EDGE Bangladesh Mutual Fund

EDGE Bangladesh Mutual Fund (EDGEBDMF) provides a balanced allocation to both equity and debt securities where allocation is tilted based on relative attractiveness of the two asset classes. The presence of debt securities helps reduce volatility, downside risk and may also enhance return when equity market trends downwards.

EDGEBDMF has a moderate to low risk level. It is best suited for investors who do not want to manage their debt and equity allocations by themselves and who thus seek professional, dynamic fund management.

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Fund Summary

Key statistics of the mutual fund are shown below.

Inception Date

02 Aug 2018

Fund Size*

BDT 159,456,400

NAV

11.55

Fund Type

Balanced Fund

CAGR

6.74%

Max Drawdown*

16.45%
* Published on 30 September 2024

Sectoral Allocation

The table and the pie chart show how client funds are invested. Data as of 30 September 2024.

Sector Portfolio weight
Bank 13.60%
Pharmaceuticals 20.00%
Consumer 10.30%
Foods & Allied 6.40%
T-Bond 10.10%
Corporate Bond 6.70%
Other Equities 2.24%
Mutual Funds 2.40%
Money Market Securities & Cash 28.26%

Performance History

The table summarizes fund performance since inception.

Strategy Name Since Inception 10Y 7Y 5Y 3Y 1Y 6M 3M YTD
EDGE Bangladesh Mutual Fund 52.00% - - 45.73% -1.94% 3.12% 12.18% -1.75% 3.05%
DSEX -3.30% - - 15.67% -25.27% -16.49% 2.00% -8.86% -16.42%
DS30 2.40% - - 25.18% -26.33% -8.33% 6.44% -7.75% -7.41%

EDGEBDMF Relative Performance Chart

Graphical representation of the relative performance of EDGEBDMF, DSEX and DS30.

