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Using the Modified Dietz Calculator

For details about the Modified Dietz calculation, please see the Modified Dietz Calculation in the Performance
Advertising Instructions.

CAUTION: DO NOT cut, copy, and/or paste across rows or columns, there are hidden formulas that you might
erase in the process.

The major advantage of using the Modified Dietz Method is not having to calculate the exact value of the portfolio on
the day the cash flow occurs. We use the beginning and ending market values and incorporate the cash flows for the
entire period in the Modified Dietz Formula. The major disadvantage of the Modified Dietz Method occurs if the
portfolio has a large (high percentage of the portfolio) cash flow occurring during the reporting period, or if cash flow
occurs during high market volatility. Remember: This method provides an approximation of performance return and
can give inaccurate results under unusual circumstances!

To use this spreadsheet:


1. Input the beginning and ending monthly client account values taken from client account statements or other source
documents. It is suggested to sample 3 full months comprising a calender quarter.

2. In Row 5, choose the appropriate value to designate the time when cash flows are assumed to occur. The default
value is set to 0 and assumes cash flows occur at the end of the day, which is the typical setting. If the adviser states
that his calculation assumes cash flows occur at the beginning of the day, choose 1 for the value across row 5.

3. Determine whether the adviser's performance report reflects the deduction of advisory fees in the ending monthly
balances (net of fees) or does not reflect the deduction of advisory fees in the ending monthly balances (gross of
fees).

4. Input the cash flows on the dates they occurred. Deposits are positive numbers, withdrawals are negative
numbers. Don't include investment interest or dividends as positive cash flows. Likewise, don't include commissions
or transaction charges as negative cash flows. If the customer's account statement reflects the deduction of advisory
fees from the account, you are dealing with a net of fee calculation. If fees are not deducted from the account, you are
dealing with a gross of fee calculation.

A. If this is a Net of Fee calculation, do not include advisory fees as a negative cash flow. The deduction
of fees is already reflected in the ending balance of the time period.

B. If this is a Gross of Fee calculation, and you want to approximate a net of fee result, input the advisory
fee as a positive cash flow on the day they occurred (the day the adviser cashes or deposits the customer's
fee check).

C. Generally, positive cash flows will be deposits from the client. Negative cash flows will generally be
client withdrawals.

5. It is highly recommended NOT to copy and paste into this spreadsheet. There are several "hidden" columns
containing the calculation formulas. Accidentally altering any of these cells will cause errors in the calculations, and
could cause your computer to explode.
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Modified Dietz Calculator

