On 1 Jan 2020, a fund had market value of $100 million. What is the time-weighted return in 2020?

During the period from 1 Jan 2020 to 31 Mar 2020, the stocks in the fund showed a capital loss of $10 million.

On 1 Apr 2020, investors withdrew $20 million from the fund

On 31 Dec 2020, the fund received total dividends of $1 million. The funds market value on 31 Dec 2020, not including the $1 million in dividends, was $80 million.

The fund made no other interim cash payments during 2020.