AJ Bell funds – announcing our first ‘Assessment of Value’ report


In recent years, the FCA have launched a number of initiatives to make investments more transparent and easier for customers to compare.

One such initiative is an ‘Assessment of Value’ report. Written by fund managers, this annual report outlines how the fund has produced value for customers.


There is no defined template for this report, so different fund managers will present their assessment in different styles. But to ensure an element of consistency and enable investors to compare products in a robust way, the FCA have stipulated that seven factors be taken into account:

  • Quality of service: The report should provide a general evaluation of the quality of service it provides.
  • Fund performance: Performance should be compared against the stated objectives of the fund.
  • Fund manager costs: Charges should be compared against the cost to the fund manager of providing their services.
  • Economies of scale: Has the fund achieved economies of scale by growing its number of investors or assets under management? If so, who benefits – the fund manager, or the investors?
  • Comparable market rates: The fund’s charges should be objectively assessed against similar services in the market.
  • Comparable services: How does service compare to similar offerings? In particular, are institutional and retail clients treated differently in any way?
  • Classes of units: Available share classes should be listed, and a justification given for any share classes that are more expensive than others.

At AJ Bell, we’re strong supporters of the FCA’s customer-friendly initiatives, and are pleased to present our very first ‘Assessment of value’ report for the AJ Bell funds – which you can read by clicking the link below. The report addresses the seven factors mentioned above for the 12-month period to 31 March 2020 (the financial year end for each fund).

Our mission is to build simple, transparent and low-cost investment products, and we believe our funds offer competitive value. We hope you enjoy reading the report.

Read our ‘Assessment of Value’ report

Important information: The value of your investments can go down as well as up and you may get back less than you originally invested. These articles are for information purposes only and are not a personal recommendation or advice. If you’re unsure please consult a suitably qualified financial adviser.

ajbell_mark_gillan's picture
Written by:
Mark Gillan

Mark is Head of Operations at AJ Bell. He studied Economics at Liverpool University, and has a master’s degree in International Banking & Finance from Liverpool John Moores University. Qualified to CISI Diploma level in Investment Operations, Mark came to AJ Bell with nine years’ experience in operations at a custodian and an investment management firm.