FIFO (first in, first out)

When you sell part of a holding you bought in several goes, FIFO says you sold the oldest shares first. Most of Europe taxes securities this way, so it decides what those shares cost you and when you acquired them. Quantic carries your holdings at average cost — the better measure of how a position is doing — and uses FIFO only in the tax report, which is why the two can show different figures for the same sale.