A couple of aspects to look at. Firstly, as yifuj has indicated, a lot of funds put tax consequences on remaining investors from those that withdraw. However, increasingly many funds are now choosing to become AMIT compliant, which negates this impact, by quarantining tax impacts only to those investors that incur them. So look for funds that have this.
Secondly, look at the fund strategy. Depending on the level of portfolio turnover, this has implications for whether or not gains are mostly income or capital (high turnover generally means most of the return is from capital gain).