Date Nav/Unit Investor Sell Price Investor Buy Price Return Composite
19 Dec, 2024 11.55 11.55 11.55 15.20
12 Dec, 2024 11.44 11.44 11.44 15.05
05 Dec, 2024 11.46 11.46 11.46 15.08
28 Nov, 2024 11.46 11.46 11.46 15.08
21 Nov, 2024 11.41 11.41 11.41 15.01
14 Nov, 2024 11.61 11.61 11.61 15.27
07 Nov, 2024 11.54 11.54 11.54 15.18
31 Oct, 2024 11.45 11.45 11.45 15.06
24 Oct, 2024 11.21 11.21 11.21 14.75
17 Oct, 2024 11.38 11.38 11.38 14.97
09 Oct, 2024 11.53 11.53 11.53 15.17
03 Oct, 2024 11.59 11.59 11.59 15.25
26 Sep, 2024 11.73 11.73 11.73 15.43
19 Sep, 2024 11.71 11.71 11.71 15.41
12 Sep, 2024 11.76 11.76 11.76 15.47
05 Sep, 2024 11.83 11.83 11.83 15.56
29 Aug, 2024 11.70 11.70 11.70 15.39
22 Aug, 2024 11.68 11.68 11.68 15.37
15 Aug, 2024 11.72 11.72 11.72 15.42
08 Aug, 2024 11.39 11.39 11.39 14.99
01 Aug, 2024 10.72 10.72 10.72 14.10
25 Jul, 2024 10.71 10.71 10.71 14.09
18 Jul, 2024 10.76 10.76 10.76 14.16
11 Jul, 2024 10.66 10.66 10.66 14.02
04 Jul, 2024 10.64 10.64 10.64 14.00
27 Jun, 2024 10.60 10.60 10.60 13.95
20 Jun, 2024 10.41 10.41 10.41 13.70
13 Jun, 2024 10.30 10.30 10.30 13.55
06 Jun, 2024 10.31 10.31 10.31 13.56
30 May, 2024 10.33 10.33 10.33 13.59
23 May, 2024 10.40 10.40 10.40 13.68
16 May, 2024 10.52 10.52 10.52 13.84
09 May, 2024 10.67 10.67 10.67 14.04
02 May, 2024 10.71 10.71 10.71 14.09
25 Apr, 2024 10.66 10.66 10.66 14.02
18 Apr, 2024 10.79 10.79 10.79 14.20
09 Apr, 2024 10.95 10.95 10.95 14.41
04 Apr, 2024 10.95 10.95 10.95 14.41
28 Mar, 2024 10.96 10.96 10.96 14.42
21 Mar, 2024 11.09 11.09 11.09 14.59
14 Mar, 2024 11.08 11.08 11.08 14.58
07 Mar, 2024 11.19 11.19 11.19 14.72
29 Feb, 2024 11.34 11.34 11.34 14.92
22 Feb, 2024 11.37 11.37 11.37 14.96
15 Feb, 2024 11.41 11.41 11.41 15.01
08 Feb, 2024 11.28 11.28 11.28 14.84
01 Feb, 2024 11.23 11.17 11.17 14.77
25 Jan, 2024 11.23 11.19 11.19 14.77
18 Jan, 2024 11.28 11.17 11.17 14.84
11 Jan, 2024 11.25 11.15 11.15 14.80
04 Jan, 2024 11.21 11.04 11.04 14.75
28 Dec, 2023 11.21 11.09 11.09 14.75
21 Dec, 2023 11.20 11.04 11.04 14.74
14 Dec, 2023 11.22 11.03 11.03 14.76
07 Dec, 2023 11.20 11.05 11.05 14.74
30 Nov, 2023 11.19 10.99 10.99 14.72
23 Nov, 2023 11.19 10.97 10.97 14.72
16 Nov, 2023 11.16 10.93 10.93 14.68
09 Nov, 2023 11.17 10.99 10.99 14.70
02 Nov, 2023 11.18 10.97 10.97 14.71
26 Oct, 2023 11.20 10.94 10.94 14.74
19 Oct, 2023 11.21 11.00 11.00 14.75
12 Oct, 2023 11.23 11.01 11.01 14.77
05 Oct, 2023 11.27 11.09 11.09 14.83
27 Sep, 2023 11.25 10.99 10.99 14.80
21 Sep, 2023 11.27 11.01 11.01 14.83
14 Sep, 2023 11.26 10.98 10.98 14.81
07 Sep, 2023 11.30 11.02 11.02 14.87
31 Aug, 2023 11.30 11.07 11.07 14.87
24 Aug, 2023 11.31 11.13 11.13 14.88
17 Aug, 2023 11.26 11.06 11.06 14.81
10 Aug, 2023 11.22 10.99 10.99 14.76
03 Aug, 2023 11.20 10.98 10.98 14.74
27 Jul, 2023 11.21 11.01 11.01 14.75
20 Jul, 2023 11.22 10.99 10.99 14.76
13 Jul, 2023 11.22 10.98 10.98 14.76
06 Jul, 2023 11.22 10.96 10.96 14.76
26 Jun, 2023 11.24 11.13 11.13 14.79
22 Jun, 2023 11.24 11.11 11.11 14.79
15 Jun, 2023 11.23 10.99 10.99 14.77
08 Jun, 2023 11.24 11.02 11.02 14.79
