Nippon India Value Fund
Value Fund · Nippon Life India Asset Management Limited
Among the 96 similar value funds we track, this one has grown money faster than most. ₹1 lakh invested 5 years ago would be about ₹1.8 lakh today. Investing ₹10,000 every month for the last 10 years would have put in ₹12.1 lakh and grown it to about ₹27.6 lakh. Be warned: in its worst stretch, ₹1 lakh briefly shrank to about ₹61,400. Funds like this reward patience and punish panic-selling.
New to fund research? Start with the 5-minute guide. The detailed numbers below back all of this up.Nippon India Value Fund is a value fund from Nippon Life India Asset Management Limited. It has a track record of about 13.7 years. As of the latest data it carries an RS rating of 28/99 (its recent momentum versus category peers) and a King Score of 72/100 (a long-term quality composite). The current NAV is ₹239.27 (as of 2026-09-16).
Growth of ₹100 - last 5 years
Nippon India Value Fund returns: last 1, 3, 5 and 10 years
| Period | This fund | Category average |
|---|---|---|
| 1 month | -4.2% | -3.74% |
| 3 months | -2.44% | -0.5% |
| 6 months | 1.37% | 5.51% |
| 1 year | -3.57% | 1.58% |
| 3 years (CAGR) | 12.89% | 12.0% |
| 5 years (CAGR) | 12.98% | 12.05% |
| 10 years (CAGR) | 14.8% | 13.13% |
The last 10 years return of Nippon India Value Fund works out to 14.8% a year (CAGR) - ₹1 lakh invested 10 years ago would be about ₹4 lakh today. The last 5 years return is 12.98% a year (₹1 lakh → ₹1.8 lakh), and the last 3 years return is 12.89% - ahead of its category's 12.0% average by 0.9 points. Its trailing one-year return is -3.57%. Trailing returns flatter or disappoint depending on the end date you pick - the year-by-year and rolling-return sections below are a fairer read.
Year-by-year returns
| Year | Nippon India Value Fun | Benchmark |
|---|---|---|
| 2018 | -7.8% | -3.4% |
| 2019 | +6.3% | +7.7% |
| 2020 | +17.1% | +16.7% |
| 2021 | +40.3% | +30.2% |
| 2022 | +5.5% | +3.0% |
| 2023 | +43.4% | +25.8% |
| 2024 | +23.2% | +15.2% |
| 2025 | +4.9% | +6.7% |
| 2026 | -6.0% | -5.8% |
Nippon India Value Fund beat its benchmark in 5 of the last 9 calendar years. Consistency against the benchmark matters more than any single great year.
Calendar-year returns show how bumpy the ride really was - an average hides the good years and the ugly ones.
What a monthly SIP in Nippon India Value Fund would have made
A ₹10,000-a-month SIP, using this fund's actual NAV history. SIP returns (XIRR) differ from lumpsum CAGR because your money goes in gradually, averaging your entry price.
| SIP duration | You invested | It became | XIRR |
|---|---|---|---|
| 3 years | ₹370,000 | ₹391,343 | 3.68% |
| 5 years | ₹610,000 | ₹822,102 | 11.87% |
| 10 years | ₹1,210,000 | ₹2,760,673 | 15.72% |
Over 10 years, ₹1,210,000 invested in monthly instalments would have grown to about ₹2,760,673 - an XIRR of 15.72%. Figures are pre-tax and assume you stayed invested throughout.
Risk & drawdowns
| Measure | This fund | Category average |
|---|---|---|
| Worst drawdown (lifetime) | -38.6% | -33.95% |
| Worst drawdown (3Y) | -17.57% | -18.61% |
| Volatility (1Y) | 17.18% | 17.05% |
| Sharpe (3Y) | 0.4 | 0.36 |
| Sortino (3Y) | 0.68 | 0.64 |
| Beta (3Y) | 1.06 | 0.97 |
| Alpha (3Y) | 4.21% | 3.7% |
| Up capture | 111.3% | 100.86% |
| Down capture | 102.3% | 91.24% |
| Bull-market return | 31.3% | 31.15% |
| Bear-market return | -32.8% | -30.05% |
Timing matters more than people admit: the best possible 1-year stretch in Nippon India Value Fund (starting 2020-03-23) gained 102.7%, while the worst (starting 2019-03-22) lost 33.3%. The worst peak-to-bottom fall Nippon India Value Fund has ever put investors through is -38.6% - the real test of whether you'd have stayed invested. In falling markets (Nifty below its 200-day average) it has returned about -32.8% annualised, versus 31.3% in rising markets. It has captured roughly 111.3% of its benchmark's up-moves and 102.3% of its down-moves.
