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finellah wrote: »

I make it that the Vanguard FTSE Global All Cap Acc has the following monthly scores:

Oct: 3.6%
Nov: 3.2%

Not sure how you have the cumulative to November being lower than October, given that Vanguard's published price for 31 October was £115.2704 and its published price for 30 November was £115.3447, which is some 0.064% higher.

But still, the last January price of £117.5126 was 5.1% higher than the last September price of £111.7634 so your figures seem to have worked out in the end.

Over short periods the figures can be incredibly sensitive to to which exact day you use.For example on that Vanguard fund if you go from 29 September to 31 January you get the 5.144% as mentioned above , whereas if you go from 2 October to 2 February, you only get 2.67%. That's a result of the price leaping by almost 1.4% over the weekend at the end of September, and falling by a percent on Friday.

So someone recording a 4 month return from the first working day of October to 4 calendar months later, will get a performance about two and a half percent worse than recording a return from the last working day of September to the last working day of January.

This sort of effect will dilute down by the time we are five to ten years down the road and are looking at bigger overall movements.