01 Jun, 2023 11.24 11.02 11.02 14.79
25 May, 2023 11.24 11.01 11.01 14.79
18 May, 2023 11.28 11.08 11.08 14.84
11 May, 2023 11.29 11.06 11.06 14.85
03 May, 2023 11.30 11.06 11.06 14.87
27 Apr, 2023 11.29 11.05 11.05 14.85
18 Apr, 2023 11.25 11.02 11.02 14.80
13 Apr, 2023 11.26 11.01 11.01 14.81
06 Apr, 2023 11.22 10.97 10.97 14.76
30 Mar, 2023 11.22 10.99 10.99 14.76
23 Mar, 2023 11.23 10.97 10.97 14.77
16 Mar, 2023 11.24 11.24 11.24 14.79
09 Mar, 2023 11.19 11.19 11.19 14.72
02 Mar, 2023 11.18 11.18 11.18 14.71
23 Feb, 2023 11.17 11.17 11.17 14.70
16 Feb, 2023 11.18 11.18 11.18 14.71
09 Feb, 2023 11.21 11.21 11.21 14.75
02 Feb, 2023 11.14 11.14 11.14 14.66
26 Jan, 2023 11.41 11.41 11.41 14.56
19 Jan, 2023 11.40 11.40 11.40 14.54
12 Jan, 2023 11.39 11.39 11.39 14.53
05 Jan, 2023 11.41 11.41 11.41 14.56
29 Dec, 2022 11.41 11.41 11.41 14.56
22 Dec, 2022 11.40 11.40 11.40 14.54
15 Dec, 2022 11.43 11.43 11.43 14.58
08 Dec, 2022 11.44 11.44 11.44 14.60
01 Dec, 2022 11.42 11.42 11.42 14.57
24 Nov, 2022 11.35 11.35 11.35 14.48
17 Nov, 2022 11.33 11.33 11.33 14.45
10 Nov, 2022 11.33 11.33 11.33 14.45
03 Nov, 2022 11.36 11.36 11.36 14.49
27 Oct, 2022 11.32 11.32 11.32 14.44
20 Oct, 2022 11.40 11.40 11.40 14.54
13 Oct, 2022 11.39 11.39 11.39 14.53
06 Oct, 2022 11.44 11.44 11.44 14.60
29 Sep, 2022 11.47 11.47 11.47 14.63
22 Sep, 2022 11.54 11.54 11.54 14.72
15 Sep, 2022 11.57 11.57 11.57 14.76
08 Sep, 2022 11.66 11.66 11.66 14.88
01 Sep, 2022 11.57 11.57 11.57 14.76
25 Aug, 2022 11.51 11.51 11.51 14.68
17 Aug, 2022 11.51 11.51 11.51 14.68
11 Aug, 2022 11.43 11.43 11.43 14.58
04 Aug, 2022 11.56 11.56 11.56 14.75
28 Jul, 2022 11.33 11.33 11.33 14.45
21 Jul, 2022 11.36 11.36 11.36 14.49
14 Jul, 2022 11.41 11.41 11.41 14.56
07 Jul, 2022 11.44 11.44 11.44 14.60
30 Jun, 2022 11.56 11.56 11.56 14.75
23 Jun, 2022 11.41 11.41 11.41 14.56
16 Jun, 2022 11.51 11.51 11.51 14.68
09 Jun, 2022 11.60 11.60 11.60 14.80
02 Jun, 2022 11.47 11.47 11.47 14.63
26 May, 2022 11.39 11.39 11.39 14.53
19 May, 2022 11.51 11.51 11.51 14.68
12 May, 2022 11.74 11.74 11.74 14.98
05 May, 2022 11.82 11.82 11.82 15.08
28 Apr, 2022 11.82 11.82 11.82 15.08
21 Apr, 2022 11.81 11.81 11.81 15.07
14 Apr, 2022 11.73 11.73 11.73 14.97
07 Apr, 2022 11.73 11.73 11.73 14.97
31 Mar, 2022 11.79 11.79 11.79 15.04
24 Mar, 2022 11.80 11.80 11.80 15.05
17 Mar, 2022 11.80 11.80 11.80 15.05
10 Mar, 2022 11.70 11.70 11.70 14.93
03 Mar, 2022 11.88 11.88 11.88 15.16
24 Feb, 2022 12.11 12.11 12.11 15.45
17 Feb, 2022 12.25 12.25 12.25 15.63
10 Feb, 2022 12.32 12.32 12.32 15.72
03 Feb, 2022 12.25 12.25 12.25 15.63
27 Jan, 2022 12.15 12.15 12.15 15.50
20 Jan, 2022 12.23 12.23 12.23 15.59
13 Jan, 2022 14.54 14.54 14.54 15.55
06 Jan, 2022 14.51 14.51 14.51 15.51
30 Dec, 2021 14.36 14.36 14.36 15.36
23 Dec, 2021 14.29 14.29 14.29 15.27
16 Dec, 2021 14.46 14.46 14.46 15.45
09 Dec, 2021 14.50 14.50 14.50 15.50
02 Dec, 2021 14.41 14.41 14.41 15.40
25 Nov, 2021 14.25 14.25 14.25 15.24
18 Nov, 2021 14.47 14.47 14.47 15.47
11 Nov, 2021 14.03 14.03 14.03 15.00
04 Nov, 2021 13.85 13.85 13.85 14.81