How Nippon India Value Fund behaves when markets fall
When the market is falling (the Nifty below its 200-day average), Nippon India Value Fund has historically returned about -32.8% annualised, versus roughly 31.3% when the market is rising. Its deepest fall on record is -38.6%. Right now it sits about 7.93% below its all-time high (last hit 2024-09-26). The real question isn't the average year - it's whether you could hold on through the worst one.
How Nippon India Value Fund ranks in its category
Percentile versus its ~96 category peers - 100th is best-in-class, 50th is average. This is the fairest apples-to-apples read.
Consistency (rolling returns)
| Measure | Value |
|---|---|
| Median 3Y rolling CAGR | 19.05% |
| 3Y windows positive | 97.5% |
| Worst 3Y window | -6.07% |
| 3Y windows beating Nifty 500 | 88.5% |
| Median 5Y rolling CAGR | 17.05% |
| Median 10Y rolling CAGR | 16.86% |
Instead of one lucky start date, rolling returns test every start date. Across all 3-year windows in its history, Nippon India Value Fund returned a median of 19.05% a year, and 97.5% of those windows were positive.
What Nippon India Value Fund holds
Its latest monthly portfolio disclosure. This is what your money actually owns.
Top holdings
Sector allocation
The top 10 holdings make up 37.9% of the portfolio, across 83 stocks. A higher concentration means the fund's fortunes ride on fewer names.
Portfolio overlap with similar funds
Nippon India Value Fund shares Axis Value Fund (38%), DSP Value Fund (31%), HSBC Value Fund (30%) of its portfolio with these category peers (overlap = the slice of the two portfolios invested in the same stocks). The lower the overlap, the more genuinely different the portfolios are.
Who manages Nippon India Value Fund - and how good are they?
Nippon India Value Fund is managed by Meenakshi Dawar, Dhrumil Shah and Kinjal Desai. Below is each manager's complete track record - every fund they currently run, judged on the same numbers as everything else on this page - so you can see whether this fund is in strong hands or is the outlier in a weak book.
Meenakshi Dawar's full record
Meenakshi Dawar currently runs 3 funds, across Aggressive Hybrid Fund, Flexi Cap Fund, Value Fund, with about ₹22,083 Cr under management. The book's average King Score is 64.7/100. This fund is the highest-scored fund they run (King 72/100).
Tap any column heading to sort.
| # | Fund | RS | King | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR | 10Y CAGR | Sharpe | Roll 3Y | Worst fall |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Nippon India Value Fund (this page) | 28 | 72 | -2.4% | 1.4% | -3.6% | 12.9% | 13.0% | 14.8% | 0.4 | 19.1% | -38.6% |
| 2 | Nippon India Aggressive Hybrid Fund | 57 | 66 | -0.1% | 2.8% | -0.2% | 9.8% | 10.6% | 9.8% | 0.3 | 13.9% | -42.4% |
| 3 | Nippon India Flexi Cap Fund | 40 | 56 | -0.1% | 5.6% | -2.1% | 9.4% | 10.4% | n/a | 0.19 | 17.2% | -19.8% |
Dhrumil Shah's full record
Dhrumil Shah currently runs 4 funds, across Conservative Hybrid Fund, Flexi Cap Fund, Sectoral/ Thematic, Value Fund, with about ₹19,537 Cr under management. The book's average King Score is 70.0/100. Their strongest fund by King Score is Nippon India Conservative Hybrid Fund (82/100); Nippon India Value Fund ranks #2 of 4 in their book.
