In summary, we calculate daily time-weighted returns (TWRs) per account. We then aggregate across accounts if necessary, then aggregate across time to calculate TWR for a given period for a given group of accounts.

## Abbreviations

**BOD**: beginning of day**EOD**: end of day

## For a Single Account

- Calculate daily TWRs using prior EOD balance, new EOD balance, and any net cashflows. For net deposits (but not starting balances), attribute the deposit to BOD. All other transactions are EOD.
- For a given period, aggregate daily TWRs to calculate period TWR.

## For a Group of Accounts

- Calculate daily TWRs per account using prior EOD balance, new EOD balance, and any net cashflows. For net deposits (but not starting balances), attribute the deposit to BOD. All other transactions are EOD.
- Aggregate account TWRs per day to calculate aggregated daily TWRs.
- For a given period, aggregate daily TWRs to calculate period TWR.