28 Oct, 2021 14.14 14.14 14.14 15.11
21 Oct, 2021 14.34 14.34 14.34 15.33
14 Oct, 2021 14.48 14.48 14.48 15.48
07 Oct, 2021 14.62 14.62 14.62 15.63
30 Sep, 2021 14.59 14.59 14.59 15.60
23 Sep, 2021 14.51 14.51 14.51 15.52
16 Sep, 2021 14.64 14.64 14.64 15.65
09 Sep, 2021 14.93 14.93 14.93 15.97
02 Sep, 2021 14.12 14.12 14.12 15.09
26 Aug, 2021 14.02 14.02 14.02 14.99
19 Aug, 2021 13.99 13.99 13.99 14.96
12 Aug, 2021 13.99 13.99 13.99 14.95
05 Aug, 2021 13.95 13.95 13.95 14.91
29 Jul, 2021 13.90 13.90 13.90 14.86
19 Jul, 2021 13.84 13.84 13.84 14.80
15 Jul, 2021 13.46 13.46 13.46 14.39
08 Jul, 2021 13.30 13.30 13.30 14.22
01 Jul, 2021 13.16 13.16 13.16 14.07
24 Jun, 2021 13.12 13.12 13.12 14.03
17 Jun, 2021 13.04 13.04 13.04 13.94
10 Jun, 2021 13.07 13.07 13.07 13.97
03 Jun, 2021 13.14 13.14 13.14 14.05
27 May, 2021 13.09 13.09 13.09 13.99
20 May, 2021 12.98 12.98 12.98 13.88
13 May, 2021 13.04 13.04 13.04 13.94
06 May, 2021 12.70 12.70 12.70 13.58
29 Apr, 2021 12.51 12.51 12.51 13.37
22 Apr, 2021 12.49 12.49 12.49 13.35
15 Apr, 2021 12.39 12.39 12.39 13.25
08 Apr, 2021 12.39 12.39 12.39 13.25
01 Apr, 2021 12.31 12.31 12.31 13.16
25 Mar, 2021 12.48 12.48 12.48 13.34
18 Mar, 2021 12.65 12.65 12.65 13.52
11 Mar, 2021 12.97 12.97 12.97 13.87
04 Mar, 2021 12.86 12.86 12.86 13.75
25 Feb, 2021 12.65 12.65 12.65 13.52
18 Feb, 2021 12.95 12.95 12.95 13.84
11 Feb, 2021 13.12 13.12 13.12 14.03
04 Feb, 2021 13.44 13.44 13.44 14.37
28 Jan, 2021 13.08 13.08 13.08 13.98
21 Jan, 2021 12.96 12.96 12.96 13.86
14 Jan, 2021 13.28 13.28 13.28 13.88
07 Jan, 2021 12.60 12.60 12.60 13.17
31 Dec, 2020 12.03 12.03 12.03 12.57
24 Dec, 2020 11.47 11.47 11.47 11.99
17 Dec, 2020 11.36 11.36 11.36 11.87
10 Dec, 2020 11.25 11.25 11.25 11.76
03 Dec, 2020 11.04 11.04 11.04 11.53
26 Nov, 2020 10.92 10.92 10.92 11.41
19 Nov, 2020 10.97 10.97 10.97 11.47
12 Nov, 2020 11.03 11.03 11.03 11.53
05 Nov, 2020 11.02 11.02 11.02 11.51
29 Oct, 2020 10.89 10.89 10.89 11.39
22 Oct, 2020 11.00 11.00 11.00 11.50
15 Oct, 2020 11.01 11.01 11.01 11.50
08 Oct, 2020 11.06 11.06 11.06 11.56
01 Oct, 2020 11.06 11.06 11.06 11.56
24 Sep, 2020 10.71 10.71 10.71 11.20
17 Sep, 2020 10.62 10.62 10.62 11.10
10 Sep, 2020 10.45 10.45 10.45 10.92
03 Sep, 2020 10.27 10.27 10.27 10.74
27 Aug, 2020 10.20 10.20 10.20 10.66
20 Aug, 2020 9.88 9.88 9.88 10.33
13 Aug, 2020 9.76 9.76 9.76 10.20
06 Aug, 2020 9.49 9.49 9.49 9.92
30 Jul, 2020 9.36 9.36 9.36 9.79
23 Jul, 2020 9.23 9.23 9.23 9.65
16 Jul, 2020 9.22 9.22 9.22 9.63
09 Jul, 2020 9.19 9.19 9.19 9.60
02 Jul, 2020 9.13 9.13 9.13 9.54
25 Jun, 2020 9.11 9.11 9.11 9.52
18 Jun, 2020 9.10 9.10 9.10 9.51
11 Jun, 2020 9.10 9.10 9.10 9.51
04 Jun, 2020 9.07 9.07 9.07 9.48
28 May, 2020 9.02 9.02 9.02 9.43
21 May, 2020 9.02 9.02 9.02 9.43
14 May, 2020 9.02 9.02 9.02 9.42
07 May, 2020 9.01 9.01 9.01 9.42
30 Apr, 2020 9.01 9.01 9.01 9.42
23 Apr, 2020 9.01 9.01 9.01 9.42
16 Apr, 2020 9.00 9.00 9.00 9.41
09 Apr, 2020 8.98 8.98 8.98 9.39
02 Apr, 2020 8.98 8.98 8.98 9.39
25 Mar, 2020 8.98 8.98 8.98 9.38
19 Mar, 2020 8.98 8.98 8.98 9.39
12 Mar, 2020 9.13 9.13 9.13 9.54
