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How do I calculate an annual time-weighted rate of return if one my holding periods was less than one year?


I started investing a small fund that I manage on September 1, 200X. The fund continued to operate through December 31 for the next couple of years. So I have annual holding period returns for every year except the first. How do I combine the holding period return for the first four months with the annual holding period returns that followed to come up with a time-weighted annualized return for the whole period? Thanks.

Go to yahoo/finance and create a portfolio... one of the options for the display is " annualized return"....
I like it and have it in all my portfolios.

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