Bugfix/market price fallback before first historical market data (#7761)

* Fix portfolio calculation for holdings with activities before first known historical market price

* Update changelog

CHANGELOG.md

@@ -17,6 +17,7 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 - Fixed the cash positions being included in the by continent, by country and by sector charts on the allocations page and the public page
 - Fixed the allocations in percentage exceeding 100% in the restricted view
+- Fixed the portfolio calculation for holdings with activities before the first known historical market price by falling back to the unit price of the activity
 
 ## 3.64.0 - 2026-08-30
 

apps/api/src/app/portfolio/calculator/roai/portfolio-calculator-btcusd-buy-before-first-market-price.spec.ts

@@ -0,0 +1,160 @@
+import {
+  activityDummyData,
+  assetProfileDummyData,
+  userDummyData
+} from '@ghostfolio/api/app/portfolio/calculator/portfolio-calculator-test-utils';
+import { PortfolioCalculatorFactory } from '@ghostfolio/api/app/portfolio/calculator/portfolio-calculator.factory';
+import { CurrentRateService } from '@ghostfolio/api/app/portfolio/current-rate.service';
+import { CurrentRateServiceMock } from '@ghostfolio/api/app/portfolio/current-rate.service.mock';
+import { RedisCacheService } from '@ghostfolio/api/app/redis-cache/redis-cache.service';
+import { RedisCacheServiceMock } from '@ghostfolio/api/app/redis-cache/redis-cache.service.mock';
+import { ConfigurationService } from '@ghostfolio/api/services/configuration/configuration.service';
+import { ExchangeRateDataService } from '@ghostfolio/api/services/exchange-rate-data/exchange-rate-data.service';
+import { PortfolioSnapshotService } from '@ghostfolio/api/services/queues/portfolio-snapshot/portfolio-snapshot.service';
+import { PortfolioSnapshotServiceMock } from '@ghostfolio/api/services/queues/portfolio-snapshot/portfolio-snapshot.service.mock';
+import { parseDate } from '@ghostfolio/common/helper';
+import { Activity } from '@ghostfolio/common/interfaces';
+import { PerformanceCalculationType } from '@ghostfolio/common/types/performance-calculation-type.type';
+
+jest.mock('@ghostfolio/api/app/portfolio/current-rate.service', () => {
+  return {
+    CurrentRateService: jest.fn().mockImplementation(() => {
+      return CurrentRateServiceMock;
+    })
+  };
+});
+
+jest.mock(
+  '@ghostfolio/api/services/queues/portfolio-snapshot/portfolio-snapshot.service',
+  () => {
+    return {
+      PortfolioSnapshotService: jest.fn().mockImplementation(() => {
+        return PortfolioSnapshotServiceMock;
+      })
+    };
+  }
+);
+
+jest.mock('@ghostfolio/api/app/redis-cache/redis-cache.service', () => {
+  return {
+    RedisCacheService: jest.fn().mockImplementation(() => {
+      return RedisCacheServiceMock;
+    })
+  };
+});
+
+describe('PortfolioCalculator', () => {
+  let configurationService: ConfigurationService;
+  let currentRateService: CurrentRateService;
+  let exchangeRateDataService: ExchangeRateDataService;
+  let portfolioCalculatorFactory: PortfolioCalculatorFactory;
+  let portfolioSnapshotService: PortfolioSnapshotService;
+  let redisCacheService: RedisCacheService;
+
+  beforeEach(() => {
+    PortfolioSnapshotServiceMock.reset();
+    RedisCacheServiceMock.reset();
