The two figures can differ because they measure different things.

• ‘Investment Returns’ uses a Time Weighted Return (TWR) methodology, which assumes money was invested throughout the entire period and excludes the impact of deposits and withdrawals.
• ‘My Returns’, on the other hand, utilises the Extended Internal Rate of Return (XIRR) methodology, which reflects the size and timing of when your money was actually invested.

For example, imagine a Fund delivered a return of +20% during the first half of the year and -10% during the second half of the year. Overall, the investment generated a full-year fund-level return of +8%.

• Investor A invests $100 at the start of the year solely into this Fund and remains invested throughout the year. Their investment grows to approximately $108, meaning they experience the full +8% return. For Investor A, both the Fund’s return (‘Investment Returns’) and their personal ‘real world’ returns (‘My Returns’) was 8% for the year.
• Investor B also invests $100 into the same Fund during the year, but splits it into a $20 initial investment at the start of the year and then invests a further $80 halfway through the year. The first $20 benefits from both the strong first half and weaker second half, while the remaining $80 only experiences the second-half return of -10%. For Investor B, while the Fund’s return (‘Investment Returns’) was still 8% for the year, their personal ‘real world’ returns (‘My Returns’) was -6.4%, which reflects that most of their money was invested after the strongest period of performance had already occurred.