Global Definitions Database

A fund level TWR (also referred to as account or portfolio level) is the aggregation of all of the investments made by the entity and the amounts earned or incurred which relate to the entity but are not specifically attributable to a particular investment. Similar to investment level returns, the fund level TWRs are very broad in nature and try to capture all activity, which includes, but is not limited to, those revenues and expenses applicable to the fund, taken as a whole, such as audit and appraisal fees, interest income and portfolio borrowings. In essence, this return measures the performance of the advisor in terms of how well the management team performed its specified strategy.