Legenda - Funds

Chart: this illustrates the annual trend of the instrument. The benchmarks shown in the charts represent the fund’s reference Assogestioni Category

Trend table: this shows the last quote (with reference date), the previous quote and the percent change. The information is updated on a daily basis.


This is the percent change recorded by the fund unit’s value over a specific period of time.

In particular, the annual performance is the percent change in the fund unit’s value during a year. An annual performance of 20% means that 100 million Lire invested on 1/09/1999 have become 120 million as at 31/08/2000.

The rating, score and all the statistics associated with same are calculated at the beginning of the month based on previous end-of-month data (so-called quote from the last trading day of the month). The day of production for the new monthly statistics is chosen bearing in mind the frequency with which the quotes are calculated (daily, weekly, fortnightly, monthly, etc.) and the data transmitted by the issuers. Values are calculated taking into account the reference currency of the investor’s country.


This is an impartial reference parameter showing the trend in terms of performance, volatility and other statistical indicators pertaining to the market in which most of the funds belonging to the specific Assogestioni categories invest (the so-called category or market benchmark). The comparison against the benchmark and the associated statistics are therefore not available for the funds of issuers who are not members of Assogestioni. The category benchmark does not necessarily correspond to the benchmark declared by the fund.


This is the quantitative model adopted by FIDA to evaluate the funds’ ability to outperform the main reference market, over the last three years, taking into account the downside risk expressed by the fund with respect to the market in question.

In order to be subject to assignment by BRating, the fund must:

1) have existed for at least 36 months;
2) be included within a specific fund category;
3) not have changed category during the past 36 months;
4) be consistent with the category representative benchmark (market benchmark).

The fund’s consistency with respect to the category benchmark is verified on a monthly basis via the calculation of certain statistical indicators:

  1. Tracking Error Volatility with respect to the market benchmark: less than 10%;
  2. R2 with respect to the market benchmark: more than 80%.

A fund that fails to observe both of the above consistency indicators will not obtain the BRating.
Within each category the BRating is assigned to the funds according to 5 levels based on the following outline:

5 to the best 10% of the population of funds;
4 to the next 22.5% of the population;
3 to the next 35% of the population;
2 to the penultimate 22.5% of the population;
1 to the worst 10% of the population.


This is a quantitative model identical to the Bluerating, except that it does not take into account the fund’s consistency requirements with respect to the category’s representative benchmark. In order to be subject to Score assignment, the fund must:

  1. have existed for at least 36 months;
  2. be included within a specific category of funds;
  3. not have changed category within the last 36 months.

The score is assigned by way of a parametric algorithm based on which the category’s best fund obtains 100 points and the worst is assigned just 1 point. Each fund analysed will then have a score indicating its distance from the best and from the worst.



The total volatility shows the standard deviation of the fund and the market benchmark calculated over periods of 60, 48, 36, 24 and 12 months.

The standard deviation evaluates the dispersion level of performances with respect to their mean, highlighting, in quantitative terms, an investment’s volatility. The standard deviation is the statistical indicator most commonly used to estimate the volatility of a financial asset: it provides a representation of the risk, at the same time taking into account the positive or negative performance variances with respect to their mean value. An investment’s risk is considered to increase in proportion to the standard deviation, the minimum value of which can be equal to zero.

The standard deviation does not just quantify solely the negative volatility, in other words only the loss risk. 

Negative volatility

This focuses on the so-called downside risk, namely the negative portion of the volatility shown by the investment. The downside risk expresses a synthetic measurement of the frequency and intensity with which the investment has achieved lower performances with respect to a selected performance threshold. The negative volatility of an investment increases in proportion to its downside risk which, as with overall volatility, can have a minimum value equal to zero.


The Sharpe Index measures the ratio between fund’s performance differential with respect to a risk-free asset (BOT) and its the standard deviation. The Sortino Index is also a risk-adjusted performance indicator, which however differs from the Sharpe index in that it compares the fund’s mean excess return to the downside risk.

The more these indices increase in value, the greater the ability of the manager to remunerate the risk undertaken.

Risk Level

This is structured according to 7 levels ranging from 1 (minimum risk) to 7 (maximum risk). The information in question is based on the statement made by the issuer in the specific fund’s legal documentation. Information concerning the risk level is not therefore present in cases where the issuer does not clearly indicate same or it is not possible to derive same from other indications provided by the company in question. In any case, it is advisable to always check the usual risk measurement statistical indicators (Volatility, Negative Volatility and Bear Market).

Bull & Bear Market

These indicators highlight the best quarter (Bull Market) and the worst quarter (Bear Market) in terms of performance achieved by the fund and by the category benchmark during the past 3 years. A calendar quarter is considered (January-March, April-June, etc.).


The insurance funds, the speculative funds and part of the pension funds are included in the Flexible funds category unless there is an explicit investment policy ascribing same to another Assogestioni category.

Data update

Last and Chng%: data in real time.

Intraday and Book: 15 minutes delayed data.


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