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["The content in this spreadsheet is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other Content on the Site before making any decisions based on such information or other Content. You agree not to hold CFA Institute or its subsidiaries liable for any possible claim arising from any decision you make based on information or content made available to you through this spreadsheet."]

{"sheet":"32.A.18 End of Day","index":1,"n_rows":14,"n_cols":7,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
["Modified Dietz - End of Day (EOD) Cash Flow (CF) Assumption"]
[]
[null,null,null,"Weight (EOD)",null,"Day Wtd CF"]
["2019-05-31","BMV",100000]
["2019-06-06","CF",-2000,{"$f":"(A7-A5)/(A7-A4)","v":0.8},"=(A7-A5)/(A7-A4)",{"$f":"C5*D5","v":-1600},"=C5*D5"]
["2019-06-11","CF",20000,{"$f":"(A7-A6)/(A7-A4)","v":0.6333333333333333},"=(A7-A6)/(A7-A4)",{"$f":"C6*D6","v":12666.666666666666},"=C6*D6"]
["2019-06-30","EMV",135000]
[]
["Total Cash Flows",null,{"$f":"C5+C6","v":18000},"=C5+C6"]
["Weighted Cash Flows",null,{"$f":"F5+F6","v":11066.666666666666},"=F5+F6"]
[]
["Numerator",null,{"$f":"C7-C4-C5-C6","v":17000},"=C7-C4-C5-C6"]
["Denominator",null,{"$f":"C4+F5+F6","v":111066.66666666667},"=C4+F5+F6"]
["Return",null,{"$f":"C12/C13","v":0.15306122448979592},"=C12/C13"]

{"sheet":"32.A.18 Beg of Day","index":2,"n_rows":14,"n_cols":7,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
["Modified Dietz - Beginning of Day (BOD) Cash Flow (CF) Assumption"]
[]
[null,null,null,"Weight (BOD)",null,"Day Wtd CF"]
["2019-05-31","BMV",100000]
["2019-06-06","CF",-2000,{"$f":"(A7-A5+1)/(A7-A4)","v":0.83333333333333337},"=(A7-A5+1)/(A7-A4)",{"$f":"C5*D5","v":-1666.6666666666667},"=C5*D5"]
["2019-06-11","CF",20000,{"$f":"(A7-A6+1)/(A7-A4)","v":0.66666666666666663},"=(A7-A6+1)/(A7-A4)",{"$f":"C6*D6","v":13333.333333333332},"=C6*D6"]
["2019-06-30","EMV",135000]
[]
["Total Cash Flows",null,{"$f":"C5+C6","v":18000},"=C5+C6"]
["Weighted Cash Flows",null,{"$f":"F5+F6","v":11666.666666666666},"=F5+F6"]
[]
["Numerator",null,{"$f":"C7-C4-C5-C6","v":17000},"=C7-C4-C5-C6"]
["Denominator",null,{"$f":"C4+F5+F6","v":111666.66666666666},"=C4+F5+F6"]
["Return",null,{"$f":"C12/C13","v":0.15223880597014927},"=C12/C13"]

{"sheet":"32.A.18 End of Day LCF","index":3,"n_rows":20,"n_cols":7,"rows_kept":20,"cut":false,"hidden":false,"merged":[]}
["Modified Dietz - End of Day (EOD) Cash Flow Assumption with  Large Cash Flow (CF)"]
[]
[null,null,null,"Weight (EOD)",null,"Day Wtd CF"]
["2019-05-31","BMV",100000]
["2019-06-06","CF",-2000,{"$f":"(A7-A5)/(A7-A4)","v":0.45454545454545453},"=(A7-A5)/(A7-A4)",{"$f":"C5*D5","v":-909.09090909090901},"=C5*D5"]
["2019-06-11","CF",20000,{"$f":"(A7-A6)/(A7-A4)","v":0},"=(A7-A6)/(A7-A4)",{"$f":"C6*D6","v":0},"=C6*D6"]
["2019-06-11","MV",125000]
["2019-06-30","EMV",135000]
[]
["Sub-period 1 Calculation"]
["Numerator",null,{"$f":"C7-C4-C5-C6","v":7000},"=C7-C4-C5-C6"]
["Denominator",null,{"$f":"C4+F5+F6","v":99090.909090909088},"=C4+F5+F6"]
["Return",null,{"$f":"C11/C12","v":7.0642201834862389E-2},"=C11/C12"]
[]
["Sub-period 2 Calculation"]
["Numerator",null,{"$f":"C8-C7","v":10000},"=C8-C7"]
["Denominator",null,{"$f":"C7","v":125000},"=C7"]
["Return",null,{"$f":"C16/C17","v":0.08},"=C16/C17"]
[]
["Total sub-periods 1 & 2",null,{"$f":"(1+C13)*(1+C18)-1","v":0.15629357798165144},"=(1+C13)*(1+C18)-1"]

