At the beginning of 2022, you invest in Canyon Buff Mutual Fund (CBM) at a NAV of $40. By the beginning of 2023, their NAV was $45.5 (before fees are taken out). Just before selling your shares, CBM charges its annual 1% expense ratio. No distributions were paid out over the holding period. What is this funds investment return?

		8.59%
		1.27%
		4.84%
		12.61%