+
+    configurationService = new ConfigurationService();
+
+    currentRateService = new CurrentRateService(null, null, null, null);
+
+    exchangeRateDataService = new ExchangeRateDataService(
+      null,
+      null,
+      null,
+      null
+    );
+
+    portfolioSnapshotService = new PortfolioSnapshotService(null, null);
+
+    redisCacheService = new RedisCacheService(null, null);
+
+    portfolioCalculatorFactory = new PortfolioCalculatorFactory(
+      configurationService,
+      currentRateService,
+      exchangeRateDataService,
+      portfolioSnapshotService,
+      redisCacheService
+    );
+  });
+
+  describe('get current positions', () => {
+    it('with BTCUSD buy before the first known market price', async () => {
+      jest.useFakeTimers().setSystemTime(parseDate('2022-01-14').getTime());
+
+      const activities: Activity[] = [
+        {
+          ...activityDummyData,
+          assetProfile: {
+            ...assetProfileDummyData,
+            currency: 'USD',
+            dataSource: 'YAHOO',
+            name: 'Bitcoin',
+            symbol: 'BTCUSD'
+          },
+          date: parseDate('2014-06-01'),
+          feeInAssetProfileCurrency: 0,
+          feeInBaseCurrency: 0,
+          quantity: 1,
+          type: 'BUY',
+          unitPriceInAssetProfileCurrency: 500
+        }
+      ];
+
+      const portfolioCalculator = portfolioCalculatorFactory.createCalculator({
+        activities,
+        calculationType: PerformanceCalculationType.ROAI,
+        currency: 'USD',
+        userId: userDummyData.id
+      });
+
+      const portfolioSnapshot = await portfolioCalculator.computeSnapshot();
+
+      const historicalDataByDate = Object.fromEntries(
+        portfolioSnapshot.historicalData.map((historicalDataItem) => {
+          return [historicalDataItem.date, historicalDataItem];
+        })
+      );
+
+      /**
+       * The first known market price of BTCUSD is on 2015-01-01. The chart
+       * dates before it must not be valued with a future price, hence they use
+       * the unit price of the activity: 500
+       */
+      expect(historicalDataByDate['2014-06-01']).toMatchObject({
+        netPerformance: 0, // 1 * (500 - 500) = 0
+        netPerformanceInPercentage: 0,
+        totalInvestment: 500,
+        value: 500 // 1 * 500 = 500
+      });
+
+      expect(historicalDataByDate['2014-12-31']).toMatchObject({
+        netPerformance: 0, // 1 * (500 - 500) = 0
+        netPerformanceInPercentage: 0,
+        totalInvestment: 500,
+        value: 500 // 1 * 500 = 500
+      });
+
+      /**
+       * Closing price on 2015-01-01: 314.25
+       */
+      expect(historicalDataByDate['2015-01-01']).toMatchObject({
+        netPerformance: -185.75, // 1 * (314.25 - 500) = -185.75
+        netPerformanceInPercentage: -0.3715, // -185.75 ÷ 500 = -0.3715
+        totalInvestment: 500,
+        value: 314.25 // 1 * 314.25 = 314.25
+      });
+
+      /**
+       * Closing price on 2022-01-14: 43099.7
+       */
+      expect(portfolioSnapshot.historicalData.at(-1)).toMatchObject({
+        date: '2022-01-14',
+        netPerformance: 42599.7, // 1 * (43099.7 - 500) = 42599.7
+        totalInvestment: 500,
+        value: 43099.7 // 1 * 43099.7 = 43099.7
+      });
+    });
+  });
+});

