A fund that is top quartile over a given period is in the top 25% of funds in its peer group, whilst second quartile funds will be ranked between 26% and 50%.

Categorises funds within a sector into four equal bands based on their performance over a specified period. Top or first quartile contains the top 25% of funds, through to the bottom or 4th quartile which contains the bottom 25% of funds.

A measure of fund performance ranking it against peers; top 25% are 1st Quartile whereas bottom 25% are 4th Quartile.