Hi All,
Whilst testing Portfolio Performance with a delayed-NAV fund, I noticed something unexpected.
For Credo Global Equity Fund (IE00BDFZR430) I found three different sources reporting two different “Previous Month” returns:
Source |
Previous Month |
|---|---|
| Portfolio Performance | -3.48% |
| Morningstar Global | -3.48% |
| Morningstar Legacy Snapshot | -0.09% |
| Financial Times | -0.09% |
So PP agrees exactly with Morningstar Global, whereas FT agrees with Morningstar Legacy.
This surprised me because I had assumed “Previous Month” would be a well-defined quantity.
Does anyone know what methodology Morningstar Global is using compared with FT / Morningstar Legacy?
Are these perhaps measuring different date ranges, for example:
- previous calendar month,
- trailing one month,
- month-end to month-end,
- latest available NAV versus latest available NAV,
- or something else?
Understanding this would help determine whether PP’s implementation is already behaving as intended or whether there is scope to support an alternative interpretation. For context, I only noticed this while testing delayed-NAV mutual funds, where the exact definition of the reporting period becomes more visible than it does for daily-priced securities.