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Locate the investment boundary
Name the included assets and cash, currency, period, starting capital and complete ending wealth. Determine whether a separately listed distribution is already inside the account endpoint. Classify owner transfers before calculating a rate.
Choose the measurement question
| Question | Check |
|---|---|
| No-flow holding period | Income counted once and endpoint base positive |
| Time-weighted | Valuations around external transfers |
| Money-weighted | Investor signs, dates and rate roots |
| Annualized | Covered horizon and compounding convention |
| Domestic-currency | Quote direction and income conversion |
Use an independent endpoint check
Link factors and reconstruct index wealth. Reconcile asset gains to starting-weight contributions. Convert local starting and ending wealth into domestic currency. These amount checks can identify a wrong-rate label or missing interaction term.
Keep the conclusion limited to the evidence
A computed return does not establish forecast quality, benchmark suitability, statistical skill, tax treatment or actual execution. Record omitted costs and unresolved data. A complete loss needs a new base before another ordinary return can be measured.