Quarterly Report Terms

Section 2 - Annual Performance Summary

Time Period
This will show each calendar year that the account has been managed. Typically, the first line will be a partial period, as most accounts do not start on the first day of the new-year.

End of Period Portfolio Value
This is the account value based on the last day of the reporting period. Typically this day will be the last day of a calendar quarter or the last day of a calendar year.

Net Profit in Period
Total realized gains on stock sold, plus unrealized gains on stocks still in the portfolio, plus dividends, plus interest, minus all management and brokerage fees for the calendar year only. The date of each year can be referenced under the "Time Period" column.

Cumulative Net Profit
Total realized gains on stock sold, plus unrealized gains on stocks still in the portfolio, plus dividends, plus interest, minus all management and brokerage fees from inception to date. In other words, this column adds up all of the profits found in "Net Profit in Period" column for each calendar year so you can see your total profit since inception.

Total Net Return
Total return on investments for the time period based on a time-weighted return. A "time-weighted" rate of return eliminates the effects of client-initiated additions and withdrawals that are beyond the control of the manager. The result is an accurate and unbiased measure of investment performance that is the same with or without cash-flows.

Total Cumulative Gain After Fees Since Inception
This row shows the total Net Profits since inception in dollars.

Total Return Since Inception (For Blank) Years
This shows the total time-weighted return since inception in percentage terms.

Annualized Return
This shows the average year-over-year, time-weighted return since inception. Accounts must have been in effect for at least one year before they can be annualized.

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