This shows the annualised return, in percentage terms, that an investor would have received over the preceding 3 years to the end of the previous calendar month. For more information, view our Performance Methodology.
The value-o-meter within the Cost section of the Fund Dashboard shows the fund's costs relative to the fund's peer group on a like for like basis, ie. active vs. active, passive vs. passive. Green being cheaper and red indicating more expensive. For more information, view our Cost Analysis Methodology.
Current success of meeting fund objective
This identifies the percentage of time that the fund has met or exceeded its performance objective or benchmark over the investment time horizon of the fund. For more information, view our Performance Methodology
Environmental, Social and Governance (ESG) refers to the three central factors that should be seen as an input into the fundamental analysis to better establish the potential risks of an investment and how best to mitigate them. Importantly, this can be applied to any and all funds and is not specific to funds with terms such as 'sustainability' in their name.
ESG integration: Company level
At the company level we seek to understand if and how an asset manager integrates the consideration of ESG factors across its business and in its investment processes. A score of 0 indicates that the company does not have an explicit or discernible approach to or consideration of ESG factors. A score of 3, on the other hand, shows that ESG factors are fully integrated and are instrumental to the companies investment processes. For more information, view our ESG integration methodology.
ESG integration: Fund level
We seek to understand if and how ESG factors are considered in the management of individual funds. A score of 0 in the fund assessment indicates there is no explicit or discernible approach to or consideration of ESG factors in the funds investment process. A score of 3 indicates that ESG factors are fully integrated and are instrumental to the management of that strategy. For more information, view our ESG integration methodology.
This is an approach to Responsible investment whereby funds which display an 'Exclusion' approach are those which actively exclude companies or other entities which have a negative impact on society and/or the environment. For more information, view our Responsible Ratings methodology.
FE Alpha Manager Rating
FE Alpha Manager Ratings rate the performance of a fund manager over their career regardless of the number of funds they have managed or number of places worked. They are designed to distinguish fund managers who have consistently performed well over the longer term. Only the top 10% of fund managers are awarded Alpha Manager status thus ensuring only the elite receive this accolade. The robust methodology is comprised of three key components: Risk-adjusted alpha (with track record length bias), consistent out-performance of a composite benchmark representing the manager's peer group over time and out/under performance, consistency in rising and falling markets.
FE fundinfo Crown Fund Rating
The FE fundinfo Crown ratings are quantitative ratings ranging from 1 to 5 designed to help investors identify funds which have displayed the superior performance in terms of stock-picking, consistency and risk control. The top 10% of funds are awarded five FE Crowns, the next 15% receive four FE Crowns and the remaining three quartiles get three, two and one Crown(s) respectively. To find out more, visit the FE fundinfo website.
FE Risk Score
The FE Risk Score represents the riskiness of an instrument. It is calculated by using at least 18 months (and a maximum of 3 years) of weekly total returns, with more weighting given to recent market events, and less weighting given to historic events. It then measures the instrument's volatility relative to an appropriate benchmark, e.g. the FTSE 100 for the UK. Instruments more volatile than the FTSE 100 have a score above 100 and vice versa, giving a reliable indication of relative risk.
This is the formal objective of the fund as stated in the fund manager's literature.
Fund Share Class
Square Mile fund ratings are assigned to the fund and all the different share classes related to that fund. Quantitative data on our fact sheets is taken from FE, the data for onshore funds relates to the fund's 'primary' share class as defined by the fund manager. We may take data from other share classes for offshore funds.
Investment Association sectors. These represent funds that are grouped together on due to underlying investment type, such as equities and fixed income, and may also have a geographic focus. The sectors divide up the funds into smaller groups, to allow you to make like-for-like comparisons between funds in one or more sectors.
This is an approach to Responsible investment whereby funds which display an 'Impact' approach are those were the fund managers are seeking to include entities which have a positive impact on society and/or the environment. For more information, view our Responsible Ratings methodology.
The investment timeframe is either explicitly described in the formal fund objective or defined as part of Square Mile fund analysis.
Ongoing Charge Figure (OCF)
The Ongoing Charge Figure (OCF) represents the costs an investor would expect to pay from one year to the next. They include the annual management charge, the funds professional fees, management fees, audit fees and custody fees. They do not include any performance fees.
Suitable for investors who want to build up their savings and capital. Different investors will have different time horizons, from the medium to the long term, and suitability should be assessed on the basis of each investor's individual objectives, existing investments, time horizon, and tolerance for risk. The funds listed in this Outcome Grouping have aims and investment objectives that are consistent with investors' need to grow their capital.
