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michelleh · 2023年07月02日

Gross Return vs. After-tax Nominal Return

"Thus, gross return is an appropriate measure for evaluating and comparing the investment skill of asset managers because it does not include any fees related to the management and administration of an investment"


VS


"taxable investors evaluate investment managers based on the after-tax nominal return."


===============

Question:

Both claims being appropriate to evaluate asset managers performance, but Gross Return is before tax, and After-tax Nominal Return is after tax...


Is there any contradiction, or how to understand both means are appropriate to evaluate asset managers?


Thanks!

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星星_品职助教 · 2023年07月03日

同学你好,

这两者角度是不同的。如果是从基金经理投资能力的角度来看,那么不应该考虑和他投资能力无关的各种税费,这时候就应该用gross return 来衡量。

如果从投资者的角度来看,由于投资者只在意他自己最终能拿到多少钱,所以原始收益率和他无关,他只考虑自己交完税后还剩下的after-tax nominal return。

这种抽象的对比意义不大,需要在做题的时候根据具体的题目设置来决定协会是想从哪个角度考察,和到底应该用哪个标准。

michelleh · 2023年07月04日

明白了,谢谢!

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