05 Mar, 2020 9.36 9.36 9.36 9.78
27 Feb, 2020 9.46 9.46 9.46 9.89
20 Feb, 2020 9.80 9.80 9.80 10.24
13 Feb, 2020 9.65 9.65 9.65 10.09
06 Feb, 2020 9.59 9.59 9.59 10.02
30 Jan, 2020 9.60 9.60 9.60 10.03
23 Jan, 2020 9.63 9.63 9.63 10.06
16 Jan, 2020 9.46 9.46 9.46 9.64
09 Jan, 2020 9.56 9.56 9.56 9.74
02 Jan, 2020 10.02 10.02 10.02 10.20
26 Dec, 2019 10.14 10.14 10.14 10.32
19 Dec, 2019 10.13 10.13 10.13 10.31
12 Dec, 2019 10.24 10.24 10.24 10.43
05 Dec, 2019 10.28 10.28 10.28 10.47
28 Nov, 2019 10.35 10.35 10.35 10.54
21 Nov, 2019 10.42 10.42 10.42 10.61
14 Nov, 2019 10.32 10.32 10.32 10.51
07 Nov, 2019 10.34 10.34 10.34 10.53
31 Oct, 2019 10.22 10.22 10.22 10.41
24 Oct, 2019 10.36 10.36 10.36 10.55
17 Oct, 2019 10.46 10.46 10.46 10.65
10 Oct, 2019 10.51 10.51 10.51 10.71
03 Oct, 2019 10.65 10.65 10.65 10.84
26 Sep, 2019 10.68 10.68 10.68 10.88
19 Sep, 2019 10.49 10.49 10.49 10.69
12 Sep, 2019 10.48 10.48 10.48 10.68
05 Sep, 2019 10.46 10.46 10.46 10.65
29 Aug, 2019 10.54 10.54 10.54 10.73
22 Aug, 2019 10.61 10.61 10.61 10.80
08 Aug, 2019 10.58 10.58 10.58 10.77
01 Aug, 2019 10.61 10.61 10.61 10.81
25 Jul, 2019 10.63 10.63 10.63 10.83
18 Jul, 2019 10.51 10.51 10.51 10.71
11 Jul, 2019 10.60 10.60 10.60 10.79
04 Jul, 2019 10.76 10.76 10.76 10.96
27 Jun, 2019 10.75 10.75 10.75 10.95
20 Jun, 2019 10.59 10.59 10.59 10.79
13 Jun, 2019 10.66 10.66 10.66 10.86
30 May, 2019 10.55 10.55 10.55 10.75
23 May, 2019 10.37 10.37 10.37 10.57
16 May, 2019 10.27 10.27 10.27 10.46
09 May, 2019 10.43 10.43 10.43 10.62
02 May, 2019 10.54 10.54 10.54 10.74
30 Apr, 2019 10.46 10.46 10.46 10.65
25 Apr, 2019 10.50 10.50 10.50 10.69
18 Apr, 2019 10.56 10.56 10.56 10.76
11 Apr, 2019 10.58 10.58 10.58 10.78
04 Apr, 2019 10.75 10.75 10.75 10.95
31 Mar, 2019 10.76 10.76 10.76 10.96
28 Mar, 2019 10.78 10.78 10.78 10.98
21 Mar, 2019 10.91 10.91 10.91 11.11
14 Mar, 2019 11.04 11.04 11.04 11.24
07 Mar, 2019 10.91 10.91 10.91 11.12
28 Feb, 2019 10.96 10.96 10.96 11.16
20 Feb, 2019 10.93 10.93 10.93 11.14
14 Feb, 2019 10.93 10.93 10.93 11.13
07 Feb, 2019 11.00 11.00 11.00 11.21
31 Jan, 2019 10.76 10.76 10.76 10.96
24 Jan, 2019 10.82 10.82 10.82 11.02
17 Jan, 2019 10.90 10.90 10.90 10.90
10 Jan, 2019 10.85 10.85 10.85 10.85
03 Jan, 2019 10.49 10.49 10.49 10.49
27 Dec, 2018 10.43 10.43 10.43 10.43
20 Dec, 2018 10.30 10.30 10.30 10.30
13 Dec, 2018 10.29 10.29 10.29 10.29
06 Dec, 2018 10.32 10.32 10.32 10.32
29 Nov, 2018 10.34 10.34 10.34 10.34
22 Nov, 2018 10.27 10.27 10.27 10.27
15 Nov, 2018 10.14 10.14 10.14 10.14
08 Nov, 2018 10.09 10.09 10.09 10.09
01 Nov, 2018 10.10 10.10 10.10 10.10
25 Oct, 2018 10.11 10.11 10.11 10.11
18 Oct, 2018 10.11 10.11 10.11 10.11
11 Oct, 2018 10.06 10.06 10.06 10.06
04 Oct, 2018 10.05 10.05 10.05 10.05
30 Sep, 2018 10.02 10.02 10.02 10.02
27 Sep, 2018 10.02 10.02 10.02 10.02
20 Sep, 2018 10.02 10.02 10.02 10.02
13 Sep, 2018 10.01 10.01 10.01 10.01
06 Sep, 2018 10.05 10.05 10.05 10.05
30 Aug, 2018 10.05 10.05 10.05 10.05
23 Aug, 2018 10.05 10.05 10.05 10.05
16 Aug, 2018 10.03 10.03 10.03 10.03
09 Aug, 2018 10.01 10.01 10.01 10.01

