Hi flight,
What I said earlier about the portfolio TWR being the same no matter when you do the transfer was incorrect. Sorry for making this more confusing by saying something incorrect. TWR factors out external contributions, and only looks at the intrinsic performance of the object (portfolio in this case). By changing the date where you do the transfer you are changing when each of these 2 investments was owned, and thus the object's makeup is different. For example, if you change the transfer date later, then more of CKEC performance is included, and less of AMC. If you look at the
TWR equation the sub-periods will be different when you change the transfer date. Each sub-period is determined between external cash flows, and then combined.
If you look at ROI yields however, what I said earlier would be true. You ended up with the same value, started with the same value, and as long as the market value of the transfer out equaled the market value of the transfer in (and happened on the same date), the ROI will not change no matter the date of the transfer. You can see this by looking at the
ROI yield equation.
So, you would need to decide when you want to move your portfolio from owning CKEC to AMC. I would suggest this date should be 12/20. Whatever date you decide, record both the transfer out and transfer in on this date, and the market value of the transfer out should equal the market value of the transfer in, as they were worth the same at the moment of the transfer, and no market value was added to or removed from the portfolio due to this transfer. This will ensure an accurate ROI. The market value of the transfers does not have to be the same as the closing market value, but they should be the same as each other. I would probably choose to make the market value equal to $33.06 * 329, as this was the value of the CKEC shares when redeemed for cash.