Tap any column heading to sort.
| # | Fund | RS | King | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR | 10Y CAGR | Sharpe | Roll 3Y | Worst fall |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Nippon India Conservative Hybrid Fund | 99 | 82 | 1.6% | 3.5% | 7.0% | 8.5% | 8.2% | 6.0% | 0.97 | 8.5% | -18.9% |
| 2 | Nippon India Value Fund (this page) | 28 | 72 | -2.4% | 1.4% | -3.6% | 12.9% | 13.0% | 14.8% | 0.4 | 19.1% | -38.6% |
| 3 | Nippon India Flexi Cap Fund | 40 | 56 | -0.1% | 5.6% | -2.1% | 9.4% | 10.4% | n/a | 0.19 | 17.2% | -19.8% |
| 4 | Nippon India MNC Fund | 27 | n/a | -2.4% | 4.4% | -1.3% | n/a | n/a | n/a | n/a | n/a | -13.1% |
Kinjal Desai's full record
Kinjal Desai currently runs 51 funds, across Aggressive Hybrid Fund, Arbitrage Fund, Conservative Hybrid Fund, Corporate Bond Fund and more, with about ₹687,720 Cr under management. The book's average King Score is 71.3/100. Their strongest fund by King Score is Nippon India Corporate Bond Fund (91/100); Nippon India Value Fund ranks #25 of 51 in their book.
Tap any column heading to sort.
| # | Fund | RS | King | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR | 10Y CAGR | Sharpe | Roll 3Y | Worst fall |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Nippon India Corporate Bond Fund | 88 | 91 | 1.3% | 3.0% | 5.5% | 7.5% | 6.8% | 7.3% | 0.86 | 8.0% | -1.7% |
| 2 | Nippon India Nivesh Lakshya Long Duration Fund | 87 | 90 | 1.1% | 1.8% | 2.2% | 6.1% | 5.6% | n/a | -0.11 | 6.9% | -5.8% |
| 3 | Nippon India Liquid Fund | 97 | 86 | 1.7% | 3.5% | 6.6% | 7.0% | 6.4% | 6.2% | 1.34 | 6.9% | -0.2% |
| 4 | Nippon India Low Duration Fund | 96 | 86 | 1.7% | 3.4% | 6.6% | 7.5% | 6.7% | 7.0% | 1.58 | 7.5% | -2.0% |
| 5 | Nippon India Money Market Fund | 91 | 86 | 1.9% | 3.5% | 6.6% | 7.4% | 6.8% | 6.8% | 1.59 | 7.4% | -0.9% |
| 6 | Nippon India Money Market Fund | 91 | 86 | 1.9% | 3.5% | 6.6% | 7.4% | 6.8% | 6.8% | 1.59 | 7.4% | -0.9% |
| 7 | Nippon India Short Duration Fund | 86 | 83 | 1.2% | 2.8% | 5.8% | 7.7% | 6.7% | 7.3% | 1.11 | 7.9% | -2.9% |
| 8 | Nippon India Conservative Hybrid Fund | 99 | 82 | 1.6% | 3.5% | 7.0% | 8.5% | 8.2% | 6.0% | 0.97 | 8.5% | -18.9% |
| 9 | Nippon India Multi Asset Allocation Fund | 87 | 81 | 0.9% | 4.8% | 11.7% | 18.3% | 15.2% | n/a | 1.16 | 18.4% | -9.5% |
| 10 | Nippon India Ultra Short Duration Fund | 97 | 80 | 1.9% | 3.7% | 7.1% | 7.6% | 7.0% | n/a | 2.0 | 7.0% | -5.2% |
| 11 | Nippon India Gilt Fund | 84 | 80 | 1.2% | 2.7% | 3.9% | 6.3% | 5.6% | 7.4% | -0.07 | 9.3% | -6.5% |
| 12 | Nippon India Low Duration Fund | 96 | 78 | 1.7% | 3.4% | 6.6% | 7.5% | 6.7% | 7.0% | 1.58 | 7.2% | -10.5% |
| 13 | Nippon India Large Cap Fund | 34 | 78 | -1.7% | 0.1% | -5.2% | 9.9% | 12.6% | 13.9% | 0.24 | 16.8% | -40.0% |
