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In this scenario, the Mediobanca Research Department uses the simplest investment of all, i. Moreover, given the results to emerge thus far, it has been deemed preferable to defer increasing the risk-free rate with a risk premium which would mean that the overall valuation would deteriorate significantly. As for the source of the benchmark returns used by the Mediobanca Research Department in calculating whether value has been created or destroyed, this is the Bank of Italy, which since has published such data in the section of its annual report devoted to mutual funds.

English translation of 'riposo'

It has been objected that the most suitable benchmark for a cash fund should be the return on a current account. It has been argued that the way in which the Mediobanca Research Department compares the funds performances with their benchmarks is analytically flawed, because the performances reflect distribution costs and commissions while the indexes do not.

See also Il Sole 24 Ore, 9 July Ricerche e Studi S. Foro Buonaparte n.

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The FAQ section also includes comments on the methodology adopted. It includes aggregate data, certain key indicators calculated on the basis of that data, and detailed figures for individual funds. It was published separately for the first time in Each issue includes updated figures from , the year in which Italy-based funds were launched.

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Back issues can be consulted by telephone appointment at Mediobanca's Research Department in Milan. Most economics faculty libraries in major Italian universities also have copies. There is nothing wrong with calculating aggregate values and relative indicators. Indeed, it is the only way one can make an overall evaluation by which to judge the efficiency of the system as a whole.

Moreover, aggregation is very common in economics and finance generally, from GDP, which is measured by aggregating values from totally unrelated areas of production, to stock market indices, which bring together baskets of listed shares irrespective of their individual risk profiles. International standards are a legitimate way of avoiding a situation whereby fund managers publish their results using different methods and any comparison between them is therefore impossible. They also serve to standardize performance indicators across different countries, as far as is possible.

Yet researchers and independent analysts are not bound by such standards with regard to how they evaluate and compare results or the figures on which they are based, nor could they be, except in the sense that the criteria used for all fund managers must be the same.

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The method we adopt for measuring performance is the widely used ROE, calculated for all firms as the relationship between net profits and assets. We would also point out that the yield profile calculated by the Research Department is the same in every respect as that deriving from calculations by other independent observers, notably those published in the Bank of Italy's annual report. Companies are legally required to publish the accounts of funds in the public interest.

A study and analysis of balance sheet data can be a useful tool for assessing trends in fund management. Our survey gives aggregate and individual data in such a way as to permit an overall evaluation, rather than an evaluation of individual financial products.

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  7. Certain fundamental indicators are compiled from the aggregate data in order to chart the performance of the asset gathering industry as a whole. These indicators, which include average returns, rates of turnover and management costs, are universally acknowledged as being useful.

    Risk levels, which are essential when comparing the performance of individual funds being evaluated with an eye to buying, are not taken into account, simply because the indicators are calculated at aggregate level. In particular we would highlight the following comments: "It is impossible to say that any particular indicator is the best in every respect, irrespective of specific objectives. Payments made by partners impact the order of prices displayed.

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