What is the primary difference between the Money-Weighted Return (MWR) and the Time-Weighted Return (TWR)?
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A
MWR ignores dividends while TWR includes all income
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B
MWR is affected by the timing and size of client cash flows while TWR is not
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C
TWR is used for private equity while MWR is used for public equities
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D
MWR annualizes returns while TWR reports them on a simple basis