An investment manager is pleased with their recent investment performance for a particular fund. Suppose

that the following applied over the time period from 1 January 2019 to 1 March 2021:

The fund value at 1 January 2019 was $1.01 million

The fund value at 1 February 2019 was $1.04 million

The fund value at 1 March 2019 was $1.12 million, and then $350,000 was immediately withdrawn

The fund value at 1 August 2019 was $800,000, and then $95,000 was immediately withdrawn and

$1.75 million was immediately deposited

The fund value at 1 January 2020 was $2.8 million, and then $350,000 was immediately withdrawn

The fund value at 1 May 2020 was $2.9 million

The fund value at 1 March 2021 was $3.9 million, and then $475,000 was immediately deposited

(a) What pieces of information above are not needed in order to calculate the Time-weighted rate of

return (TWRR) over the period 1 February 2019 to 1 March 2021? [3 marks]