Markets

Earnings = ending market value − opening market value − net capital added. Dividends count once; a reinvested dividend and its purchase offset as cash flows.

A benchmark marked “Total return” must use an actual total-return index or a dividend-adjusted price series. A normal fund NAV or share price is usually price-only. Price-only benchmarks exclude distributions and cannot support a fair earnings comparison.

Each custom benchmark starts with your selected weights and holds those components through the period. The overall return benchmark uses subportfolio weights at the opening date. Dollar comparisons apply each subportfolio’s actual cash flows to its benchmark. These can differ when allocations change.

Returns are estimates from recorded closing prices and end-of-day flows, not an audited performance measure. Prices older than seven days are flagged. Missing historical prices or FX stop affected comparisons. New portfolios without an opening balance do not have a comparable full-period return.

Income yield is dividends received over the trailing twelve months divided by current market value. A bond’s yield to maturity, Treasury yield and deposit rate have different risk, term and payout mechanics. A yield premium is your chosen review threshold, not a promise of return.

Investment earnings exclude loan interest, taxes and charges recorded outside investment transactions. Historical excess earnings are a review signal. Before switching, assess future earnings, income reliability, drawdown risk, fees, spreads, currency exposure and CPF restrictions. The estimated switch cost shown is context, not a deduction from historical performance.