Given the beginning net asset ending net assets, a net cash flow is estimated by stripping out two types of activities. One is natural growth of the assets due to capital market movements. The other is reinvestment of the capital gains and dividends distributions that occur during the calculation month.
CFt = net cash flows for month t
NAt-1 = beginning of the month total net assets
NAt = end of the month total net assets
rt = monthly return for month t
CFt = NAt - NAt-1 * (1+rt)