Gross Returns

For open-end funds, Gross Returns are calculated by taking the Total Return and backing out the most recent Expense Ratio. Gross returns for separate accounts are collected from the firms.

4Calculation

GRi = ((1+TRi)/(1-ej/12)-1)*100

Where,

GR = Gross Return for month i

TR = Actual Return for month i

ej = Expense Ratio for the fiscal year that covers month i

We then take the adjusted monthly returns and calculate trailing and annual estimated gross returns.