Fund Documents

All the key documents related to the fund including quarterly portfolio statements, quarterly financial statements, forms, prospectus etc can be downloaded below.

Year Annual Dividend
2018 2.00%
2019 2.50%
2020 3.00%
2021 23.50%
2022 3.50%

Features Description
Name of the Fund EDGE Bangladesh Mutual Fund
Nature Open end Mutual Fund
Life & size of the Fund Perpetual life and unlimited size
Sponsor & Asset Manager EDGE AMC Limited
Trustee Sandhani Life Insurance Company Limited
Custodian BRAC Bank Limited
Initial Size of the Fund Tk 10,00,00,000 (Taka Ten Crore) divided into 1,00,00,000 (One Crore) Units of Tk. 10 (Taka Ten) each.
Face value Tk. 10 (Taka Ten) per Unit
Objective

The objective of the EDGE Bangladesh Mutual Fund is to achieve superior risk adjusted return in the forms of capital appreciation, dividend, interest

income and to provide attractive dividend payments to the Unit holders by investing the fund in instruments of capital market, money market etc.
Minimum Subscription

Tk. 5,000/- per application (500 Units) for individuals

Tk. 50,000/- per application (5,000 Units) for institutions

Not Applicable for SIP investors
Dividend Minimum 70 (seventy) percent of realized income of the Fund will be distributed as Dividend in Bangladeshi Taka in each accounting year.
Dividend Distribution The dividend warrant will be distributed within 45 (forty-five) days from the date of declaration.
Transferability The Units of the Fund are transferrable by way of inheritance/ gift and/ or by specific operation of law.
Surrender and Encashment

The Units holders can surrender and encash their Units to the Asset Manager and through the authorized selling agents appointed by the Asset Manager.

The Asset Manager or selling agent shall be liable to re-purchase the units on behalf of the Fund.
Tax Benefit

a) Income from a mutual fund or a unit fund up to tk, 25,000.00 (Twenty-Five Thousand) is exempted from tax under Income Tax Ordinance 1984

b) Investment in the Unit Fund would qualify for investment tax credit under section 44(2) of the Income Tax Ordinance.

c) The income of the Fund will also be exempted form Tax.