Fund selection

The past performance figures we show are not a guide to what will happen to your investments in the future. The fund values are not guaranteed and can go down as well as up. Depending on how your funds perform, you may not get back what you originally invested.

All performance figures take into account the actual fund charge or an indicative net charge. The indicative net charge is equivalent to the charge that applies to most new customers investing in the funds. This may not be exactly the same as the charge that applies to your investment so the performance may not be the same.

For collective investment funds, all performance figures take into account the actual fund charge but do not include the effect of the initial charge and any redemption fees.
††This is not a retail share class (collective investment funds only) and is subject to different eligibility criteria for new investments and top ups than the retail share classes.

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Alpha

Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. It represents the return of the fund when the benchmark is assumed to have a return of zero, and thus indicates the extra value that the manager's activities have contributed: if the Alpha is 5, the fund has outperformed its benchmark by 5% and the greater the Alpha, the greater the out performance.

The figures shown are calculated over 3 years to the last month end.

Beta

Beta is a measure of a fund’s volatility (standard deviation) relative to that of its benchmark, i.e. how sensitive the fund is to movements in the section of the market that comprises the benchmark.

A positive Beta indicates that the fund moves broadly in the same direction as the benchmark, while a negative Beta indicates that a fund will move in the opposite direction to the benchmark. For example, a fund with a Beta close to 1 will have experienced movements broadly in line with the benchmark, whilst a fund with a Beta of 1.2 suggests that the movement of the fund is 1.2 times that of the benchmark.

The figures shown are calculated over 3 years to the last month end.

Sharpe

This is a commonly-used measure which calculates the level of a fund's return over and above the return of a notional risk-free investment, such as cash or Government bonds. The difference in returns is then divided by the fund's standard deviation - its volatility, or risk measurement. The resulting ratio is an indication of the amount of excess return generated per unit of risk. The higher the Sharpe ratio, the better the portfolio’s risk adjusted performance.

The figures shown are calculated over 3 years to the last month end.

Volatility

Standard Deviation is a commonly used measure of risk. Specifically, it measures the variability of actual returns from their expected (average) values and the dispersion of these variations over time.

The higher the standard deviation the wider the dispersions from their mean, and generally, the greater the risk due to the lower predictability of returns. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%. Another fund with the same average return and 5% volatility would return between 10% and nothing.

Standard Deviation is more commonly referred to as volatility.

The figures shown are calculated over 3 years to the last month end.

Buying / Selling Price

Depending on the product you bought, we quote two prices for some funds. The buying price is the price you pay when you buy units from us. The selling price is the price we buy them back from you if you chose to sell your investment.

Aviva Risk Rating

Every fund carries some risk of losing money. To help you understand the amount of risk you’re taking, we give each fund a risk rating: 1 is low risk, 5 is high risk. As a general rule, the higher the risk rating the more risk you’re taking with the money you’ve invested in the fund. But, at the same time, there is a greater potential for growth.

Fund Sector

Every fund will belong to a fund sector. Each fund in a particular sector will usually have similar characteristics. For example, they’ll have a similar amount invested into stocks and shares. Knowing what sector your funds are in lets you compare one fund with another of a similar nature.

Extra Management Charge

You have to pay an extra management charge for some funds which is in addition to the basic management charge. The charge you’ll pay will vary depending on the fund you choose. For funds with a guarantee, the extra charge will only apply up to the guarantee point.

Fund Manager Expense Charge (FMEC)

Depending on the funds you choose, you may have to pay an extra charge which covers the fund manager’s expenses connected with buying, selling, valuing owning and maintaining the assets in the fund. This charge is taken into account in the unit price. FMECs may vary from year to year.

Total Additional Yearly Charge

The total additional yearly charge is the extra management charge/additional yearly charge and the FMEC added together.

Annual Charge (implicit)

This charge is taken into account in the buying or selling price.

Cumulative Performance

This shows the performance over a number of time periods from the very short term (under a year) to the longer term (up to five years). It is updated daily, excluding bank holidays and weekends. Where we show cumulative performance, we use the unit price from the previous working day. We don’t provide past performance information for funds with less than 12 months performance.

Discrete Performance

This shows the performance in 12 month periods over the last five years. We don’t provide past performance information for funds with less than 12 months performance.

% Change

This is the percentage increase/decrease in the price of a single unit compared to the previous day.

Bonds/unitised endowments/whole of life

ISA/OEIC/Unit Trusts

Please be as exact as possible to ensure all relevant funds appear.

Fund Status

Open – This means the fund is open to new investments, including switches and future regular payments.

Closed to new money – This means the fund is closed to all new investments, including switches and future regular payments.

Closing soon – This means the fund will soon close to all new investments (including switches and future regular payments) and also close to existing investments.

Fund manager initial charge

This is the charge you pay when you invest in a fund. It is a percentage of the share/unit price, which you pay on top of the purchase price for the shares or unit. For example, if you invested £10,000 into a fund with a 5% initial charge, you would actually invest £9,500 after the charge is taken from your investment.

Negotiated initial charge

This is the fund management initial charge after we’ve negotiated with the fund manager. We can usually negotiate a lower charge, but often succeed in bringing the charge down to nothing.

Fund manager annual charge

This charge pays for the ongoing annual costs of managing the fund, including administration and investment expertise. It is a percentage of the value of the fund.

Negotiated annual charge

This is the fund manager annual charge after we’ve negotiated with the fund manager. We can usually agree a lower charge with the fund manager. At the moment, you pay the higher fund manager annual charge. We calculate the difference between the actual charge and the negotiated charge then use the extra money to buy additional units in the fund on your behalf. This rather complicated way of doing things is changing. We’ve launched new ‘clean’ funds, where you simply pay the lower charge. Customers will be converted into these funds by the end of 2014.

Additional costs

This covers any other charges not included in the annual management charge, such as accounting fees, legal fees, auditor fees and further administration costs. It is a percentage of the value of the fund. The total additional costs and the annual management charge added together is known as the total expense ratio (TER). These charges may also be referred to as ‘ongoing charges’.

The past performance figures we show are not a guide to what will happen to your investments in the future. The fund values are not guaranteed and can go down as well as up. Depending on how your funds perform, you may not get back what you originally invested.

All performance figures take into account the actual fund charge or an indicative net charge. The indicative net charge is equivalent to the charge that applies to most new customers investing in the funds. This may not be exactly the same as the charge that applies to your investment so the performance may not be the same.

For collective investment funds, all performance figures take into account the actual fund charge but do not include the effect of the initial charge and any redemption fees.
††This is not a retail share class (collective investment funds only) and is subject to different eligibility criteria for new investments and top ups than the retail share classes.