Question

You bought Giant Growth Fund a year ago when it had a NAV of $21.50. The fund has a 3% front-end load. Today the fund is quoted at a NAV of $23.04 and an offer price of $23.73. Dividends and capital gains distributions over the year have totaled $1.05 per share. Calculate your HPR. Recalculate your HPR if this were a no-load fund.

Answer #1

HPR with front-end load = {(Ending NAV + Dividends and capital gains distributions)/[beginning NAV*(1+front-end load)]} - 1

HPR with front-end load = {($23.04 + $1.05)/[$21.50*(1+0.03)]} - 1 = [$24.09/($21.50*1.03)] - 1 = ($24.09/$22.145) - 1 = 1.0878 - 1 = 0.0878 or 8.78%

HPR for no-load fund = [(Ending NAV + Dividends and capital gains distributions)/beginning NAV] - 1

HPR for no-load fund = [($23.04 + $1.05)/$21.50] - 1 = ($24.09/$21.50) - 1 = 1.1205 - 1 = 0.1205 or 12.05%

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