The calculation is done with a
formula where the proceeds from a sale of the asset,
after transaction
fees are factored and then subtracting the adjusted cost base multiplied by the total shares in the transaction.
For example, the
Formula Investing US Value Select A (FNSAX) has outperformed (just)
after fees since its November 3, 2010 inception, as has the
Formula Investing US Value Select I FNSIX since its inception on the same date, and the
Formula Investing US Value 1000 A (FVVAX) has also outperformed since inception.