Trustnet Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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FE Crown Fund Ratings Methodology


FE Crown Fund Ratings are calculated by building up a score. The score is made up of three parts, and each part is calculated by reference to a benchmark for the fund. The calculations only have meaning if that benchmark provides a good basis for understanding the performance of that fund.

The process starts with finding a benchmark

FE has used approximately 300 well-known benchmarks, including sector averages and indices, to find a ‘best-fit’ for each fund. Where sectors are homogenous and not too diverse, we have retained use of the sector average as a benchmark for all funds. However for more diverse sectors a best-fit, appropriate benchmark is assigned. This best fit is compared to the best-fit two years ago, to assess the persistency of the fit, and rules are applied to resolve any lack of consistency.

No fund can be expected to have a 100% correlation to its benchmark. We use the r squared coefficient to determine how much of a funds performance is explained by the benchmark. We use this value to weight our Alpha component, the remainder is calculated using the sortino ratio which has no requirement for a benchmark. For a fund with a perfect correlation to its benchmark the result is the Alpha value, and for a fund with a zero correlation the result is the Sortino ratio. Results in-between are done on a sliding scale based on their r squared correlation. The appropriateness of a fund’s benchmark will be reviewed every two years. If it then seems that a change is appropriate, the persistency rules will still apply, to minimise changes arising from small shifts in different benchmarks’ r-squared.

Next, three tests are applied – analysing alpha, volatility and consistency

Once the benchmark has been assigned, FE then applies three tests to the total return history of the fund. Note that three years of history is required to carry out these scores, so any fund with less history than this will not qualify for a rating.

  • The alpha test
  • We calculate the alpha generated over the last three years, and then adjust this for the volatility of the fund. We thus make the alpha of funds more comparable, notwithstanding volatility differences, which can inflate alpha. A score is assigned on this basis.

    As perfect correlation to a benchmark is not possible in most cases we use the Sortino ratio to calculate the remaining uncorrelated performance. Although similar to Sharpe ratio, Sortino measures the return to “bad” volatility without need of a benchmark, this allows a measurement of the risk adjusted returns to be made.

  • The volatility test
  • We compare the volatility of the fund over the last three years with that of the chosen benchmark and assign a score.

  • The consistency test
  • We look at the extent to which a fund consistently manages to outperform its benchmark over successive quarterly periods over the last three years. This is also scored, giving us three numbers to work with.

Calculating the score

Funds are grouped into eleven sub-asset classes, and for each of the tests, the raw scores are spread out in an array from zero (worst) to 100 (best).

The rescaled scores are set in proportion to the position of a fund’s raw score in relation to the highest and lowest raw scores.

So there tends to be a clustering in the middle with distinctive under- and over-performers.

For each fund the rescaled results for each test are then added together.

Note that for extremely low volatility funds where minuscule volatility can seem proportionately large – Money Market, Gilts, and Index Linked Gilts – the volatility component is ignored.

Assigning an FE Crown Fund Rating

Within each grouping, funds are given FE Crowns based on their total scores, according to the following distribution:

    - the top 10% of scores in each grouping - five FE Crowns
    - the next 15% - four FE Crowns
    - the next 25% - three FE Crowns
    - the next 25% - two FE Crowns
    - the bottom 25% - one FE Crown


Funds which fit the below criteria are excluded for technical reasons:

    - funds with short history

The following sectors are also excluded:

    - Unclassified
    - Personal Pensions
    - Protected funds and Structured Products

The Protected and Structured Product category is the most sizeable, due to the recent launch of numerous products. These are not suited to an FE Crown Fund Rating.