributions onto today's holdings, before tax. Unrealised gain is summed across accounts only when every account has a complete cost basis; otherwise it is shown as unavailable with the reason.
Performance
Two returns answer two questions, both calculated by the portfolio engine across the combined accounts from the confirmed cash flows:
- Time-weighted return
- Measures the investments, independent of when money was added. Sub-periods between known valuations are chained (Modified Dietz), and the figure is marked approximate when valuations are sparse.
- Money-weighted return (XIRR)
- Measures the client's own experience, including the timing of their contributions and withdrawals.
Returns are available since inception, for the year to date and for the last twelve months. Percentages from separate accounts are never averaged, because a large account and a small one would then count the same.
When a return cannot be computed, the reason is shown instead of a number:
- the transaction ledger is incomplete, so statements covering the full history are needed;
- no month-end valuations exist yet (they are taken monthly);
- cash flows predate the first valuation;
- the period is too short to annualise;
- some holdings have no current price yet.
Last updated . Describes the product as built; figures are screening estimates, not tax, legal or investment advice.