Calculations

The holding period return is provided by the fund administrator. That is one of two inputs for calculating the annualized return.

Inputs:

We first convert the month into an annualized time frame, which is 0.833 (i.e., 1/12), unless it is a shortened month like April. The holding period return from the fund admin is then raised to the power of the annualized holding period, which is also divided by one. Then we subtract one from the power.

For example, the May return is calculated as:

(1 + 0.0228) ^ (1/.0833) – 1 = 31.07%

 

Returns are calculated net of all expenses and fees (based on the fund’s 2/20 fee structure).