NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Ranking Mutual Funds on an After-Tax Basis

Joel M. Dickson, John B. Shoven

NBER Working Paper No. 4393
Issued in July 1993
NBER Program(s):   PE   CF

This paper takes shareholder level taxes into account in determining the performance of growth and growth and income mutual funds over the 1963-1992 period. It ranks a sample of funds on a before and after-tax basis for investors in different income classes facing various investment horizons. The differences between the relative ranking of funds on a before and after-tax basis are dramatic. especially for middle and high income investors. For instance. one fund which ranks in the 19th percentile on a pre-tax basis ranks in the 61st percentile for an upper income. taxable investor.

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Document Object Identifier (DOI): 10.3386/w4393

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