If this calculation is made then your 23% IRR turns, in a case like this where cash flows are mostly frontendloaded, to probably something like an 8 or 9 percent return.
The industry responded to investor unease about front-end loads by almost eliminating them: Sales of front-loaded funds declined from 90% of the market in 1961 to 35% in 1999.
Front-loaded funds put less money to work right away because of a front-end commission of 8% or so, but if the fund is well managed, it is a better investment than a no-load fund that underperforms.