SIMPLE RETURNMONEY-WEIGHTED RETURNSTIME-WEIGHTED RETURNSTIME-WEIGHTED VERSUS MONEY-WEIGHTED RATES OF RETURNAPPROXIMATIONS TO THE TIME-WEIGHTED RETURNHYBRID METHODOLOGIESWHICH METHOD TO USE?SELF-SELECTIONANNUALISED RETURNSCONTINUOUSLY COMPOUNDED RETURNSGROSS- AND NET-OF-FEE CALCULATIONSPORTFOLIO COMPONENT RETURNSBASE CURRENCY AND LOCAL RETURNS