Month January February March April May June July August September October November December
BMV 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EMV 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days in Month 31 28 31 30 31 30 31 31 30 31 30 31
BOD=1 / EOD=0 1 0 0 0 0 0 0 0 0 0 0 0 0
Day Flow Wtd Flow Weight Flow Wtd Flow Weight Flow Wtd Flow Weight Flow Wtd Flow Weight Flow Wtd Flow Weight Flow Wtd Flow Weight Flow Wtd Flow Weight Flow Wtd Flow Weight Flow Wtd Flow Weight Flow Wtd Flow Weight Flow Wtd Flow Weight Flow Wtd Flow
1 0 0.9642857143 0 0.9677419355 0 0.9666666667 0 0.9677419355 0 0.9666666667 0 0.9677419355 0 0.9677419355 0 0.9666666667 0 0.9677419355 0 0.9666666667 0 0.9677419355 0
2 0 0.9285714286 0 0.935483871 0 0.9333333333 0 0.935483871 0 0.9333333333 0 0.935483871 0 0.935483871 0 0.9333333333 0 0.935483871 0 0.9333333333 0 0.935483871 0
3 0 0.8928571429 0 0.9032258065 0 0.9 0 0.9032258065 0 0.9 0 0.9032258065 0 0.9032258065 0 0.9 0 0.9032258065 0 0.9 0 0.9032258065 0
4 0 0.8571428571 0 0.8709677419 0 0.8666666667 0 0.8709677419 0 0.8666666667 0 0.8709677419 0 0.8709677419 0 0.8666666667 0 0.8709677419 0 0.8666666667 0 0.8709677419 0
5 0 0.8214285714 0 0.8387096774 0 0.8333333333 0 0.8387096774 0 0.8333333333 0 0.8387096774 0 0.8387096774 0 0.8333333333 0 0.8387096774 0 0.8333333333 0 0.8387096774 0
6 0 0.7857142857 0 0.8064516129 0 0.8 0 0.8064516129 0 0.8 0 0.8064516129 0 0.8064516129 0 0.8 0 0.8064516129 0 0.8 0 0.8064516129 0
7 0 0.75 0 0.7741935484 0 0.7666666667 0 0.7741935484 0 0.7666666667 0 0.7741935484 0 0.7741935484 0 0.7666666667 0 0.7741935484 0 0.7666666667 0 0.7741935484 0
8 0 0.7142857143 0 0.7419354839 0 0.7333333333 0 0.7419354839 0 0.7333333333 0 0.7419354839 0 0.7419354839 0 0.7333333333 0 0.7419354839 0 0.7333333333 0 0.7419354839 0
9 0 0.6785714286 0 0.7096774194 0 0.7 0 0.7096774194 0 0.7 0 0.7096774194 0 0.7096774194 0 0.7 0 0.7096774194 0 0.7 0 0.7096774194 0
10 0 0.6428571429 0 0.6774193548 0 0.6666666667 0 0.6774193548 0 0.6666666667 0 0.6774193548 0 0.6774193548 0 0.6666666667 0 0.6774193548 0 0.6666666667 0 0.6774193548 0
11 0 0.6071428571 0 0.6451612903 0 0.6333333333 0 0.6451612903 0 0.6333333333 0 0.6451612903 0 0.6451612903 0 0.6333333333 0 0.6451612903 0 0.6333333333 0 0.6451612903 0
12 0 0.5714285714 0 0.6129032258 0 0.6 0 0.6129032258 0 0.6 0 0.6129032258 0 0.6129032258 0 0.6 0 0.6129032258 0 0.6 0 0.6129032258 0
13 0 0.5357142857 0 0.5806451613 0 0.5666666667 0 0.5806451613 0 0.5666666667 0 0.5806451613 0 0.5806451613 0 0.5666666667 0 0.5806451613 0 0.5666666667 0 0.5806451613 0
14 0 0.5 0 0.5483870968 0 0.5333333333 0 0.5483870968 0 0.5333333333 0 0.5483870968 0 0.5483870968 0 0.5333333333 0 0.5483870968 0 0.5333333333 0 0.5483870968 0
15 0 0.4642857143 0 0.5161290323 0 0.5 0 0.5161290323 0 0.5 0 0.5161290323 0 0.5161290323 0 0.5 0 0.5161290323 0 0.5 0 0.5161290323 0
16 0 0.4285714286 0 0.4838709677 0 0.4666666667 0 0.4838709677 0 0.4666666667 0 0.4838709677 0 0.4838709677 0 0.4666666667 0 0.4838709677 0 0.4666666667 0 0.4838709677 0
17 0 0.3928571429 0 0.4516129032 0 0.4333333333 0 0.4516129032 0 0.4333333333 0 0.4516129032 0 0.4516129032 0 0.4333333333 0 0.4516129032 0 0.4333333333 0 0.4516129032 0
18 0 0.3571428571 0 0.4193548387 0 0.4 0 0.4193548387 0 0.4 0 0.4193548387 0 0.4193548387 0 0.4 0 0.4193548387 0 0.4 0 0.4193548387 0
19 0 0.3214285714 0 0.3870967742 0 0.3666666667 0 0.3870967742 0 0.3666666667 0 0.3870967742 0 0.3870967742 0 0.3666666667 0 0.3870967742 0 0.3666666667 0 0.3870967742 0
20 0 0.2857142857 0 0.3548387097 0 0.3333333333 0 0.3548387097 0 0.3333333333 0 0.3548387097 0 0.3548387097 0 0.3333333333 0 0.3548387097 0 0.3333333333 0 0.3548387097 0
21 0 0.25 0 0.3225806452 0 0.3 0 0.3225806452 0 0.3 0 0.3225806452 0 0.3225806452 0 0.3 0 0.3225806452 0 0.3 0 0.3225806452 0
22 0 0.2142857143 0 0.2903225806 0 0.2666666667 0 0.2903225806 0 0.2666666667 0 0.2903225806 0 0.2903225806 0 0.2666666667 0 0.2903225806 0 0.2666666667 0 0.2903225806 0
23 0 0.1785714286 0 0.2580645161 0 0.2333333333 0 0.2580645161 0 0.2333333333 0 0.2580645161 0 0.2580645161 0 0.2333333333 0 0.2580645161 0 0.2333333333 0 0.2580645161 0
24 0 0.1428571429 0 0.2258064516 0 0.2 0 0.2258064516 0 0.2 0 0.2258064516 0 0.2258064516 0 0.2 0 0.2258064516 0 0.2 0 0.2258064516 0
25 0 0.1071428571 0 0.1935483871 0 0.1666666667 0 0.1935483871 0 0.1666666667 0 0.1935483871 0 0.1935483871 0 0.1666666667 0 0.1935483871 0 0.1666666667 0 0.1935483871 0
26 0 0.0714285714 0 0.1612903226 0 0.1333333333 0 0.1612903226 0 0.1333333333 0 0.1612903226 0 0.1612903226 0 0.1333333333 0 0.1612903226 0 0.1333333333 0 0.1612903226 0
27 0 0.0357142857 0 0.1290322581 0 0.1 0 0.1290322581 0 0.1 0 0.1290322581 0 0.1290322581 0 0.1 0 0.1290322581 0 0.1 0 0.1290322581 0
28 0 0 0 0.0967741935 0 0.0666666667 0 0.0967741935 0 0.0666666667 0 0.0967741935 0 0.0967741935 0 0.0666666667 0 0.0967741935 0 0.0666666667 0 0.0967741935 0
29 0 0 0 0.064516129 0 0.0333333333 0 0.064516129 0 0.0333333333 0 0.064516129 0 0.064516129 0 0.0333333333 0 0.064516129 0 0.0333333333 0 0.064516129 0
30 0 0 0 0.0322580645 0 0 0 0.0322580645 0 0 0 0.0322580645 0 0.0322580645 0 0 0 0.0322580645 0 0 0 0.0322580645 0
31 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Return - Monthly #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Return - Quarterly #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Return-Cumulative #DIV/0! #DIV/0! #DIV/0!