| 14 | Nippon India Large Cap Fund | 34 | 78 | -1.7% | 0.1% | -5.2% | 9.9% | 12.6% | 13.9% | 0.24 | 16.8% | -40.0% |
| 15 | Nippon India Mid Cap Fund | 38 | 77 | -0.5% | 7.8% | 5.7% | 17.3% | 17.2% | 18.1% | 0.62 | 22.0% | -35.3% |
| 16 | Nippon India Mid Cap Fund | 38 | 77 | -0.5% | 7.8% | 5.7% | 17.3% | 17.2% | 18.1% | 0.62 | 22.0% | -35.3% |
| 17 | Nippon India Arbitrage Fund | 86 | 76 | 1.6% | 3.1% | 6.7% | 7.3% | 6.8% | 6.5% | 0.83 | 6.9% | -0.6% |
| 18 | Nippon India Dynamic Bond Fund | 69 | 76 | 0.8% | 1.8% | 5.2% | 7.2% | 6.2% | 6.7% | 0.36 | 7.6% | -8.5% |
| 19 | Nippon India Vision Large & Mid Cap Fund | 20 | 76 | -0.9% | 3.8% | -1.5% | 13.4% | 12.3% | 12.7% | 0.44 | 16.9% | -45.0% |
| 20 | Nippon India Vision Large & Mid Cap Fund | 20 | 76 | -0.9% | 3.8% | -1.5% | 13.4% | 12.3% | 12.7% | 0.44 | 16.9% | -45.0% |
| 21 | Nippon India Credit Risk Fund | 75 | 75 | 1.8% | 3.9% | 8.0% | 8.9% | 7.9% | 6.6% | 2.65 | 8.7% | -13.8% |
| 22 | Nippon India Taiwan Equity Fund | 99 | 74 | -6.9% | 38.3% | 112.8% | 58.2% | n/a | n/a | 1.33 | 36.4% | -44.8% |
| 23 | Nippon India Medium Duration Fund | 98 | 74 | 2.9% | 3.3% | 6.6% | 8.6% | 6.9% | 3.8% | 1.09 | 7.0% | -29.8% |
| 24 | Nippon India Gilt Fund | 84 | 74 | 1.2% | 2.7% | 3.9% | 6.3% | 5.6% | 7.4% | -0.07 | 9.2% | -11.8% |
| 25 | Nippon India Value Fund (this page) | 28 | 72 | -2.4% | 1.4% | -3.6% | 12.9% | 13.0% | 14.8% | 0.4 | 19.1% | -38.6% |
| 26 | Nippon India US Equity Opportunities Fund | 87 | 71 | 6.8% | 17.5% | 16.5% | 19.5% | 12.2% | 16.3% | 0.76 | 16.7% | -30.8% |
| 27 | Nippon India Medium Duration Fund | 72 | 71 | 1.4% | 2.9% | 6.2% | 8.3% | 6.8% | 3.7% | 0.97 | 7.0% | -29.8% |
| 28 | Nippon India Innovation Fund | 68 | 71 | 4.6% | 12.8% | 0.8% | 13.9% | n/a | n/a | 0.49 | n/a | -21.5% |
| 29 | Nippon India Japan Equity Fund | 89 | 70 | 4.1% | 15.1% | 28.8% | 20.8% | 10.1% | 11.9% | 0.75 | 8.1% | -29.9% |
| 30 | Nippon India Japan Equity Fund | 89 | 70 | 4.1% | 15.1% | 28.8% | 20.8% | 10.1% | 11.9% | 0.75 | 8.1% | -29.9% |
| 31 | Nippon India Pharma Fund | 75 | 69 | 4.7% | 11.9% | 8.9% | 17.5% | 13.1% | 15.4% | 0.82 | 19.9% | -24.0% |
| 32 | Nippon India Pharma Fund | 75 | 69 | 4.7% | 11.9% | 8.9% | 17.5% | 13.1% | 15.4% | 0.82 | 19.9% | -24.0% |
| 33 | Nippon India ELSS Tax Saver Fund | 31 | 68 | -1.6% | 2.2% | -0.8% | 11.1% | 11.2% | 10.5% | 0.3 | 15.5% | -51.9% |
| 34 | Nippon India Power & Infra Fund | 45 | 67 | -3.3% | 7.6% | 6.0% | 17.2% | 19.8% | 17.4% | 0.57 | 17.9% | -53.2% |
| 35 | Nippon India Power & Infra Fund | 45 | 67 | -3.3% | 7.6% | 6.0% | 17.2% | 19.8% | 17.4% | 0.57 | 17.9% | -53.2% |
| 36 | Nippon India Aggressive Hybrid Fund | 57 | 66 | -0.1% | 2.8% | -0.2% | 9.8% | 10.6% | 9.8% | 0.3 | 13.9% | -42.4% |
