after a 133% run in 2 months. my small self hedge fund get a good interests from investors. now, they want me to show them a daily NAV chart. i have frequent deposit and withdraws in the mid day. (unlike us brokers who withdraw in mid day and deposit after close). there question is this if i start from 100k at open and its grows to 120k at noon, then i withdraw 20k, at close the balance is 90k. the broker can only show an after close statement. so i have a statement showing starting balance 100k withdraw 20k closing balance 90k. if my NAV was 10 at open, what is my NAV at close? A =10*(90/80) or B =10(110/100)?