THIS FUND GAINED 18% BUT THE INVESTORS IN IT LOST 11%. HOW ?

I was reading THIS article. During the period 2000 to 2010, CGM focus fund delivered an 18% annualised returns while the benchmark S&P 500 was almost flat. This means $100,000 invested in 2000 would have become around $500,000 in 10 years. Capital multiplied by 5 times. Morningstar, a mutual fund rating agency, studied the performance …

Continue reading THIS FUND GAINED 18% BUT THE INVESTORS IN IT LOST 11%. HOW ?