%0 Journal Article %A Meyer Melnikoff %T Investment Performance Analysis on a Tax-Adjusted Basis %D 1999 %R 10.3905/joi.1999.319408 %J The Journal of Investing %P 98-110 %V 8 %N 2 %X 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. %U https://joi.pm-research.com/content/iijinvest/8/2/98.full.pdf