capital gain distribution为什么也算loss呢

问题如下：

Lily holds a large amount of APPL stock, which accounts for 90% of his wealth. Due to the concentration of risks, Lily tried to diversify its investment portfolio by using the proceeds from the sale of APPL shares to invest in mutual funds. Lily's investment advisors have identified three mutual funds, and Lily considers which of these three mutual funds will be the most tax-efficient in the future. Some data of the three mutual funds are shown in Table 1.

Based on Exhibit 1, the mutual fund most likely to be the most tax efficient going forward is:

选项：

A.

Fund A

B.

Fund B

C.

Fund C

解释：

Fund A has a lower percent capital gain exposure (PCGE) than does Fund B or Fund C. PCGE is an estimate of the percentage of a fund’s assets that represent gains and measures how much the fund’s assets have appreciated. It can be an indicator of possible future capital gain distributions. PCGE can be used to gauge the amount of tax liability embedded in a mutual fund. The negative PCGE of Fund A implies that Fund A is more likely to be the most tax-efficient fund going forward, because it can use the embedded losses in its portfolio to offset future realized gains.

PCGE = Net gains (losses)/Total net assets.

Fund A: PCGE= (450,000-500,000) / [2,000,000+(450,000-500,000)]} =-2.56%

Fund B: PCGE= (300,000-200,000-100,000) /[3,000,000+(300,000-200,000-100,000)] =0

Fund C: PCGE= (600,000-400,000)/ [4,000,000+(600,000-400,000)] =4.76%