Suitable for investors who seek investment income either in retirement - or perhaps to augment salary income, or to meet specific liabilities such as school fees. Suitability should be assessed on the basis of each investor's individual objectives, existing investments, time horizon, and tolerance for risk.
Funds in this Outcome Grouping are not appropriate for investors seeking total capital security. Rather, they are suitable for investors who wish to preserve their capital but are prepared to entertain the possibility of capital loss whilst seeking an element of capital appreciation and/or income. Many managers of the funds within this category tend to invest with an absolute return philosophy. Suitability should be assessed on the basis of each investor's individual objectives, existing investments, time horizon, and tolerance for risk. Funds in this Outcome Grouping tend to be relatively low-risk fixed income or multi-asset funds, and/or funds that make extensive use of hedging strategies to reduce the likelihood of capital loss. Many of the funds in this Outcome Grouping employ complex derivative strategies and may be suitable only for sophisticated investors.
Suitable for investors who seek to maintain the real value of their capital and income. Suitability should be assessed on the basis of each investor's individual objectives, existing investments, time horizon, and tolerance for risk.
However, it is important to remember that the nationally recognised measures of consumer inflation - such as the Retail Price Index (RPI) and Consumer Price Index (CPI) - might not correspond with investors' own personal expenditure inflation rates. This Outcome Grouping contains funds with inflation-related objectives; typically, these funds will have explicit index-linked aims, and/or will invest in assets such as property and equities, which have the scope to retain their real value over a protracted period.
Peer groups are loosely based on the IA Sectors, but may be refined to ensure that analysis between funds is carried out on similar funds.
The Risk section of the Fund Dashboard highlights some of the common factors that investors take into account when analysing the risk of a fund. For more information, view our Risk Rating Methodology.
Risk of asset class
A series of metrics are used to identify the perceived risk that an asset class exhibits, relative to other asset classes. A score of 1 indicates the asset class would be expected to be the least risky and a score of 10 would indicate an asset class was the highest risk. To find out more, read our Risk Rating Methodology.
Risk of fund within asset class
A series of metrics are used to identify the perceived riskiness of the fund within the relevant peer group. A score of 1 is the least risky and 5 is the most risky. For more information, read our Risk Rating Methodology.
Risk Targeted Fund
A fund which has been specifically designed or has as its primary objective the goal of controlling the overall level of risk to which it will be exposed. There are different measures of risk however the most common within this universe are standard deviation and maximum drawdown. The timeframe over which each fund will aim to achieve its targeted risk level may vary as will the basis on which it is measured i.e. forward looking or historically based.
Square Mile Expected Outcome
Following conversations with the fund managers, the Square Mile analysts will form an opinion of the returns that an investor might expect to receive over the investment time horizon. The opinion may not match the formal fund objective.
Square Mile Rating
The Square Mile rating is a qualitative rating that is given to those funds that the Square Mile research analysts feel are truly best in class. The analysts focus on gaining the fullest possible knowledge and understanding of those funds. Only those funds that the analysts believe are able to achieve their stated objective over time will receive a Square Mile fund rating. For more information, read our Research and Ratings Methodology.
This is an approach to Responsible investment whereby funds which display an 'Sustainable' approach are those which invests in companies that are rewarding and encouraging positive change and leaders in sustainability. For more information, view our Responsible Ratings methodology
Synthetic Risk and Reward Indicator (SRRI)
The Synthetic Risk and Reward Indicator (SRRI) was defined in 2009 by the Committee of European Securities Regulators (CESR) with the aim of providing investors with an objective method of assessing a fund's risk. The SRRI grades funds between 1 and 7 based around the 5 year volatility of the fund. The grading system is non linear, so that the difference in volatility between funds rated 1 and 2 is far smaller than funds rated between 6 and 7.
Total cost of investment
The total cost of investing in a fund will incorporate the Ongoing Charge Figure (OCF) and the transaction charges, and aims to summarise the total expectation of investing into the fund. Costs which are not included in this analysis are any platform or high-water mark fees. For more information, view our Cost Analysis Methodology
The transaction cost is in addition to the Ongoing Charge Figure (OCF) and is the cost incurred by the day-to-day buying and selling of securities within the fund. This figure is calculated by the fund managers and published on an annual basis using methodology set out by the regulator. For more information, view our Cost Analysis Methodology
Volatility is calculated using standard deviation, a statistical measurement which, when applied to an investment fund, expresses its risk. Volatility shows how widely a range of returns varied from the fund's average return over a 3 year period.
The Yield figure shown is the current yield of the fund. The current yield is an fund's annual income (interest or dividends) divided by the current price of the fund.
3 years max drawdown
This shows the largest fall in percentage terms that the fund has experienced over the last three years. For more information, view our Risk Rating Methodology.