Reading a fund factsheet properly

Most of a factsheet is obvious or regulatory furniture. Four items carry the information, and one of them can change sign if the index beside it is swapped. This course teaches you to pull those four out of a single sheet and write them down.

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Six things you will be able to do

10 units, 60 minutes. Every one of them ends with something you can do.

01 Find the date at the topWhat the sheet is, when it was struck, and why that date governs everything below it.

02 Check the benchmark basisWhether the index it is measured against sits on the same basis as the fund, or a different one.

03 Read both expense ratiosTwo plans, two costs, and the cost that appears in neither of them.

04 Read turnover as behaviourHow much the scheme trades, and what that implies before you look at any return.

05 Ask what the table is anchored toMove the date the returns table was struck and watch the record change.

06 Write the four linesOne sheet, one scheme, four statements. Nobody writes them today.

What changes after this course

You stop scanning the whole sheet and start writing four lines: what it is measured against, what it costs in both plans, how much it trades, and what the table is anchored to.

The benchmark checked for whether it sits on the same basis as the fund

Both expense ratios read, and the cost that appears in neither

Four lines written from one sheet, which the person who handed it over did not write