Integrated cases: from total return to what the investor keeps

In short

• First find which return the stem hands you: total (before all costs), gross (after transaction costs) or net (after management and administrative costs too).
• Total return − net return = transaction costs + management fee + administrative expenses. Each cost is subtracted once, never twice.
• Leverage is applied to the net return of the fund, using debt ÷ equity. Interest on the loan is the investor's own cost, not the fund's.
• Tax comes before inflation: take the after-tax nominal return, then divide by $(1+\text{inflation})$.
• Going backwards (net to gross) is addition: add back the expenses, and turn any fixed currency amount into a percentage of assets first.