Hi, Reference: PEQ Sep 2014, Q6 (revision book q.20) Regarding part (iii) that asks for comparison to index returns, I just wanted to explore expanding this to a comparison of total return for completeness, in particular regarding factoring in external funds. After working out the return that would have been achieved, via: - Scale up actual fund value per index movement - Adding divs per index div yield Would the notional over return per quarter be: Notional(t) = V(t-1) x ( I(t) / I(t-1) ) x (1 + (y/4)) + ExternalFunds(t) And then for future periods, the starting notional fund value would have the external funds rolled in. And for calculating return, external cashflows would be backed out (i.e. per a TWRR calculation)