Metric Guide & Methodology
Plain-English explanations of the key terms and calculations in AltTrack. Start here if you want to understand what a metric means, why it matters, or how AltTrack handles a specific calculation detail.
How to use this page
This page is intentionally not a technical white paper. Each topic starts with what the metric means in plain English, followed by an example and the calculation detail when helpful. For most users, the explanation and example are enough. The formula is included for anyone who wants to check the mechanics.
Common Metrics
What each number means
These are the core investment metrics you will see most often in AltTrack.
XIRR
Your annualized return on an investment, accounting for exactly when you put money in and got money back. It is the most complete single measure of performance for alternative investments because it accounts for timing.
Example
You invested $50,000 in Jan 2022 and $25,000 more in Jan 2023. You received $8,000 in distributions. Today the investment is worth $82,000. XIRR = 11.4% annualized.
Note: Requires enough cash flow information to compute. Shows — when there is not enough data yet. For active investments, current NAV is included as the terminal value. For exited investments, the final transaction date is used as the terminal point — not today.
xirrFn(contributions as outflows, distributions + NAV as inflows)
Yield (TTM)
The income your investment paid you over the last 12 months, expressed as a percentage of what it is worth today. Income means interest, dividends, and profit distributions — not return of your original capital.
Example
Your investment is worth $100,000 today. It paid $6,000 in income over the past 12 months. TTM Yield = 6%.
Note: Uses current NAV as the denominator. Uses income only — return of capital is not counted. If your investment has grown, yield may be lower than the income rate on your original cost.
Last 12 months income ÷ Current NAV
Annualized Yield (Ann. Yield)
Like TTM Yield, but averaged over the entire time you have held the investment — not just the last 12 months. Useful for investments that pay infrequently or that paused distributions recently.
Example
You have held an investment for 3 years. Total income received: $12,000. Current NAV: $110,000. Annualized income: $4,000/yr. Ann. Yield = $4,000 ÷ $110,000 = 3.6%.
Note: Uses simple averaging, not compounding. Do not compare directly to XIRR. It measures income yield, not total return.
(Total income ÷ years held) ÷ Current NAV
DPI (Distributions to Paid-In)
How much actual cash you have gotten back, as a multiple of what you invested. DPI of 1.0x means you have received back everything you put in. Above 1.0x means you have received more cash than you invested. Below 1.0x means more of your capital is still in the fund.
Example
You invested $100,000. You have received $42,000 back in distributions. DPI = $42,000 ÷ $100,000 = 0.42x.
Note: Only counts real cash returned to you — not unrealized NAV. That makes DPI the most conservative measure. Young investments will usually have low DPI, which is expected.
Cumulative cash distributions ÷ cash contributed
TVPI (Total Value to Paid-In)
Your total value — cash already received plus what your investment is worth today — as a multiple of what you invested. Also called MOIC or Equity Multiple.
Example
You invested $100,000. You have received $42,000 back and the investment is worth $95,000 today. TVPI = ($42,000 + $95,000) ÷ $100,000 = 1.37x.
Note: TVPI is always equal to or higher than DPI because it includes unrealized NAV. The gap between TVPI and DPI is the unrealized portion, which depends on sponsor valuations.
(Cumulative distributions + Current NAV) ÷ cash contributed
Cash-on-Cash
The income you received in the past 12 months as a percentage of the cash you originally sent from your bank account. Unlike Yield, it does not adjust for changes in the investment value.
Example
You invested $80,000 cash. The investment paid $5,200 in income last year. Cash-on-Cash = $5,200 ÷ $80,000 = 6.5%.
Note: Yield uses today’s NAV as the denominator. Cash-on-Cash uses your original cash contributed. If the investment has grown, Cash-on-Cash will often be higher than Yield.
Last 12 months income ÷ cash contributed
Portfolio Metrics
Across all your investments
Portfolio metrics combine multiple investments into one view.
Portfolio XIRR
The blended return across all your investments, computed by pooling every cash flow from every investment and solving a single rate. This is the most accurate portfolio-level return metric.
Example
Portfolio XIRR of 9.4% means your entire portfolio — every investment, weighted by size and timing — has returned 9.4% annually.
Note: Portfolio XIRR is not the same as averaging individual XIRRs. It uses actual combined cash flows. Some breakdown views may use NAV-weighted averages of individual investment XIRRs, so small differences between numbers can be expected.
xirrFn(all portfolio cashflows combined)
Allocation
How your portfolio is divided
The Allocation page shows how your portfolio NAV is split across asset classes, and compares it to your target allocation.
Example
If your portfolio is 40% private credit and your target is 30%, AltTrack shows you are overweight private credit. If real estate is 20% and your target is 30%, AltTrack shows the dollar amount of new capital that would move real estate toward target.
Note: The Adjustment column shows how much more capital would need to be deployed in each asset class to reach target. It does not assume selling, because alternative investments generally cannot be sold on demand. Not investment advice.
Status Indicators
What the colors and badges mean
RAG Status (Green / Amber / Red)
The colored dot next to each investment's XIRR shows how it is performing relative to the target XIRR you set. No dot means no target has been set.
Income Distribution Status
AltTrack analyzes the timing of your past income distributions to estimate when the next one is due, then shows whether it is on schedule. Only income distributions are used — return of capital is excluded because it is irregular.
Note: Frequency is auto-detected from your transaction history. You can override it on each investment's edit page if you know the fund's actual schedule. Projections use recent distribution history as an estimate — actual amounts vary.
Capital Calls
Tracking your commitments
For drawdown funds, you commit a total amount upfront but send money in stages as the sponsor calls capital. AltTrack tracks three numbers:
Example
You committed $100,000. The fund has funded $65,000 in three installments. Unfunded = $35,000. The progress bar shows 65% funded.
Transaction Treatment
Transaction types & fees
This section explains how different transaction fields affect NAV and calculations.
| Transaction type | What it means | Effect on NAV |
|---|---|---|
| Contribution | Cash you send from your bank into the investment. | + |
| Income | Interest, dividends, or profit distributions paid to you. Does not reduce your investment balance. | None |
| Return of Capital | Your original invested capital being returned — from a refinancing, asset sale, or fund wind-down. | − |
| Reinvestment | Income immediately reinvested back into the fund. Enter the same amount in both Income and Reinvestment. No cash hits your bank, but NAV increases. | + |
| NAV Override | A direct valuation from a sponsor statement. Use the exact figure shown — sponsor NAV is generally already net of fund fees. | Resets to override |
| Fee | A cash fee billed to you separately outside the fund. Enter as Contribution and check “This is a fee payment.” Affects XIRR but not NAV. | None |
A note on fees
Most alternative investment fees — management fees, carried interest, and fund expenses — are already deducted before your sponsor reports NAV. You do not need to enter them separately. Your XIRR and yield already reflect these costs.
The only fees to enter are ones billed to you separately as a cash payment outside the fund. These are uncommon. If you are unsure, the fee is probably already reflected in your sponsor-reported returns.