Since a fund reports unrealized gains, it could easily get away with inflating profits.

只要一个未实现收益的基金报告，它就可以用虚高的利润而轻易得逞。

youdao

Fund managers typically keep 20% of (unrealized) trading profits. But first they must realize that 20% by selling the liquid assets.

一般的基金经理可拿到(未实现的)交易利润的20%，但首先他们须卖出流动资产，才能实现那个20%。

youdao

Fund A generates all of its profits from unrealized gains and thus the only tax hit to investors comes at the end of the 15 year period when we assume the fund is liquidated and the proceeds to investors are taxed at a long term gains rate of 15%.

FORBES: Reported Returns Don't Tell The Full Story

Then, consider profits, realized and unrealized, in equity kickers.

FORBES: Buffett, The Reinvented Warrior, Soldiers On