Core cadence
Annual Alpha Reviews
A full annual account of what the research process produced, what it got right, and what it did not.
No hindsight selection
Annual reviews cover every position held during the period — including those exited, and those that failed.
Review structure
A structural thesis is underwritten over years
Return and Benchmark Consistency
Portfolio and benchmark returns are reported for the same measurement period and in the portfolio’s reporting currency, using a consistently disclosed return convention. The adopted benchmark’s return series and treatment of dividends are identified explicitly. Relative performance is calculated using the stated methodology, and any change to the benchmark or reporting convention is documented with its effective date and rationale. Historical results are not retroactively rebased to reflect later methodological changes.
| Field | Definition | Current |
|---|---|---|
| Year | The reporting period covered. | — |
| Annual Return | Reported as a percentage on a stated currency basis. | — |
| Benchmark Return | Reported as a percentage on a stated currency basis. | — |
| Relative Alpha | Reported as a percentage on a stated currency basis. | — |
| CAGR Since Inception | Reported as a percentage on a stated currency basis. | — |
| Cumulative Alpha | Reported as a percentage on a stated currency basis. | — |
| Maximum Drawdown | Reported as a percentage on a stated currency basis. | — |
| Volatility (annualised) | Reported as a percentage on a stated currency basis. | — |
| Risk-Adjusted Measures | Reported as a group of related measures, each individually defined. | — |
| Attribution | Reported as a group of related measures, each individually defined. | — |
| Major Decisions | Reported as an itemised list with the relevant contribution. | — |
| What Worked | Written commentary from the FIBCOS Research Desk. | — |
| What Did Not | Written commentary from the FIBCOS Research Desk. | — |
| Methodology Review | Written commentary from the FIBCOS Research Desk. | — |
The annual review is where the process is judged: whether the theses held, whether the evidence standard was applied consistently, and whether the decisions taken were the ones the research supported.
Commitments
Sections FIBCOS commits to
The record
The process
No Reporting Periods
Annual reviews will be listed here once a FIBCOS Alpha Portfolio has completed a full calendar year since live inception.