The Summary Report
The Summary Report provides an overview of your portfolio’s performance as well as the details of the activity in your portfolio over a specified time period. It is meant to provide similar information to what you would receive in an account statement from your brokerage. Performance metrics, benchmark comparisons, activity totals, starting and ending holdings, and the transaction log are included in the report.
To access the Summary Report, click on the “Reports” button in the toolbar and select the “Summary” Report type.
You can setup the Summary statement using the filtering tools to the right of the Report type selector.
- Range – allows you to select a standard time period (“This Month”, “Last 3 Months”, “Year to Date”, etc) for the report.
- From and To – allow you to specify a precise time period for the report.
- Benchmark – specify the benchmark ticker symbol to use for the “Benchmark” line in the Value Summary and Period Returns sections.
You can set all of the filtering tools back to their default settings by clicking on the “Reset filters” menu found in the “More” menu on the right of the toolbar.
Note that the dates selected for the report, either via the Range or From/To selectors, will be adjusted to dates for which the markets were open. That is, if the selected start or end date is on a weekend or market holiday, the date used in the report will be moved forward to the next trading day.
- Value Summary Section
- Period Returns Section
- Cash, Distributions and Purchases Sections
- Portfolios and Transactions
Value Summary Section
The Value Summary section displays the value of your portfolio on the starting and ending dates of the selected time period. The values are from the close of trade on the starting date through the close of trade on the ending date.
Portfolio Line
The Portfolio line contains the values of your actual portfolio, based on the transactions that are recorded in the Transactions report.
The starting and ending dates are taken from the “Range” or “From”/”To” filter in the toolbar. The market value of the portfolio at the close on the selected dates is displayed for the starting and ending portfolio values. These values are calculated by using the transactions recorded in the Transactions report to re-build the portfolio on the corresponding date (similar to the way the Back-In-Time report is produced).
- Starting Market Value – The market value of the portfolio at the close on the starting date.
- Ending Market Value – The market value of the portfolio at the close on the ending date.
- Net Change – The difference between the starting market value and the ending market value. This value is influenced by the performance of your investments as well as any cash flows (in or out) that occurred in the portfolio during the selected time period.
NOTE: If the selected ending date is the current day, the ending values will be computed using the portfolio’s current pricing from the Prices view. Otherwise, the ending values (like the opening values) will be computed using the historical pricing (including foreign exchange prices) closest to the selected date.
Benchmark Portfolio Line
The Benchmark Portfolio line represents an imaginary portfolio that has 100% of its value invested in the selected benchmark symbol. The starting value of the imaginary benchmark portfolio is the same as the starting value of the actual portfolio on the given date. The ending value is based on the performance of the benchmark symbol over the given time frame.
In order to be able to compare the benchmark portfolio’s ending value with the ending value of the actual portfolio, cash flows (in or out) that occurred in the actual portfolio are also applied to the imaginary benchmark portfolio. These cash flows increase or decrease the value of the benchmark portfolio and thus the amount invested in the benchmark symbol.
For benchmark symbols that pay dividends, such as the SPY (SPDR S&P 500), those dividends are re-invested.
The Net Change value of the imaginary benchmark portfolio is the difference between its starting value and the ending value.
Period Returns Section
The Period Returns section displays the performance of your portfolio and the benchmark portfolio over the selected time period.
Time-Weighted Rate of Return
The Time-Weighted rate of return, or TWRR, represents the performance of your portfolio and benchmark over the entire selected time period. Time weighted returns are not affected by cash flows (i.e. deposits, withdrawals, etc) or their timing (i.e. when they occurred). It is a pure investment performance measure, showing how effective the investment decisions of the portfolio’s manager were. Time weighted returns are the standard returns reported by the investment industry.
The Annualized Time-Weighted rate of return, or TWRR (Ann) value, represents the annualized performance of your portfolio and benchmark over the selected time period.
The benchmark portfolio’s TWRR is typically equal to the actual price change of the benchmark symbol over the selected time period. However, when using a benchmark symbol that pays dividends, for example, the SPY (SPDR S&P 500), the dividends are re-invested in the imaginary benchmark portfolio, so the TWRR and TWRR (Ann) values will be higher than the the simple price change percentage of the benchmark symbol over the selected period.
Dollar-Weighted Rate of Return
The Dollar-Weighted rate of return, or IRR value, represents your portfolio’s internal rate of return over the entire selected time period. Dollar weighted (also referred to as money-weighted) returns measure the absolute, overall growth of the portfolio, including price gains/losses and cash flows, including the timing of those cash flows.
The IRR (Ann) value, or Annualized Dollar-Weighted rate of return, represents your portfolio’s annualized internal rate of return over the selected time period. The annualized IRR calculation is equivalent to Excel’s XIRR function.
The benchmark portfolio’s IRR is calculated using the cash flows (in or out) that occurred in the actual portfolio. If the benchmark symbol pays dividends, they are re-invested and contribute to the balances used in the performance calculation.
Cash Flows And Balances Used for TWRR and IRR Calculations
When calculating cash flows for a normal, cash-based portfolio, the Summary report considers every “cash in”, “cash out” “other in” and “other out” transaction as a cash flow. “Shares in” and “shares out” transactions are also considered cash flows if their “Cash Affected” column is set to true (this corresponds to the “Cash balance” field with a setting of “Update” in the transaction’s details window). Balances are computed for the first and last days of the report period, as well as for every day there was a cash flow.
For invested-capital portfolios (i.e. portfolios that don’t use the Cash balance), the Summary report considers every “buy”, “sell”, “sell short” and “cover short” tranasction as a cash flow. “Shares in” and “shares out” transactions are also considered cash flows if their “Cash Affected” column is set to true. Cash “dividend”, “capital gain”, “return of capital” and “interest in” transactions are considered negative cash flows. Balances are computed for the first and last days of the report period, as well as for every day there was a cash flow.
Cash, Distributions and Purchases Sections
These sections display the totals of various transaction types and activity over the selected time period.
Cash, Interest and Fees Section
This section shows the totals of various cash type transactions over the selected time period. It includes totals for cash deposits and withdrawals, interest received and paid, and fees.
Distributions Section
This section shows the totals of various distribution type transactions over the selected time period. It includes totals for dividends (cash and re-invested), capital gain distributions (cash and re-invested) and Return of Capital.
Purchases and Sales Section
This section shows the total amount of securities purchased and sold over the selected time period.
Portfolios and Transactions
The final 3 sections of the Summary report contain the starting portfolio, the ending portfolio and the transactions during this period.
Starting Portfolio
This section shows the portfolio as it was at the close of trade on the starting date of the selected time period.
Ending Portfolio
This section shows the portfolio as it was at the close of trade on the ending date of the selected time period.
The “Gain” and “Gain %” columns represent the change in the given holding over the selected time period. If the stock was purchased during the time period these columns represent the change since purchase.
For the Total line, the “Gain” and “Gain %” columns represent the total value change in the portfolio over the selected time period, including cash deposits, withdrawals, and market value changes.
Values in the Ending Portfolio are always computed using the historical prices closest to the end date, even if the end date is the current day.
Transactions List
This section shows all of the transactions that occurred in this portfolio over the selected time period.