Why doesn't my investment value equal the current price × the quantity I hold?
There are several reasons why this can happen.
Your trade may not have settled yet
When you place an order, your investment doesn't become final immediately.
Your order goes through several stages:
Order submitted
Order executed
Trade settles
Holdings and valuations update
Until settlement has completed, your account may temporarily display values that don't exactly match the latest market price.
ETFs vs mutual funds
The way your investment is priced depends on the type of investment you've bought.
Exchange Traded Funds (ETFs)
ETFs trade on a stock exchange throughout the trading day, meaning their price changes continuously while markets are open.
If you purchase a whole ETF share during market hours:
Your order is routed to the market almost immediately.
The execution price is confirmed once the trade has been completed.
If you purchase fractional ETF shares:
Orders are grouped together with other customer orders.
Sell orders are submitted at approximately 3:00pm.
Buy orders are submitted at approximately 3:15pm.
Your execution price is determined when the grouped order reaches the market.
Because prices move throughout the day, the price you receive may differ slightly from the price displayed when you placed your order.
Mutual funds
Mutual funds work differently. Unlike ETFs, mutual funds are not traded continuously throughout the day. Instead:
Orders are grouped together.
They are sent to the fund manager.
Each fund manager has its own daily dealing cut-off time.
The fund manager determines a single dealing price for that trading point.
This means you won't know the exact purchase or sale price until the fund manager has processed your order.
Why can two orders placed at the same time complete on different days?
Different investments have different trading and settlement processes.
Completion times can vary depending on:
Whether the investment is an ETF or mutual fund.
The fund manager's dealing schedule.
Settlement periods.
Market holidays.
Different asset managers.
As a result, it's perfectly normal for two investments purchased at the same time to complete on different days.
What is settlement?
Settlement is the process where ownership of your investment and the associated cash are officially exchanged.
This is different from the moment your trade is executed.
Typical settlement times are:
ETFs
Most ETFs settle two business days after trading (T+2).
Mutual funds
Settlement varies by fund manager but is typically between T+1 and T+4.
Settlement periods may occasionally be longer during market or fund holidays.
Why has my investment value changed even though I haven't traded?
Investment values change as market prices move.
For ETFs, prices fluctuate throughout the trading day while markets are open. For mutual funds, prices are typically updated once each dealing day.
If your investment is denominated in a different currency (for example, US Dollars), movements in exchange rates may also affect its value when displayed in Pounds Sterling.
Understanding portfolio growth (Modified Dietz)
The portfolio growth percentage shown in your account is different from the value of your investments.
While your portfolio value reflects what your investments are currently worth, your growth percentage measures the performance of your portfolio over time.
To calculate this, Prosper uses the Modified Dietz method, an industry-standard performance calculation used across the investment industry.
The Modified Dietz method takes into account:
When money was invested.
When money was withdrawn.
The value of your portfolio at the beginning and end of the measurement period.
This means deposits and withdrawals are weighted according to how long they were invested.
As a result, your portfolio growth percentage may differ from a simple calculation of your gain or loss.
For example, if you make an additional investment halfway through the year, that money hasn't been invested for the full period. The Modified Dietz method reflects this, providing a more accurate measure of your investment performance.
You can read more about the methodology here:
Frequently Asked Questions
Why doesn't my portfolio growth match my gain or loss?
The portfolio growth percentage is calculated using the Modified Dietz method, which considers both investment performance and the timing of any deposits or withdrawals. If you've added or withdrawn money during the period, your growth percentage may differ from a simple gain or loss calculation.
Why is my investment value different from my calculation?
This can happen because:
Your trade has not yet settled.
The latest market price has changed.
Your investment is a mutual fund priced once per day.
Exchange rates have moved (for overseas investments).
Your portfolio valuation has refreshed before settlement has completed.
Why hasn't my order completed yet?
Orders can take longer depending on:
The investment type.
Fund dealing cut-off times.
Settlement periods.
Weekends and market holidays.
Why doesn't the amount I sold exactly match the amount I entered?
This usually happens because of how the sale instruction was entered.
For example:
Selling units means you're instructing us to sell a specific number of units.
Selling by value means you're instructing us to raise a specific cash amount.
If you accidentally sell units instead of specifying a cash amount, the proceeds may differ from what you expected.
For example, selling 0.01 units of a fund priced at £543.68 would generate proceeds of £5.44, rather than £6.00.
No additional fee has been deducted. The sale simply reflects the value of the units sold.
Why might settlement take longer than expected?
Settlement can occasionally take longer due to:
Fund manager processing times.
Market holidays in the country where the fund is domiciled.
Exchange holidays.
Operational processing between market participants.
This is normal and doesn't necessarily indicate a problem with your investment.
I've reviewed this information but still think something is wrong
If you believe there's an issue with your investment valuation, pricing or portfolio growth calculation, please contact our Customer Success team at support@prosper.co.uk.
When contacting us, it helps if you include:
The investment or fund you're querying.
The date of the transaction or valuation.
A screenshot (if applicable).
Details of what you believe is incorrect.
We'll investigate your query and work with our custodian where necessary to provide a full explanation.