The TOB, a Belgian tax on stock market transactions, or stock exchange tax, is a tax that you, as an investor, usually must pay when you buy or sell a share, bond, note, regulated real estate company, mutual fund, listed fund (such as a tracker). Therefore, in many cases you will pay the stock market tax twice. Whether you made a profit or loss, is of no importance. For capitalisation funds (UCI’s), you only pay when exiting the fund; for distribution investment funds you don’t pay stock exchange tax, but a withholding tax on the dividend; for investment funds that invest more than 25% in bonds or other fixed-income securities, there is a capital gains tax applicable on sale. For exchange-traded funds (trackers), depending if these funds are registered in Belgium or not, you pay stock exchange tax. You can find the exact exchange fee that you have to pay when buying or selling on the detail page of the respective financial product.
The calculation of total return, expressed in percentage terms, is determined by taking the change in price, if applicable, reinvestment of all dividends and capital gains of the period, and dividing these by the starting price. Unless otherwise noted, total returns are not adjusted for sales charges (such as stock exchange fees, withholding tax and possible in and exit costs), because Morningstar prefers to give a clearer picture of performance.
Total returns account for ongoing costs, (such as management, administrative and other costs that are taken out of the UCI and are settled daily according to the fund's NAV.