These Technical Standards are incorporated by reference into the AlphaQuark Master Services Agreement. They are not separately signed. The Company may amend them at any time; subscribers are bound to the most-recent published version with effect from seven (7) days after publication.
TWR = Time-Weighted Return. It is a way of measuring a strategy's performance that strips out the effect of cash flows into and out of the strategy (new subscriptions, withdrawals, additional contributions). TWR shows how the strategy itself performed, independent of when individual investors happened to subscribe or redeem.
Mechanically: the period is split into sub-periods at every cash-flow event, each sub-period's return is computed against its own starting capital, and the sub-period returns are geometrically linked: (1 + r₁) × (1 + r₂) × … − 1.
Why AlphaQuark uses TWR for strategy- and model-portfolio-level performance
It is the methodology that SEBI expects from registered Research Analysts and Investment Advisers reporting performance — apples-to-apples across advisors.
It reflects the advisor's skill, not the investor's timing decisions.
It is the only methodology that is auditable and defensible if a regulator asks how a published number was computed.
What about an individual investor's own return?
An individual end-user's personal P&L on their own broker account reflects their actual entry price, sizing, ignored trades, and partial fills. For that view the Platform uses the Money-Weighted Return (MWR / XIRR), which incorporates the timing and size of every cash flow on that specific account.
The published TWR of a strategy and the MWR of any one investor in that strategy can differ materially. Both are valid; they answer different questions.
TL;DR: TWR is the strategy's return. MWR is your money's return. Both are computed and shown in the appropriate context.