Performance Calculations

Performance figures for client accounts—including the Growth Model Portfolio—are calculated on a money‑weighted total return basis (using the XIRR methodology), which reflects the timing and amount of individual cash flows such as deposits and withdrawals, providing a more accurate measure of each client’s actual experience.

Benchmark returns for the S&P 500 and the S&P/TSX Composite Index are calculated on a time-weighted basis. Time-weighted returns measure the performance of the index itself and exclude the effect of investor deposits and withdrawals. This approach is the standard for market benchmarks because it isolates market performance from the timing of cash flows.

Both benchmarks are shown using their respective Total Return indexes, which assume that all dividends are reinvested in full and do not apply any withholding tax adjustment. Returns for the S&P 500 are converted into Canadian dollars (CAD) to ensure comparability for Canadian investors.