apps/api/src/app/portfolio/calculator/roai/portfolio-calculator-manual-buy-before-first-market-price.spec.ts

@@ -0,0 +1,151 @@
+import {
+  activityDummyData,
+  assetProfileDummyData,
+  userDummyData
+} from '@ghostfolio/api/app/portfolio/calculator/portfolio-calculator-test-utils';
+import { PortfolioCalculatorFactory } from '@ghostfolio/api/app/portfolio/calculator/portfolio-calculator.factory';
+import { CurrentRateService } from '@ghostfolio/api/app/portfolio/current-rate.service';
+import { CurrentRateServiceMock } from '@ghostfolio/api/app/portfolio/current-rate.service.mock';
+import { RedisCacheService } from '@ghostfolio/api/app/redis-cache/redis-cache.service';
+import { RedisCacheServiceMock } from '@ghostfolio/api/app/redis-cache/redis-cache.service.mock';
+import { ConfigurationService } from '@ghostfolio/api/services/configuration/configuration.service';
+import { ExchangeRateDataService } from '@ghostfolio/api/services/exchange-rate-data/exchange-rate-data.service';
+import { PortfolioSnapshotService } from '@ghostfolio/api/services/queues/portfolio-snapshot/portfolio-snapshot.service';
+import { PortfolioSnapshotServiceMock } from '@ghostfolio/api/services/queues/portfolio-snapshot/portfolio-snapshot.service.mock';
+import { parseDate } from '@ghostfolio/common/helper';
+import { Activity } from '@ghostfolio/common/interfaces';
+import { PerformanceCalculationType } from '@ghostfolio/common/types/performance-calculation-type.type';
+
+jest.mock('@ghostfolio/api/app/portfolio/current-rate.service', () => {
+  return {
+    CurrentRateService: jest.fn().mockImplementation(() => {
+      return CurrentRateServiceMock;
+    })
+  };
+});
+
+jest.mock(
+  '@ghostfolio/api/services/queues/portfolio-snapshot/portfolio-snapshot.service',
+  () => {
+    return {
+      PortfolioSnapshotService: jest.fn().mockImplementation(() => {
+        return PortfolioSnapshotServiceMock;
+      })
+    };
+  }
+);
+
+jest.mock('@ghostfolio/api/app/redis-cache/redis-cache.service', () => {
+  return {
+    RedisCacheService: jest.fn().mockImplementation(() => {
+      return RedisCacheServiceMock;
+    })
+  };
+});
+
+describe('PortfolioCalculator', () => {
+  let configurationService: ConfigurationService;
+  let currentRateService: CurrentRateService;
+  let exchangeRateDataService: ExchangeRateDataService;
+  let portfolioCalculatorFactory: PortfolioCalculatorFactory;
+  let portfolioSnapshotService: PortfolioSnapshotService;
+  let redisCacheService: RedisCacheService;
+
+  beforeEach(() => {
+    PortfolioSnapshotServiceMock.reset();
+    RedisCacheServiceMock.reset();
+
+    configurationService = new ConfigurationService();
+
+    currentRateService = new CurrentRateService(null, null, null, null);
+
+    exchangeRateDataService = new ExchangeRateDataService(
+      null,
+      null,
+      null,
+      null
+    );
+
+    portfolioSnapshotService = new PortfolioSnapshotService(null, null);
+
+    redisCacheService = new RedisCacheService(null, null);
+
+    portfolioCalculatorFactory = new PortfolioCalculatorFactory(
+      configurationService,
+      currentRateService,
+      exchangeRateDataService,
+      portfolioSnapshotService,
+      redisCacheService
+    );
+  });
+
+  describe('get current positions', () => {
+    it('with MANUAL buy before the first known market price', async () => {
+      jest.useFakeTimers().setSystemTime(parseDate('2022-01-31').getTime());
+
+      const activities: Activity[] = [
+        {
+          ...activityDummyData,
+          assetProfile: {
+            ...assetProfileDummyData,
+            currency: 'USD',
+            dataSource: 'MANUAL',
+            name: 'Private Investment',
+            symbol: '55196015-1365-4560-aa60-8751ae6d18f8'
+          },
+          date: parseDate('2021-01-01'),
+          feeInAssetProfileCurrency: 0,
+          feeInBaseCurrency: 0,
+          quantity: 1,
+          type: 'BUY',
+          unitPriceInAssetProfileCurrency: 100
+        }
+      ];
+
+      const portfolioCalculator = portfolioCalculatorFactory.createCalculator({
+        activities,
+        calculationType: PerformanceCalculationType.ROAI,
+        currency: 'USD',
+        userId: userDummyData.id
+      });
+
+      const portfolioSnapshot = await portfolioCalculator.computeSnapshot();
+
+      const historicalDataByDate = Object.fromEntries(
+        portfolioSnapshot.historicalData.map((historicalDataItem) => {
+          return [historicalDataItem.date, historicalDataItem];
+        })
+      );
+
+      /**
+       * The only known market price is on 2022-01-31. The chart dates before it
+       * must not be valued with a future price, hence they use the unit price
+       * of the activity: 100
+       */
+      expect(historicalDataByDate['2021-01-01']).toMatchObject({
+        netPerformance: 0, // 1 * (100 - 100) = 0
+        netPerformanceInPercentage: 0,
+        totalInvestment: 100,
+        value: 100 // 1 * 100 = 100
+      });
+
+      expect(historicalDataByDate['2022-01-30']).toMatchObject({
+        netPerformance: 0, // 1 * (100 - 100) = 0
+        netPerformanceInPercentage: 0,
+        totalInvestment: 100,
+        value: 100 // 1 * 100 = 100
+      });
+
+      /**
+       * Closing price on 2022-01-31: 3000
+       */
+      expect(portfolioSnapshot.historicalData.at(-1)).toMatchObject({
+        date: '2022-01-31',
+        netPerformance: 2900, // 1 * (3000 - 100) = 2900
+        netPerformanceInPercentage: 29, // 2900 ÷ 100 = 29
+        totalInvestment: 100,
+        value: 3000 // 1 * 3000 = 3000
+      });
+    });
+  });
+});

apps/api/src/app/portfolio/calculator/roai/portfolio-calculator-novn-buy-and-sell.spec.ts

