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You are here:  FE Trustnet     Education    Glossaries    Fund Ratings

Introduction to FE Crown Fund Ratings

FE Crown Fund Ratings are supplied to FE Trustnet by its sister company, the data experts FE.

They will be of interest to advisers who have conducted a preliminary asset allocation exercise with their clients, and who now wish to identify the more promising funds within their chosen sectors.

FE Crowns.

What do the ratings tell us?

FE Crown Ratings are compiled using three key measurements of a fund's performance: alpha, volatility, and consistency.

Alpha is a measure of the fund's returns against its benchmark. It is the loss or gain the fund has posted when the benchmark return is assumed to be zero.

Volatility measures the degree to which the fund's periodic returns vary either side of its mean return. The larger the fluctuation, the more risky the fund is.

consistency tracks the nature of a fund's overall return. Was this achieved steadily over time, or were normally loss-making periods offset by a large atypical gain?

FE Crown Rating 5 *

These represent the top 10% of funds in their sector.

Link to 5 FE Crown Funds»

FE Crown Rating 4 *

These represent the next 15% of funds in their sector.

Link to 4 FE Crown Funds»

FE Crown Rating 3 *

These represent the next 25% of funds in their sector. By definition they will have demonstrated a good, if not excellent, record across the three performance criteria.

Link to 3 FE Crown Funds»

FE Crown Rating 2 *

This rating goes to the next 25% of funds in the sector. Here we are looking at performance that tends more towards the average for the sector. This could arise from a consistently average showing across the three criteria, or from elements of good performance which have been mitigated by a lower score in one of the other criteria.

Link to 2 FE Crown Funds»

FE Crown Rating 1 *

This rating comprises the remainder of the funds in the sector. It does not necessarily indicate that there is nothing to recommend these funds, although this could be the case. Equally, a meritable component of the rating could have been outweighed by negative criteria that would be tolerable within some clients' risk/reward profiles.

These ratings are, of course, intended to offer a pointer towards funds that are worthy of further investigation. Past performance is not a guide to the future. The value of investments and the income from them may go down as well as up and are not guaranteed. You may not get back the amount originally invested.

Link to 1 FE Crown Funds»

Non-rated funds

To be eligible for rating, a fund must possess the following characteristics:

  • it has 3 years track record
  • its history is accurate and consistent
  • it is in a sector of 10 or more funds
  • it does not belong to specialist or unclassified sector

Methodology behind FE Crown Fund Ratings


Recent history has been treated as more relevant than that of more remote past, and the model is weighted accordingly. The fund's alpha measurements are taken over 36 months, 35 months, 34, and so on through to 12 months. This collection of alpha measurements is then averaged to produce an overall alpha. In this way, the 12-month measure features in every alpha calculation, while the 36-month figure is only included once, and so the weighting is achieved.

The alpha for each fund is then re-scaled and ranked, so that the lowest becomes zero, and the highest scaled as 100. The resulting value between 0-100 for each fund is the alpha component of the rating.


This is based on the fund's total return history (with net income re-invested), taking 3 years-worth of quarterly performance. On this basis, each fund is ranked within its sector and its percentile performance established. The percentiles are then averaged to produce an overall consistency measurement.


This is based on the fund's total return history (with net income re-invested), taking 3 years-worth of quarterly performance. On this basis, each fund is ranked within its sector and its percentile performance established. The percentiles are then averaged to produce an overall consistency measurement.

As before, the resulting body of figures is re-scaled from 0-100 to form the consistency element of the rating.

In Combination - the FE Crown Rating

This is a matter of simply adding the three measurements to arrive at the value. The combined values are ranked, and ratings are assigned according to where the fund falls within its sector.

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