| 37 | Nippon India Gilt Fund | 84 | 64 | 1.2% | 2.7% | 3.9% | 6.3% | 5.6% | 7.4% | -0.07 | 6.9% | -36.5% |
| 38 | Nippon India Quant Fund | 23 | 64 | -1.0% | 0.4% | -1.3% | 12.7% | 12.5% | 13.7% | 0.38 | 13.5% | -32.8% |
| 39 | Nippon India Quant Fund | 23 | 64 | -1.0% | 0.4% | -1.3% | 12.7% | 12.5% | 13.7% | 0.38 | 13.6% | -32.8% |
| 40 | Nippon India Small Cap Fund | 40 | 62 | 3.3% | 17.1% | 7.2% | 14.3% | 18.2% | 20.9% | 0.46 | 25.8% | -48.6% |
| 41 | Nippon India Small Cap Fund | 40 | 62 | 3.3% | 17.1% | 7.2% | 14.3% | 18.2% | 20.9% | 0.46 | 25.8% | -48.6% |
| 42 | Nippon India Flexi Cap Fund | 40 | 56 | -0.1% | 5.6% | -2.1% | 9.4% | 10.4% | n/a | 0.19 | 17.2% | -19.8% |
| 43 | Nippon India Multi Cap Fund | 15 | 56 | -1.2% | 3.9% | -2.8% | 12.1% | 16.1% | 15.3% | 0.37 | 17.3% | -42.8% |
| 44 | Nippon India Multi Cap Fund | 15 | 56 | -1.2% | 3.9% | -2.8% | 12.1% | 16.1% | 15.3% | 0.37 | 17.3% | -42.8% |
| 45 | Nippon India Banking & Financial Services Fund | 40 | 55 | -0.5% | 2.5% | 2.7% | 10.9% | 12.7% | 12.9% | 0.28 | 16.5% | -50.6% |
| 46 | Nippon India Banking & Financial Services Fund | 40 | 55 | -0.5% | 2.5% | 2.7% | 10.9% | 12.7% | 12.9% | 0.28 | 16.5% | -50.6% |
| 47 | Nippon India Focused Fund | 34 | 52 | -1.4% | 3.9% | -1.5% | 8.3% | 9.9% | 12.8% | 0.14 | 16.7% | -43.4% |
| 48 | Nippon India Consumption Fund | 41 | 48 | 2.6% | 7.5% | -8.1% | 9.1% | 12.0% | 13.2% | 0.18 | 16.8% | -31.0% |
| 49 | Nippon India Consumption Fund | 41 | 48 | 2.6% | 7.5% | -8.1% | 9.1% | 12.0% | 13.2% | 0.18 | 16.8% | -31.0% |
| 50 | Nippon India Active Momentum Fund | 69 | n/a | 2.3% | 10.6% | 8.8% | n/a | n/a | n/a | 0.64 | n/a | -11.8% |
| 51 | Nippon India MNC Fund | 27 | n/a | -2.4% | 4.4% | -1.3% | n/a | n/a | n/a | n/a | n/a | -13.1% |
A caveat worth keeping: funds often have co-managers, and results belong to the whole team and process rather than one person. A manager's book tells you about their range and consistency, not a guarantee of skill.
Cost & fund basics
| Detail | Value |
|---|---|
| Expense ratio (Direct) | 0.91% |
| Exit load | ≈1% if redeemed within 1 year (typical) |
| Minimum investment | ₹500 |
| Fund size (AUM) | ₹8,821 Cr |
| Age | 13.7 years |
| Plan / Option | Direct · Growth |
| Benchmark | NIFTY500 |
How Nippon India Value Fund compares to peers
| Fund | RS | King | 3Y CAGR |
|---|---|---|---|
| Axis Value Fund | 92 | 95 | 17.1% |
| DSP Value Fund | 71 | 93 | 15.1% |
| HSBC Value Fund | 70 | 90 | 14.8% |
| HDFC Value Fund | 86 | 84 | 14.8% |
| Quant Value Fund | 94 | 81 | 19.4% |
| LIC MF Value Fund | 99 | 75 | 15.8% |
Overlap warning: funds in the same category often own many of the same stocks - holding several rarely adds the diversification people expect.
