The NAV of every mutual fund is calculated after deducting management expenses that the fund charges
The NAV of every mutual fund is calculated after deducting management expenses of 2-3 per cent that you mention. Therefore, if a fund's returns are displayed as 22 per cent, it means that you as an investor will get 22 per cent appreciation on your investment, if you sell your units. No further deductions will be made for expenses.
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