For each of the last six quarters, Managers
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For each of the last six quarters, Managers
10. For each of the last six quarters, Managers L and M have provided you with the total dollar value of the funds they manage, along with the quarterly contributions or withdra- wals made by their clients. (Note: Contributions are indicated by positive numbers, with- drawals by negative numbers.)
MANAGER L MANAGER M
|
Quarter |
Total Funds Under Management |
Contributions/ Withdrawals |
Total Funds Under Management |
Contributions/ Withdrawals |
| Initial |
$500,000 |
— |
$700,000 |
— |
| 1 |
527,000 |
12,000 |
692,000 |
−35,000 |
| 2 |
530,000 |
7,500 |
663,000 |
−35,000 |
| 3 |
555,000 |
13,500 |
621,000 |
−35,000 |
| 4 |
580,000 |
6,500 |
612,000 |
−35,000 |
| 5 |
625,000 |
10,000 |
625,000 |
−35,000 |
For each manager, calculate:
a. her money-weighted return;
b. her time-weighted return; and,
c. estimates of her quarterly performance returns using the Dietz approximation method, assuming contributions/withdrawals are made exactly halfway through the quarter
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