Methodology
How the Income Securities Ledger calculates percentage-only portfolio returns, current yield, distributions, benchmark-relative performance and risk snapshots.
How Returns Are Calculated
The performance calendar starts on December 1 and ends on November 30. The return engine runs on calendar days, including weekends and market holidays. Instruments held at the seed snapshot are treated as present at the start. Later additions enter from their first brokerage-account buy date. New selections include capital appreciation, realized proceeds, and brokerage-record dividend or distribution adjustments from their eligible history.
Latest Market Marks
Open-position returns and current yield use the latest available market mark from the internal market database. Each position row on the ledger shows the latest observed price and timestamp used in the calculation.
Benchmarks
Benchmark ETF lines use dividend-adjusted prices for PGX, VCLT, IEF, and VRP from the December 1, 2025 start date. Benchmark and portfolio series are aligned to the same date axis.
Cash And Financing Logic
Unused capital is recalculated daily and accrued using the latest available 6-month Treasury rate. When there is no new Treasury print on a weekend or holiday, the most recent available rate is carried forward. Notional exposure above the capital base is charged using SOFR plus 108 basis points. Public reporting shows percentages only.