{"sheet":"32.A.22 Comp Relative Rtn Calcs","index":4,"n_rows":8,"n_cols":5,"rows_kept":8,"cut":false,"hidden":false,"merged":[]}
["Composite Relative Returns - Equal Weighted"]
[null,"Scheme",null,"Equal Weighted","Equal Weighted"]
[null,"Relative",null,"Composite Relative","Composite Relative"]
["Scheme","Return","Equal Weights","Return","Return Formula"]
["A",2.8000000000000001E-2,{"$f":"1/3","v":0.33333333333333331},{"$f":"B5*C5","v":9.3333333333333324E-3},"=B5*C5"]
["B",1.89E-2,{"$f":"1/3","v":0.33333333333333331},{"$f":"B6*C6","v":6.3E-3},"=B6*C6"]
["C",2.01E-2,0.33333333333333331,6.6999999999999994E-3,"=B7*C7"]
["Total",null,{"$f":"SUM(C5:C7)","v":1},{"$f":"SUM(D5:D7)","v":2.233333333333333E-2},"=SUM(D5:D7)"]

{"sheet":"32.A.32 Information Ratio","index":5,"n_rows":42,"n_cols":3,"rows_kept":42,"cut":false,"hidden":false,"merged":[]}
["Date","Composite Relative Returns"]
["2019-12-31",2.3E-3]
["2019-11-30",-2E-3]
["2019-10-31",-1.7999999999999997E-3]
["2019-09-30",7.000000000000001E-4]
["2019-08-31",-4.3E-3]
["2019-07-31",2.3E-3]
["2019-06-30",-1.2000000000000014E-3]
["2019-05-31",-5.6999999999999985E-3]
["2019-04-30",1.1999999999999997E-3]
["2019-03-31",-3.7999999999999996E-3]
["2019-02-28",-7.0999999999999995E-3]
["2019-01-31",5.1000000000000004E-3]
["2018-12-31",8.0000000000000036E-4]
["2018-11-30",9.9999999999999915E-4]
["2018-10-31",-1.9999999999999966E-4]
["2018-09-30",-5.0000000000000001E-4]
["2018-08-31",2.2000000000000006E-3]
["2018-07-31",1.4999999999999996E-3]
["2018-06-30",9.9999999999999395E-5]
["2018-05-31",3.7999999999999996E-3]
["2018-04-30",3.1999999999999997E-3]
["2018-03-31",1.7999999999999995E-3]
["2018-02-28",-1.2999999999999999E-3]
["2018-01-31",1.1000000000000001E-3]
["2017-12-31",2.0999999999999994E-3]
["2017-11-30",1.2999999999999999E-3]
["2017-10-31",2.3999999999999994E-3]
["2017-09-30",2.2000000000000006E-3]
["2017-08-31",1.6000000000000001E-3]
["2017-07-31",8.0000000000000004E-4]
["2017-06-30",6.9999999999999923E-4]
["2017-05-31",2.6000000000000016E-3]
["2017-04-30",1.2999999999999999E-3]
["2017-03-31",1.7000000000000001E-3]
["2017-02-28",1.5E-3]
["2017-01-31",2.3E-3]
[]
[null,"Information Ratio"]
["Numerator",{"$f":"(SUM(B2:B37)/36)*12","v":6.5666666666666668E-3},"<-Using 36 monthly observations"]
["Denominator",{"$f":"STDEVP(B2:B37)*SQRT(12)","v":8.7819838727215115E-3}]
["3-Year Annualized Information Ratio",{"$f":"B40/B41","v":0.74774296580798383}]