How much have you really made?

The return a fund publishes ignores when you came in. This one does not. No sign-up, nothing stored.

Negative when you put money in (a purchase, a contribution). Positive when you take it out (a sale, a dividend received). With slashes, the day comes first: 01/02/2026 is 1 February.

If you have not sold it yet, this is the missing flow: what you would get back if you sold now.

Example: this is what the result looks like.

9,6% a year, taking into account when you put each euro in

You put in
10.500,00
Worth or taken out
13.600,00
Range
3.100,0029,5%

5 flows, from 2023-01-15 to 2026-11-02. That is 3,8 calendar years.

How it is calculated

What the internal rate of return on irregular flows is

It is the annual rate that makes all your movements, brought back to the date of the first one, add up to zero. Excel calls it XIRR. The formula is the sum of each flow divided by (1 + rate) raised to the years separating it from the first, and you look for the rate that makes that zero. Years are counted on a 365 basis here, which is Excel's convention.

Why it does not match what the fund says

The return a fund publishes is time-weighted: it deliberately ignores when you came in, because it measures the manager and not you. Yours is money-weighted. If you put in a thousand euros in January and ten thousand in November, what happened in November weighs ten times more in your pocket than on the fund's sheet. Both numbers are correct and measure different things.

An example that shows it

You put in €1,000 and, six years later, €9,000 more. A month later it is worth €11,000. You put in 10,000 and you have 11,000: 10% in total. Spread over the six years from the first movement to the last, it would look like 1.6% a year. But nine thousand of those euros were only in for a month: the rate that actually balances is 11.4% a year. The "per year" number without taking into account when you put the money in means nothing.

What this does NOT measure

It does not deduct inflation or tax: it is a nominal return, before tax. And it does not say how much risk you took to get it: two portfolios with the same rate can have travelled very different roads.

The same thing, without pasting anything

If you record your transactions in Arvenyx, this number comes out on its own and stays up to date, with FIFO cost and the exchange rate of each transaction's own day.

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