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Zenith believes that the Fund (or Product) has a very high probability of meeting its stated investment objectives. In a relative context, the Fund (or Product) scores highly across each of Zenith’s key areas of assessment.
Zenith believes that the Fund (or Product) should produce outcomes (after fees) that are highly consistent with its underlying index. In a relative context, the Fund (or Product) scores highly across each of Zenith's key areas of assessment for traditional index strategies.
Zenith believes that the Fund (or Product) has a high probability of meeting its stated investment objectives. In a relative context, the Fund (or Product) scores highly across most of Zenith’s key areas of assessment.
Zenith believes that the Fund (or Product) should produce outcomes (after fees) that are consistent with its underlying index. In a relative context, the Fund (or Product) scores highly across most of Zenith’s key areas of assessment for traditional index strategies.
Zenith believes that the Fund (or Product) should produce outcomes consistent with its stated investment objectives, albeit we have identified areas for potential improvement across Zenith’s key areas of assessment.
Zenith believes that the Fund (or Product) should produce outcomes (after fees) that are moderately consistent with its underlying index, albeit we have identified areas for potential improvement across Zenith’s key areas of assessment for traditional index strategies.
Under review: The Fund (or Product) rating has been temporarily suspended pending clarification of material matters by the Zenith Research team. Zenith advises no new investment in the Fund (or Product) while it is rated Under Review, subject to appropriate financial advice.
Redeem: Zenith has downgraded the Fund (or Product) to Redeem. This has occurred due to lowered conviction, or a significant event adversely impacting the Fund (or Product). As such, Zenith advises redemption of the investment, subject to appropriate financial advice.
Not rated – declined: The Fund (or Product) has passed Zenith’s preliminary screen however the issuer has declined to participate in a full due diligence review.
Not rated – withdrawn: Zenith’s rating has been withdrawn following the decision of the issuer to cease coverage or following termination of the Fund (or Product).
Not rated – screened out: The Fund (or Product) has either failed to meet Zenith’s quantitative and/or qualitative due diligence process; is yet to be included in Zenith’s sector review process; or has been screened out due to a conflict of interest situation that Zenith has chosen to avoid.
The distribution of Zenith’s ratings as shown below (as at 31 March 2026) are available here.
The absolute risk rankings should be viewed as a guide to potential capital volatility (in both gains and losses) of the relevant investment strategy (Zenith Asset Class/Sub Asset Class classification) of this product. A number of factors have been considered in setting the risk levels. For liquid asset classes, we’ve typically used the underlying historical return volatility of the product’s benchmark if the benchmark is a reasonable proxy for returns for this strategy. Where the risk of an investment cannot be reasonably estimated by historical benchmark return analysis, we’ve made a qualitative assessment of absolute risk and considered factors such as illiquidity risk, transparency, strategy risk, operational risk, etc.
Funds classified as Very High risk are exposed to sectors with very high historical absolute volatility. Where the risk of an investment cannot be reasonably estimated by historical return analysis, we have considered a range of qualitative risks in assigning a Very High absolute risk level.
Funds classified as High risk are exposed to sectors with high historical absolute volatility. Where the risk of an investment cannot be reasonably estimated by historical return analysis, we have considered a range of qualitative risks in assigning a High absolute risk level.
Funds classified as Moderate risk are exposed to sectors with moderate historical absolute volatility. Where the risk of an investment cannot be reasonably estimated by historical return analysis, we have considered a range of qualitative risks in assigning a Moderate absolute risk level.
Funds classified as Low risk are exposed to sectors with low historical absolute volatility. Where the risk of an investment cannot be reasonably estimated by historical return analysis, we have considered a range of qualitative risks in assigning a Low absolute risk level.
Funds classified as Very Low risk are exposed to sectors with very low historical absolute volatility. Where the risk of an investment cannot be reasonably estimated by historical return analysis, we have considered a range of qualitative risks in assigning a Very Low absolute risk level.
The relative risk ratings should be viewed as a guide to the relative risk of a product within its sector. The relative risk levels are listed from highest to lowest and are intended to provide some insight into the potential divergence of the investment’s return profile relative to its assigned benchmark.
Each Zenith Product Assessment and rating contains an ‘issue date’. Product ratings remain valid until they’re updated, replaced or withdrawn. Ratings will generally be updated annually according to the relevant sector review cycle. Detailed information on ratings changes and any instances where managers have withdrawn from the ratings process can be found either on the individual fund pages or within the relevant Sector Reviews, both available within Zenith Mosaic (available to financial advisers only).
Withdrawals of ratings by Zenith may only occur under the following circumstances, where either:
the Fund rating is downgraded to below Investment Grade
the Manager elects to cease ongoing coverage
the Manager closes the Fund to applications, or
the Fund is terminated and wound up.
Managers electing to cease coverage of a product can only do so where a new Research Agreement for ongoing coverage has been issued by Zenith and subsequently declined by the Manager. Once a Research Agreement is entered into, it is binding and irreversible and will result in a Zenith rating being issued regardless of the outcome.
Given the dynamic nature of the industry, changes relating to fund managers’ business operations, personnel or processes may occur at any time. Accordingly, Zenith’s ratings are subject to change without notice and can occur at any time outside the scheduled annual review cycle. Clients must ensure they check the currency of a Product Assessment and rating on Zenith Mosaic to ensure it remains valid.