Hi,

In the following data, the negative values are capital calls (outflows) and
the positive values are inflows (distributions, income, etc.) The final
value of 6/30/09 is the actual market value.

Is it true that the XIRR for this array of data = 12.38 % ??
The manager believes it is 63.6 % but I calculate 12.38%

I used this formula where col. C is values and col B is dates.
=XIRR(C4:C16,B4:B16,0.1)


11/18/2004 -500000 capcall
5/2/2005 136912 dist
9/26/2005 -500000 capcall
3/17/2006 -600000 capcall
1/30/2006 7203 dist
12/6/2006 349583 dist
5/30/2007 145488 dist
7/10/2007 -200000 capcall
7/25/2007 157844.5 dist
12/10/2007 45088 dist
9/15/2008 137013 dist
5/18/2009 -4129 mgt fee
6/30/2009 1476813 Mkt Value

Should I be reversing some signs here? As far as I can tell, capital calls
(investments) should be negative and income, etc. should be positive with the
final value positive.

Help! Thanks.