@@ -153,22 +153,22 @@ describe('PortfolioCalculator', () => {
       });
 
       /**
-       * Closing price on 2022-03-07 is unknown,
-       * hence it uses the last unit price (2022-04-11): 87.8
+       * Closing price on 2022-03-07 is unknown and there is no earlier market
+       * price, hence it uses the unit price of the activity: 75.8
        */
       expect(portfolioSnapshot.historicalData[1]).toEqual({
         date: '2022-03-07',
         investmentValueWithCurrencyEffect: 151.6,
-        netPerformance: 24, // 2 * (87.8 - 75.8) = 24
-        netPerformanceInPercentage: 0.158311345646438, // 24 ÷ 151.6 = 0.158311345646438
-        netPerformanceInPercentageWithCurrencyEffect: 0.158311345646438, // 24 ÷ 151.6 = 0.158311345646438
-        netPerformanceWithCurrencyEffect: 24,
-        netWorth: 175.6, // 2 * 87.8 = 175.6
+        netPerformance: 0, // 2 * (75.8 - 75.8) = 0
+        netPerformanceInPercentage: 0, // 0 ÷ 151.6 = 0
+        netPerformanceInPercentageWithCurrencyEffect: 0, // 0 ÷ 151.6 = 0
+        netPerformanceWithCurrencyEffect: 0,
+        netWorth: 151.6, // 2 * 75.8 = 151.6
         totalCashInBaseCurrency: 0,
         totalInvestment: 151.6,
         totalInvestmentValueWithCurrencyEffect: 151.6,
-        value: 175.6, // 2 * 87.8 = 175.6
-        valueWithCurrencyEffect: 175.6
+        value: 151.6, // 2 * 75.8 = 151.6
+        valueWithCurrencyEffect: 151.6
       });
 
       expect(

apps/api/src/app/portfolio/calculator/roai/portfolio-calculator.ts

@@ -381,9 +381,10 @@ export class RoaiPortfolioCalculator extends PortfolioCalculator {
       unitPrice: unitPriceAtEndDate
     });
 
-    // Fall back to the unit price at the end date for the chart dates before
-    // the first known market price of the symbol
-    let lastUnitPrice = unitPriceAtEndDate;
+    // Fall back to the unit price of the most recent BUY / SELL activity for
+    // the chart dates before the first known market price of the symbol
+    let lastActivityUnitPrice: Big | undefined;
+    let lastMarketPrice: Big | undefined;
 
     const ordersByDate: { [date: string]: PortfolioOrderItem[] } = {};
 
@@ -403,11 +404,26 @@ export class RoaiPortfolioCalculator extends PortfolioCalculator {
         break;
       }
 
+      const ordersOfDate = ordersByDate[dateString];
+
+      if (!lastMarketPrice && ordersOfDate?.length > 0) {
+        for (const { itemType, type, unitPrice } of ordersOfDate) {
+          if (!itemType && ['BUY', 'SELL'].includes(type)) {
+            lastActivityUnitPrice = unitPrice;
+          }
+        }
+      }
+
+      const marketPrice = marketSymbolMap[dateString]?.[assetProfileIdentifier];
+
       const unitPrice =
-        marketSymbolMap[dateString]?.[assetProfileIdentifier] ?? lastUnitPrice;
+        marketPrice ??
+        lastMarketPrice ??
+        lastActivityUnitPrice ??
+        unitPriceAtEndDate;
 
-      if (ordersByDate[dateString]?.length > 0) {
-        for (const order of ordersByDate[dateString]) {
+      if (ordersOfDate?.length > 0) {
+        for (const order of ordersOfDate) {
           order.unitPriceFromMarketData = unitPrice;
         }
       } else if (dateString >= dateStringOfFirstActivity) {
@@ -423,7 +439,9 @@ export class RoaiPortfolioCalculator extends PortfolioCalculator {
         });
       }
 
-      lastUnitPrice = unitPrice;
+      if (marketPrice) {
+        lastMarketPrice = marketPrice;
+      }
     }
 
     // Sort orders so that the start and end placeholder order are at the correct