CAUTION: Do NOT plug in numbers to any shaded cells!

NASAA Electronic Examination Modules v.48


(c) 2009 NASAA
Modified Dietz Calculator

Month January February March April May June July August September October November December
BMV 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EMV 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days in Month 31 28 31 30 31 30 31 31 30 31 30 31
BOD=1 / EOD=0 1 0 0 0 0 0 0 0 0 0 0 0 0
Day Flow Flow Flow Flow Flow Flow Flow Flow Flow Flow Flow Flow
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Return - Monthly #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Return - Quarterly #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Return-Cumulative #DIV/0! #DIV/0! #DIV/0!

CAUTION: Do NOT plug in numbers to any shaded cells!

NASAA Electronic Examination Modules v.48


(c) 2009 NASAA
Modified Dietz Calculator

Month January February March April May June July August September October November December
BMV 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EMV 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days in Month 31 28 31 30 31 30 31 31 30 31 30 31
BOD=1 / EOD=0 1 0 0 0 0 0 0 0 0 0 0 0 0
Day Flow Flow Flow Flow Flow Flow Flow Flow Flow Flow Flow Flow
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Return - Monthly #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Return - Quarterly #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Return-Cumulative #DIV/0! #DIV/0! #DIV/0!

CAUTION: Do NOT plug in numbers to any shaded cells!

NASAA Electronic Examination Modules v.48


(c) 2009 NASAA
Modified Dietz Calculator

Month January February March April May June July August September October November December
BMV 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EMV 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days in Month 31 28 31 30 31 30 31 31 30 31 30 31
BOD=1 / EOD=0 1 0 0 0 0 0 0 0 0 0 0 0 0
Day Flow Flow Flow Flow Flow Flow Flow Flow Flow Flow Flow Flow
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Return - Monthly #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Return - Quarterly #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Return-Cumulative #DIV/0! #DIV/0! #DIV/0!

CAUTION: Do NOT plug in numbers to any shaded cells!

NASAA Electronic Examination Modules v.48


(c) 2009 NASAA