Hello,
At securities account level, the invested capital reduces when there is a dividend.
I have trouble understanding the meaning of such invested capital.
I think this was already discussed here Investiertes Kapital sinkt mit Dividendenentnahme von Konto, but the machine translator does not help me in understanding everything.
From the kommer example file, we can see the difference between the calculation for a securities account vs a securities account+its reference account.
for a securities account, the net dividends are withdrawn, making the savings=invested capital decrease.
In the performance calculation, at security account level, dividends are taken into account both as an earning (delta goes up) and as an outflow (neutral transfer goes down). The outflow is then diminishing the neutral transfer=invested capital.
but what meaning does this outflow have ?
If I sum up,
- Delta behaves the same for securities account and securities account +reference deposit account (dividend are considered in + in each Delta)
- Invested capital of securities account is reduced by the net dividend in order to match the final value of the securities account (since in reality it does not go up when a dividend is paid (?)), different behavior than the Invested capital of securities account +reference deposit account .
Other note : If the dividends are booked on a deposit account which is not the reference account, then there is no impact on the securities account’s delta nor invested capital. Does this difference of behavior has a meaning ?
The question arises because on the new tab securities account/graph, the invested capital of the security account can be plotted and it can be seen decreasing at each dividend. Would the invested capital of securities account+reference deposit account make more sense in the graph ?