TY - JOUR T1 - Investment Performance Analysis on a Tax-Adjusted Basis JF - The Journal of Investing SP - 98 LP - 110 DO - 10.3905/joi.1999.319408 VL - 8 IS - 2 AU - Meyer Melnikoff Y1 - 1999/05/31 UR - https://pm-research.com/content/8/2/98.abstract N2 - 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. ER -