The performance metrics of mutual funds should be consistent with the assessment's objectives and investor's perspectives.

The time-weighted approach is only theoretically not influenced by the distribution of flows during the year.

Distinguishing fund manager's performance from investor's does not make sense when sellers dominate and production and distribution are vertically integrated.

In some realistic scenarios (simulated on the basis of the Italian fund industry dynamics), the metrics matter: the spreads between time-weighted and money-weighted metrics are mainly influenced by amount/volatility of flows as well as timing/volatility of returns.