What these numbers mean
RS rating (1-99) ranks a fund's recent momentum against its category - higher is stronger right now. King Score (0-100) is a long-term quality composite (returns, consistency, drawdown, risk-adjusted return) versus peers. Max drawdown is the worst peak-to-bottom fall the fund has ever experienced. Rolling returns test every possible start date, so one lucky (or unlucky) entry point can't distort the picture. Every formula behind this page is public - see how we calculate every number.
Nippon India Value Fund review: the bottom line
Related
Frequently asked questions
Is Nippon India Value Fund a good mutual fund?
That depends on your goals and risk tolerance - this is descriptive research, not advice. On the numbers, Nippon India Value Fund scores 72/100 on our King Score and RS 28/99 within its category, has compounded 12.89% a year over three years, and its worst drawdown was -38.6%. Compare those against your needs and the peer table above.
What is the NAV of Nippon India Value Fund today?
The latest NAV is ₹239.27 (as of 2026-09-16). NAV (net asset value) is the per-unit price of the fund, published every business day by the AMC.
What is the last 10 years return of Nippon India Value Fund?
Over the last 10 years Nippon India Value Fund has returned about 14.8% a year (CAGR). In rupees: ₹1 lakh invested 10 years ago would be roughly ₹4 lakh today, before tax. See the year-by-year table above for how uneven the ride was.
What is the expense ratio of Nippon India Value Fund?
The Direct-plan expense ratio is 0.91% a year. The Direct plan is cheaper than the Regular plan because it carries no distributor commission - over decades that gap compounds meaningfully.
Who is the fund manager of Nippon India Value Fund?
Nippon India Value Fund is managed by Meenakshi Dawar; Dhrumil Shah; Kinjal Desai; Amber Singhania.
Is Nippon India Value Fund safe? How risky is it?
No market-linked fund is 'safe' in the fixed-deposit sense - the honest question is how deep its falls get. Its worst historical drawdown was -38.6% - ₹1 lakh briefly becoming about ₹61,400. As a equity fund, its risk profile is typical of that category. Look at the drawdown, volatility and bear-market figures above and ask whether you could stay invested through the bad stretches.
Is Nippon India Value Fund good for SIP?
We can't tell you what to do, but here is what actually happened: a ₹10,000 monthly SIP over the last 10 years grew ₹12.1 lakh into about ₹27.6 lakh (XIRR 15.72%). SIPs average your entry price, which helps most in funds that swing hard - check the crash-behaviour section above to see how it treats investors in bad markets.
What are the SIP returns of Nippon India Value Fund?
A ₹10,000/month SIP over 10 years would have grown to about ₹2,760,673 (an XIRR of 15.72%) on ₹1,210,000 invested, using the fund's actual NAV history. See the SIP table above for other durations.
How does Nippon India Value Fund rank among similar funds?
On 3-year returns it sits around the 82th percentile of its category, and its consistency ranks 70th percentile. 100th is best-in-class, 50th is average. See the category-ranking section above.
Is Nippon India Value Fund tax-efficient / what about capital gains?
As a equity fund, gains follow the rules for its asset class - equity-oriented funds are taxed differently from debt. All returns on this page are pre-tax; your actual post-tax return depends on your holding period and slab. This is descriptive information, not tax advice.
Direct or Regular plan - which is shown here?
All figures on this page are for the Direct-Growth plan (no distributor commission, lower cost). Returns are pre-tax; capital-gains tax depends on your own holding period and slab.
See Nippon India Value Fund live in the MF Terminal
Everything above is a static snapshot. The terminal is where you actually research it:
- Interactive price chart with EMAs & RSI
- The RS line plotted against its benchmark
- Full holdings, sector mix & portfolio overlap
- Point-in-time backtester & portfolio doctor
- Compare it side-by-side with any peer
- Screen 1,600+ funds on the same metrics
Data: AMFI NAV history, NSE indices, BSE StAR and monthly disclosures. All figures are pre-tax. Descriptive research and education only - nothing here is investment advice or a recommendation to buy, sell or hold any fund. Past performance does not guarantee future returns.