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.

Using the Summary Report

You can set up the Summary statement using the filtering tools to the right of the Report type selector.

Date Range - Allows you to select the time period for the report. There are a number of standard time periods to choose from (such as “This Month”, “Last 90 Days”, “Year to Date”, "2017", etc) as well as the option of selecting your own custom date range.

Note that the dates selected for the report 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 backward to the previous trading day.

Benchmark Symbols - Allows you to specify one or more benchmark ticker symbols to use for comparison in the Value Summary and Period Returns sections. You can remove a benchmark symbol by clicking on the "x" to the left of the symbol.

The "More" Menu

Clicking on the "More" menu on the right-hand side of the toolbar will display a menu with more options for interacting with the report.

Include FX column in Portfolios - Adds the FX column to the beginning and ending portfolios. The FX column shows the exchange rate between the holding's currency and the portfolio's currency on the portfolio's date (beginning or ending date of the selected range).
Export to CSV... - This item allows you to save the data from the report into a CSV file. CSV files can be opened with any spreadsheet program such as Excel.
Save as PDF... - This item allows you to generate a PDF copy of the report. You can save the PDF for your records.

Value Summary Section

The (blue) Portfolio Line

The Portfolio line (with the blue square and name of your portfolio) 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 “Date Range” 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.

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 values from the start date) will be computed using the historical pricing (including foreign exchange prices) closest to the selected date.

The (red) Benchmark Portfolio Line

The Benchmark Portfolio line (with the red square and benchmark ticker symbol) 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 invested 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. If you have added more than one benchmark symbol, each benchmark portfolio will be a new line in the Value Summary section.

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. Note that dividends or other distributions in the actual portfolio are not considered cash flows in this calculation - only actual cash in/out, other in/out, etc are considered cash flows.

For benchmark symbols that pay dividends, such as the SPY (SPDR S&P 500), any dividends paid by the symbol during the report's date range will be re-invested back into the benchmark portfolio.

The Net Change value of the imaginary benchmark portfolio is the difference between its starting value and the ending value.

For more details on the finer points of the Summary report, please have a look at the section: The Summary Report - Tips and Notes.

Period Returns Section

The Period Returns section displays the performance of your portfolio and the benchmark portfolio(s) over the selected time period.

The chart in this section displays the TWRR of the portfolio and benchmark(s). Note that, if you see flat-lines in the charts, please refer to the section, Why Is there a Flat Line in the Summary Report?

The Time-Weighted rate of return, or TWRR, represents the performance of your portfolio and benchmark(s) 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 (IRR)

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 the 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 line), the Summary report considers every “buy”, “sell”, “sell short” and “cover short” 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. 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.

Since the Summary report starts at the close of trade on the start date, the values in this section do not include any transactions that occurred on the start date. They will only include values from transactions that occurred on the day after the start date through those transactions that occurred on the end date (i.e. start date is exclusive; end date is inclusive).

Contributions Section

This section shows the totals of cash flows into (deposits) and out of (withdrawals) the portfolio over the selected time period. It includes the transaction types "Cash In", "Cash Out", "Other In", and "Other Out".

Purchases and Sales Section

This section shows the total amount of securities purchased and sold over the selected time period.

Revenues Section

This section shows the totals of revenue generating transactions over the selected time period. It includes totals for dividends, re-invested dividends, capital gain distributions, re-invested capital gain distributions, return of capital and interest paid transactions.

Expenses Section

This section shows the totals of expense related transactions over the selected time period. It includes totals for commissions, trading fees, management fees (less adjustments), taxes (portfolio level and translation level), and outgoing interest payments.

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 “ Change” and “ Change %” 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 “ Change” and “ Change %” 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, unless 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. You can view all transactions for this Portfolio in Transactions report. Like the Cash, Distributions and Purchases section, the transactions shown here are exclusive the report's start date but inclusive the report's end date.

More Info...

For more details on the finer points of the Summary report, please have a look at the section: The Summary Report - Tips and Notes.