Performance

Disclaimer

• The value of your shares and the income from them can go down as well as up and you may get back less than you invested.
• Past performance is not a guide to the future.

Below is a graph of the Munro X Accumulation Fund price compared to the FTSE 350 Index.

 

Returns

Return over different time periods are shown in the table below:

As of 15/12/08	Since Launch	12 Month	6 Month	3 Month	1 Month
Munro X Acc	-33.1	-30.5	-21.4	-13.8	5.0
FTSE 350 Index	-34.6	-32.7	-27.4	-19.2	3.5
FTSE 350 TR Index	-31.6	-29.8	-25.9	-18.4	3.9

Source: Bloomberg (19/12/08)

Fund Ratios

Fund ratios are indicated in the following table:

Excess Return	-4.47
Tracking Error	13.41
Information Ratio	-0.33
Beta	0.78
Alpha	-0.22

All ratios are for trailing 12 months as of 19/12/08.

Source: Bloomberg (19/12/08)

Excess Return

Excess Return is the return on the fund minus the return on the benchmark (the FTSE 350 Index) over one year.  The higher the excess return the more the fund has outperformed the index.  However, this measure does not take into account the amount of risk taken.

Below is a graph of the excess return (trailing 12 months).

 

Source: Bloomberg (19/12/08)

Tracking Error

Tracking Error is a measure of how closely a portfolio follows the index.  It measures the standard deviation of the difference between the portfolio and index returns over one year.  A low tracking error means a portfolio is closely following its benchmark.  Typically a tracker fund will have a tracking error of about 14.0 and an active fund will have a tracking error of 18.0 or more.

Below is a graph of tracking error (trailing 12 months).

 

Source: Bloomberg (19/12/08)

Information Ratio

Information Ratio is the Excess return dividend by the tracking error.  It is a measure of risk adjusted performance which gives the average performance per unit of volatility against the benchmark.  The higher the ratio, the higher the return of the fund given the amount of risk taken.  Generally, very few funds have a positive information ratio.

Below is a graph of information ratio (trailing 12 months).

 

Source: Bloomberg (19/12/08)

Next Page