RT Journal Article SR Electronic T1 Investment Performance Analysis on a Tax-Adjusted Basis JF The Journal of Investing FD Institutional Investor Journals SP 98 OP 110 DO 10.3905/joi.1999.319408 VO 8 IS 2 A1 Meyer Melnikoff YR 1999 UL https://pm-research.com/content/8/2/98.abstract AB Applying his actuarial approach to investment performance Analysis, which defines investment risk as the likelihood and the extent of underperforming a pre-established hurdle rate or return, and recognizes the fundamental significance of the investment holding period, the author determines the after-tax returns and risk-adjusted returns for a decade of the Fidelity Magellan fund, by reinvesting only the net after-tax amount of distributions, after deducting the maximum Federal 1998 tax rates of 20% on long-term capital gains and 39.6% on all other taxable income.