twrr

Please can someone help me understand why there are two different versions of the TWRR being used? In the core reading I can see the cashflows are added in the denominators whereas in the tutorials and April 19 paper, Q7, the cashflows are subtracted from the numerators. I presume I am missing...

Two investment funds A and B are administered by different managers. The initial values of the two funds on 1 January 2015 were £1.5 million and £2.3 million, respectively. The funds received additional net cash flows at the beginning of 2015 and 2016, as follows: Fund Net Cash Flows 1...